Which Savings Accounts changed rates in April 2024?

Rate drop aussie cash

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… 

Savings account comparisons on Mozo - last updated 25 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.

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  • 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.

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    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.

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    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.

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    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.

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  • Bonus Saver Account

    5.00% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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