September savings snapshot: Rates fail to blossom this spring

Man sitting outside on grass, thinking about falling savings interest rates.

While the average ongoing savings rate has held steady at 0.41% since last month, there’s been plenty of rate movement over the last few weeks. The Mozo data team recorded 19 cuts in August, as well as three savings account rate increases.

These movements were in small increments across the board, with the largest change being a 15 basis point (bp) reduction to a bonus rate.

ING set to change Orange Everyday bank account conditions 

ING has retained its title of the leading savings interest rate in the Mozo database with the ING Savings Maximiser, but banking customers did receive some interesting news last month.

There are a few changes in the works for ING savers who also hold an ING transaction account, which is often linked to a savings account and required to meet bonus interest earning conditions. ING announced it will start limiting the amount of free ATM withdrawals customers can make to five per-month from 1 December (it was originally unlimited), which could be bad news if you regularly take advantage of overseas or domestic ATM fee refunds.

But perhaps the bigger news is that ING Orange Everyday account holders will be offered 1% cashback on utility bills when paid through the account via direct debit or BPay. There is a $100 annual limit on the cashback offer, which kicks off in December.

Spending and saving trends during lockdown

There’s been an influx of data and reports on savings and spending habits released over the last month, as lockdowns and pandemic-related restrictions continue to impact how Australians live day-to-day and plan their financial futures.

The ABS found 54% of people expect to save money over the next year, with the biggest spending plans dedicated to travel in the next 12 months (here’s hoping).

Meanwhile, ME Bank reported a noticeable rise in savings rates but has noted some vulnerable groups have no emergency savings during the pandemic. The June survey found 21% of households had less than $1,000 saved, and a further 9% reported less than $100 in savings.

If you’re concerned about keeping costs down right now or want to contribute to charities helping out struggling households, read our guide on how to secondhand shop, swap and scavenge during lockdown.

Compare savings accounts - last updated 5 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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    Savings Account

    5.50% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.


^See information about the Mozo Experts Choice Savings Account Awards

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