These banks both previously offered some of the highest interest rates for savers on the market.

UBank's USave + USpend account has had its total interest rate cut from 1.60% p.a to 1.46% p.a, a cut of 14 basis points. 

Neobank 86 400 meanwhile sent a note to customers today saying its Save account rate is changing on Tuesday 13 October, going from 1.60% p.a to 1.35% p.a - a 25 basis point cut in total. 

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 22, 2024. View disclaimer.

          The UBank 1.46% p.a savings rate comes with a 1.06% p.a bonus rate and a 0.40% p.a base interest rate. 

          The eligibility to earn the bonus rate remains unchanged, requiring customers to:

          • Open a USave savings account;
          • Link a USpend transaction account; and
          • Deposit at least $200/mth from a non-UBank account

          For 86 400 meanwhile, the base rate has been changed to 0.10% p.a (down from 0.15% p.a) with a bonus rate of 1.25% p.a, down from 1.45% p.a

          To get the bonus interest rate customers need to deposit $1,000+ per month into any Pay or Save accounts. 

          "We know low interest rates make it hard when you’re saving for a goal – we’re savers too. We'd much prefer to be telling you about some great new features rather than reducing our Save rate but that’s not the economic environment we’re in right now," 86 400 said. 

          "We remain committed to changing the way banking is done in Australia and providing you with great rates over the long-term for both your savings and home loan."

          Effective Sunday 1 November 2020, the maximum balance eligible to earn 86 400's highest rate on its Save account will also be reduced from $100,000 per account to $50,000 - a maximum of $150,000 across three accounts (down from $300,000).

          Provider

          000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          *Rate varies on savings amount
          • Deposit $500 per month to get bonus interest
          • 5.50% p.a. available on total savings up to $100k.
          • 5.00% p.a. applies to savings between $100k-250K.
          • Tiered bonus rates apply. (TMDs at ubank.com.au)
          *Rate varies on savings amount

          Save Account (>$100,000)

          • Deposit $500 per month to get bonus interest
          • 5.50% p.a. available on total savings up to $100k.
          • 5.00% p.a. applies to savings between $100k-250K.
          • Tiered bonus rates apply. (TMDs at ubank.com.au)
          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 22, 2024. View disclaimer.

          86 400 & UBank among several banks to cut interest rates recently

          These two banks aren't the only ones to have slashed savings account interest rates lately. They've just joined an ever-growing list. 

          Notable savings account rate cuts to take place in recent weeks include: 

          Westpac and Commonwealth Bank also made 15 and 5 basis point cuts to their savings account rates respectively.

          [Read: Westpac to offer 3% savings rate to under-30s]

          These latest changes by two of the market's leading savings account interest rate holders could be yet another indication that the Reserve Bank is set to cut the cash rate by 15 basis points next month. 

          Economists from NAB, Westpac and 14 of 24 Bloomberg-polled analysts all expect the RBA to cut the cash rate by 15 basis points in November.