September savings snapshot: Aussies get stung with more cuts ahead of spring

It’s been another painful month for savers, with interest cuts dominating all changes in the at-call deposits world.*

This brings the average ongoing savings account rate to 0.63%, down 19 basis points from last month.

Australian Unity’s Active Saver is now leading the interest rate ranks at 1.75%. It’s overtaken former headliners like 86 400 and Bank of Queensland, which respectively shaved off 10bp and 15bp from their top savings accounts. 

However, to access Australian Unity’s bonus rate, customers need to deposit at least $250 a month and not dip into the account at all. Interest reduces to 0.25% if either of these criteria are not satisfied, making this a less accessible option for anyone experiencing income or employment instability.

Savings accounts offering unconditional love

As headline rates drop, some base rates are edging closer to pole position. The Volt Bank Savings Account and Xinja’s Stash account are both sitting at 1.65% (although Stash is currently closed to new customers).

The benefits of unconditional savings accounts – not being required to make monthly deposits and having unlimited withdrawals – often come alongside a lower rate. So if you’ve got a savings bundle you want to grow but aren’t confident about meeting ongoing criteria, some unconditional financial love from a leading base account could go a long way.

Intro offers for short-term gains

Another route for making more out of your cash this spring is with an intro savings account offer. The introductory interest will only be accessible for a certain number of months and then revert to a lesser offer. But if you’ve got a big enough stash, this could make all the difference.

Leading introductory offers include:

Rabobank High Interest Savings Account: 2.00% interest for the first four months on accounts up to $250,000, reverting to 0.55% after the introductory period.

Heritage Bank Online Saver: 1.90% interest for the first four months on accounts up to $100,000, reverting to 0.80% after the introductory period.

Find more ways to save with these innovative online banking features, then check out more savings account options below.

*According to all savings accounts assessed in the Mozo database.