June RBA hold: Have banks changed savings account interest rates?
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Last Updated: 18 June at 3:30pm
The Reserve Bank has held the cash rate at 4.35%.
For the past few months, customers have only seen small adjustments in home loan variable rates and likewise for savings accounts and term deposits.
Most economists still believe that there are no more hikes left and that we'll only see one rate cut by the end of 2024 if at all. This could mean that savings account and term deposit interest rates could have peaked, with slight adjustments made in the meantime as inflation continues to slow. Currently, some of the highest savings accounts on the Mozo database sit at over 5%.
So to help you keep track of the rate hikes and cuts, this page will be regularly updated with significant changes from popular banks as they come in, including when it’ll go into effect.
Below is a quick snapshot of the average savings account interest rates in the Mozo database as of 18 June, 2024. Be mindful that the averages below could see small changes as providers adjust rates.
| Account type | Average interest rate | Big 4 average rate |
| All ongoing | 3.48% | 3.44% p.a. |
| Only bonus | 4.61% | 4.79% p.a. |
| Only introductory rates | 4.86% | 4.69% p.a. |
| Only unconditional rates | 1.40% | 1.62% p.a. |
Current Big Four Rates
Commonwealth Bank
- TBA
- Commbank Goal Saver's current rate is 4.90% p.a.
ANZ
- TBA
- Progress Saver most up to date rate is 4.25% p.a.
NAB
- TBA
- Reward Saver's current rate is 5.00% p.a.
Westpac
- TBA
- Westpac Life's current rate is 5.00% p.a.
Current Major Bank Rates
Bendigo Bank
- TBA
- The Reward Saver account has a rate of 5.25% p.a.
HSBC
- TBA
- HSBC's Bonus Savings account currently has a rate of 4.25% p.a.
ING
- TBA
- The Savings Maximiser account has an interest rate of 5.50% p.a.
Macquarie
- TBA
- The Macquarie savings account has a current rate of 4.75% p.a.
Mutual Bank
- TBA
- The Mutual Bank's Bonus Saver account has a rate of 4.00% p.a.
Ubank
- TBA
- Ubank's High Interest Save Account has a 5.10% p.a. rate.
If you’re on the search for a new savings account, check out our savings account comparison page. Alternatively, you can check the 2024 Mozo Expert Choice Award Savings Account winners to make your search easier.
^See information about the Mozo Experts Choice Savings Account Awards
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