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. 

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 28 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Account

    5.35% 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.

  • High Interest Save Account

    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, Bills 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.

  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

  • 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.


*Accurate at the time of publication.

^See information about the Mozo Experts Choice Savings Account Awards

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