May RBA hold: Have banks changed savings account interest rates?

yeehaw piggy bank coins

Last Updated: 7 May at 2:30pm

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, however it's only likely that we'll see one rate cut at the end of 2024. 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 7 May, 2024. Be mindful that the averages below could see small changes as providers adjust rates.

Account typeAverage interest rateBig 4 average rate
All ongoing3.47%
3.44% p.a.
Only bonus4.59%
4.79% p.a.
Only introductory rates4.85%
4.69% p.a.
Only unconditional rates1.40%1.62% p.a.

Current Big Four Rates

holding a piggy bank in your hands

Commonwealth Bank

  • Commbank Goal Saver's current rate is 4.90% p.a. 

ANZ

  • Progress Saver most up to date rate is 4.25% p.a. 

NAB

  • Reward Saver's current rate is 5.00% p.a. 

Westpac

  • Westpac Life's current rate is 5.00% p.a.

Current Major Bank Rates

comparing piggy bank sizes

Bendigo Bank

  • The Reward Saver account has a rate of 5.25% p.a. 

HSBC

  • HSBC's Bonus Savings account currently has a rate of 4.25% p.a. 

ING

  • The Savings Maximiser account has an interest rate of 5.50% p.a. 

Macquarie

  • The Macquarie savings account has a current rate of 4.75% p.a. 

Mutual Bank

  • The Mutual Bank's Bonus Saver account has a rate of 4.00% p.a. 

Ubank

  • 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.

Savings account comparisons on Mozo - 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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