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.

Rates
Features
Conditions
Other
Provider
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
More details
4000$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
More details
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
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
More details
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 $200 per month to activate bonus interest
More details
010000$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)

    More details
    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 $1,000 + each month from an external source
    • Make 5 or more eligible transactions
    • Grow your savings balance each month
    More details
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      More details
      05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      • Maximum Age - 24
      • $0 monthly account fee
      • Earn bonus interest

      Goal Saver

      • Maximum Age - 24
      • $0 monthly account fee
      • Earn bonus interest
      More details
      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 December 2, 2023. View disclaimer.

      Image by Erwin Voortman on Unsplash



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