Which Savings Accounts changed rates in April 2024?
Savings account rates remained relatively steady in April, with only a handful of providers making adjustments to interest rates according to Mozo data, while the RBA cash rate remained unchanged.
Which banks changed interest rates in April?
If the RBA continues to hold the cash rate, then it’s likely that the upcoming months will involve only a few small adjustments from providers—both cuts and hikes. As it stands right now, there haven’t been too many providers adjusting rates each month. However, since quarterly inflation figures remained sticky, it’s also possible that the RBA will decide to hike which would lead to higher savings rates.
Here are April’s movers:
| Providers that lowered rates | ||
| Provider | Rate change | CurrentRate |
| BCU Bank Advantage Saver | -0.25% | 1.20% p.a. |
| HSBC Everyday Savings | -0.30% | 5.15% p.a. |
| Coastline Credit Union Rise Online Saver | -0.20% | 5.10% |
| Providers that increased rates | ||
| Macquarie Cash Management Accelerator Account | 0.25% | 4.65% p.a. (balance of $0-1,999,999.99) |
| Orange Credit Union Bonus Saver Account | 0.90% | 4.50% |
Some of these savings accounts still offer some pretty good rates. Mozo’s database puts the average ongoing account (all types) at 3.47% while the average for bonus rates is 4.59%. Interestingly, two of the accounts that cut rates are the highest rates of April movers at HSBC’s 5.15% p.a and Coastline Credit Union’s 5.10% p.a. Keeping these averages in mind when comparing savings accounts can be a helpful way of determining whether savers are getting a “good” rate.
Looking to get started with a new account? You can compare savings accounts on our main hub page. Or, if you prefer, check out some of the providers in the tables below…
^See information about the Mozo Experts Choice Savings Account Awards
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