Westpac has cut rates on its market-leading under-30s savings account, Westpac Life, just one week after Bank of Queensland (BOQ) did the same.

The under 30s savings account's interest rate dropped by 50 basis points from 2.50% p.a. to 2.00% p.a.

Originally boasting a 3.00% p.a. interest rate in July 2020, Westpac made its first cut to the savings account just over a year later. 

This latest rate cut means that for young people looking to make money on savings account interest, the highest rate currently available on the market is 2.00% p.a., according to Savings.com.au market research.

For people over 30 years old looking to save, the highest interest rates appear to be offered by AMP and ING (1.35% p.a.), however certain criteria must be met.

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

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
 Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
–
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
–
$0
$250,000
$1,000
$0
 Featured
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
 Featured
  • 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
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
–
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
–
$0
$250,000
$200
$0
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
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
–
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
–
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
–
$0
$250,000
$1,000
$0
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 . View disclaimer.

Image by Erwin Voortman on Unsplash



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