Up will cut its rate-leading savings account in November

Worried woman looking at savings account on phone

If the last month of savings interest rate cuts has proved anything, it’s that even rate-leaders aren’t immune to severe reductions. 

As of today, the Up Saver Account has one of the three top maximum savings rates in Mozo’s database at 1.60%. From 1 November, it’ll drop 50 basis points (bp) to a less-than-inspiring 1.10%.

However, it’s still sitting ahead of the average ongoing savings rate, which has plummeted to 0.59%.* 

While it is the largest reduction we’ve recorded in recent months, it isn’t a total outlier. In September Mozo’s data team saw other considerable cuts like Bank of Sydney slashing 45bp from its BOS Saver base rate and Beyond Bank's 35bp cut to its Purple Bonus Saver.

Up customers will still need to make five successful card purchases each month through the linked Everyday Account to access the new rate, but they won’t receive the former 0.10% base rate if they fail to do so.

One number which has increased is the account limit for earning interest. From November, it’ll jump from $50,000 to a tidy $1 million. 

RELATED:
RBA keeps interest rates at 0.25% in October.

Is there a safe bet for your savings in 2020?

Savings rates look pretty rough right now and there isn’t a guaranteed way to forecast changes. But there are a few savings moves you might consider to keep your nest egg growing. This includes:

Taking advantage of specialised accounts like
Westpac Life (18-29 years old). If you fit in that age bracket and can meet the bonus interest criteria, you could earn 3.00% on a savings bundle up to $30,000. 

Hunting for top introductory rates.
If you’re looking to meet a short term goal or are comfortable hopping between savings accounts, you could snag a much higher rate for a short intro period on some accounts. Just keep your eye out for dismal revert rates or any lock-in conditions.

Considering a term deposit.
Even if you’re a commitment phobe, you might find some relief in the consistency of a locked-in interest rate. Right now, Judo Bank is offering some of the most competitive term deposit rates, with up to 1.55% on a three-year term. 

Researching and comparing savings accounts.
Luckily, you’ve come to the best place to begin this mission. Start by checking out some of the options below.

Compare savings accounts - last updated 29 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. 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
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Fast Track Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    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

*Accurate at the time of publication.

^See information about the Mozo Experts Choice Savings Account Awards

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