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 24 January 2022

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • AMP Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    From 1 Feb 2022, minimum deposit of at least $250 in the previous month.

    An ongoing total variable bonus rate of up to 1.35% per annum will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 1.20%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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