Westpac recently slashed interest rates on its Westpac Life savings account by 50 basis points, down from 3.00% p.a. to 2.50% p.a.

Moving forward, under 30s can access the 2.50% p.a. interest rate on their Westpac savings account if they meet the same criteria as before.

This latest interest rate cut has prompted many savers - particularly young ones - to ask: What else is there for savers looking to make a return?

Westpac and BOQ targeting young savers

Westpac's latest interest rate drop means it's tied with Bank of Queensland (BOQ), a bank also offering a 2.50% p.a. interest rate for young savers.

BOQ's Fast Track Starter Account is a youth savings account for young people aged from 14 to 24 years old.

The bonus 2.45% p.a. interest rate applies to balances up to $10,000 when certain criteria is met.

This criteria includes making a minimum $200 deposit each month and five transactions from a linked Day2Day Plus Account.

There are some slight differences between Westpac and BOQ's high interest savings accounts.

Westpac's 2.50% p.a. interest rate applies to people aged 18 to 29 years old, whereas BOQ's offering is for people up to 24 years old.

Additionally, Westpac's interest rate applies to balances up to $30,000, while BOQ's 2.50% p.a. interest rate applies for up to $10,000.

Westpac's interest rate is made up of a 0.15% variable base rate, a 0.15% p.a. variable bonus for saving each month, and a 2.20% p.a. Spend&Save bonus for spending five times.

BOQ's interest rate is made up of a 0.5% base rate plus a 2.45% bonus interest variable rate for meeting set criteria.

What about over 30s looking to save?

If you're over 30, you're unable to grab the 2.50% p.a. interest rates mentioned above.

However, findings from Savings.com.au's research revealed the highest interest rate for savers over 30 is currently offered by Virgin Money with their Virgin Money Boost Saver account.

This account boasts a 1.50% p.a. interest rate for the first three months on balances up to $250,000 for over 25s, given certain criteria is met.

After the introductory period ends, the interest rate reverts to 1.2% p.a. if the same criteria is met.

This criteria includes depositing $2,000 each month and making at least five purchases with a linked 'Go' transaction account. 

Additionally, ING offers a 1.35% p.a. interest rate on its Savings Maximiser account for balances up to $100,000.

Customers that deposit at least $1,000 monthly and settle five purchases using a linked ING debit card can access the 1.30% p.a. additional variable rate.

Rabobank offers a similar 1.35% p.a. interest rate on its High Interest Savings Account for the first four months.

After this introductory period ends, it reverts back to a 0.25% p.a. standard interest rate.


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Need somewhere to store cash and earn interest? The table below features 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.

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