July was a rough month for savings accounts with providers cutting rates left and right. Even the offerings from neobanks, which have made a name for themselves with their generous rates, have lost some of their sheen.
Among the big banks, NAB cut its iSaver introductory rate and its Reward Saver ongoing bonus rate by 10 bp. They now offer 0.95% p.a. and 0.90% p.a., respectively. Meanwhile, Commonwealth Bank reduced the introductory rate on its Netbank Saver account slightly. It now offers customers 1.00% p.a. for the first five months, and 0.05% p.a. thereafter.
Amid all this, Westpac launched its Life account, which offers savers a remarkable 3.00% p.a. on balances up to $30,000. The catch is it’s only available to Australians aged between 18 and 29, and you’ll have to meet a few monthly conditions to get that maximum rate.
Australian Unity and MyState Bank currently offer ongoing bonus rates of 1.75% p.a., so long as account holders satisfy certain monthly conditions. Rabobank offers an introductory rate of 2.25% p.a. - the highest in our database - which is available for the first 4 months. And Volt’s Savings Account comes with a base rate of 1.65% p.a., which is unconditional for balances up to $245,000.
^See information about the Mozo Experts Choice Savings accounts Awards
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