Up, which experienced massive deposit growth last year, announced in a note to customers that as of Wednesday, 15th July 2020, its Up Saver interest rate would see a 25 basis point cut. 

This would take the maximum interest rate from 1.85% p.a. down to 1.60% p.a. - comprising of a base rate of 0.10% p.a and a bonus rate of 1.50% p.a. 

Conditions to earn the bonus rate - reached by making five transactions from a linked Up account per month - remain unchanged. 

This is the second time since the last cash rate cut that Up has cut its savings account interest rate, having lowered its rate from 2.00% p.a. to 1.85% p.a. in early April

In mid-March, Up reduced its total interest rate from 2.25% to 2.00% p.a.

Up Co-Founder Dominic Pym told Savings.com.au that Up has maintained a competitive interest rate since launch. 

"Pricing interest competitively keeps our business sustainable. While we’ve been able to keep our rates relatively high, from time to time every bank, including Up, needs to make rate adjustments," Mr Pym said. 

"However a competitive interest rate is just one of the ways we help our customers save money."

According to Mr Pym, the other ways Up helps customers save is by "helping customers reconnect with their money and to take the stress and anxiety out of money."

"When RBA interest rates are low, like they are now, it's more important than ever to help customers understand where they're spending their money and how they can easily save by avoiding hidden and monthly charges, and through features like automatic Round Ups and Boosts, and Pull to Save," he said. 

"Other tools like automated Salary Splits also help customers save each payday."

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

Provider

010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$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 $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
4000$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

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
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      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)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

                          02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver (<$1 Million)

                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Smart Saver Account (Under 25)

                              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 June 19, 2024. View disclaimer.

                              Westpac offers 3.00% p.a. rate to under 30s

                              There haven't been too many interest rate changes among savings accounts lately, with term deposit rates seeing more action

                              However, one major piece of savings account news comes courtesy of Westpac, which yesterday announced it is offering a 3.00% p.a. savings account rate for people aged under 30 with a maximum account balance of $30,000.

                              This is comfortably one of, if not the highest savings account rate in the market, and is available to any under 30s who:

                              • Increase their balance each month
                              • Make five debit transactions with a linked Westpac spending account each month

                              If customers do not manage to increase their balance, but they do make five or more debit card transactions in the month, a rate of 2.40% p.a. will apply, which is still ahead of many competitors' rates - read more about the details of this new interest rate here

                              The regular Westpac Life account for anyone over 30 attracts a much lower rate of 1.00% p.a, which includes a 0.40% p.a. standard variable rate and a 0.60% p.a. bonus rate for growing the balance each month.

                              See how the big four banks' savings accounts compare in the table below - note Westpac's rate below is the standard Westpac Life product.

                              Provider

                              00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Life

                                01010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                Progress Saver

                                  010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                  Reward Saver

                                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                    NetBank 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 June 19, 2024. View disclaimer.