Last month, we also saw a range of rates being adjusted downwards, though the cuts were mostly small in size. The average ongoing interest rate for all savings accounts dropped 1 bp to just 0.74% p.a.
While we can expect at-call deposit rates to continue to soften for a while, there are still some competitive products available on the market. 86 400 and Bank of Queensland offer ongoing bonus rates of 1.85% p.a., so long as account holders satisfy certain monthly conditions. Macquarie offers an introductory rate of 2.65% 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.
Notable changes include Westpac cutting headline rates on both its introductory and ongoing bonus rate products by 25 bp (now both at 1.05%), and neobank Xinja cutting standard rates for its Stash Account from 2.25% to 1.80%. While this is still the best unconditional rate in Mozo’s database, the account remains closed to new applications.
^See information about the Mozo Experts Choice Savings Accounts Awards
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