Not even a month after ANZ and NAB swung the axe on their popular savings account interest rates, Westpac has joined the rate cutting party. 

The major bank has cut interest rates on its Westpac Life Account and Westpac eSaver Account. 

The bonus rate on the Westpac Life Account has been dropped from 1.20% p.a. to 1.10% p.a. This brings the maximum ongoing interest rate down from 1.65% p.a. to 1.55% p.a.

To get the bonus rate, customers are still required to make at least one deposit per month, ensure the account balance is higher at the end than it was at the beginning of the month, and keep the account balance above $0 at all times. 

The eSaver Account saw its introductory bonus rate cut from 1.56% p.a. to 1.45% p.a. This means customers can now only earn a maximum of 1.55% p.a. on their savings for the first five months before the rate reverts back to the base rate of 0.10% p.a.

The move from Westpac is just the latest in a slew of lenders cutting their savings account interest rates.

Last month, both NAB and ANZ cut already dismal interest rates across their popular savings accounts to new lows.

But there are still competitive savings account interest rates, if consumers know where to look.

Neobanks like Xinja currently offer some of the highest non-introductory savings account interest rates on the market, with Xinja offering 2.25% p.a. on its newly launched 'Stash' product. 

The table below displays a snapshot of savings accounts with some of the highest non-introductory interest rates on the market. 

Provider

02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
010000$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 $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$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 June 16, 2024. View disclaimer.