Westpac slashes market-leading under-30s savings account rate
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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount. | 5.35% p.a. | $1,097 | – | $0 | $249,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 | Promoted | Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
