86400, Up Bank and BOQ the latest to cut interest rates on savings accounts

author-avatar By on October 11,2019
86400, Up Bank and BOQ the latest to cut interest rates on savings accounts

Image by Nattakorn via Adobe Stock

New digital banks 86 400 and Up Bank, plus Bank of Queensland have all slashed the interest rates on their market-leading savings accounts.

Another day, another round of rate cuts for savings accounts.

In an email to customers today, neo-bank 86 400 confirmed the maximum variable interest rate on its ‘Save’ account will be reduced by 25 basis points from 2.50% p.a. to 2.25% p.a. effective immediately for new and existing customers.

While the products base rate will remain at 0.40% p.a, the bonus rate has been reduced to 1.85%.

This bonus rate is subject to customers depositing $1,000+ per month into any of their 86 400 accounts, and is paid on balances up to $100,000.

Provider Total interest rate p.a. Base interest rate p.a. Bonus interest rate p.a.  
Bonus Saver 2.50% 0.80% 1.70% More details
Save Account 2.25% 0.40% 1.85% More details
Saver 2.25% 0.50% 1.75% More details
Fast Track Saver 2.15% 0.35% 1.80% More details
Total interest rate p.a. Base interest rate p.a. Bonus interest rate p.a.
My State
2.50% 0.80% 1.70%
More details
Save Account
2.25% 0.40% 1.85%
More details
Saver
2.25% 0.50% 1.75%
More details
Fast Track Saver
2.15% 0.35% 1.80%
More details

*Data accurate as at 11 October 2019. Rates based on a savings balance of $10,000. Introductory bonus interest rate products not included. Sorted by total interest rate, then by provider name (A-Z).

Meanwhile, Up Bank has also slashed the maximum interest rate on its savings account by 25 basis points from 2.50% p.a. to 2.25% p.a. effective immediately for new and existing customers.

As of today, the base rate is 0.50% p.a. and the bonus rate is 1.75% p.a.

To activate the bonus rate, customers simply have to make five or more card purchases each month from their Everyday Account. No monthly deposits are required to activate the rate, however the bonus rate is only effective on balances under $50,000.

Bank of Queensland have also joined the rate-cutting party, slashing the maximum interest rate on its Fast Track Saver account by 35 basis points from 2.50% p.a. to 2.15% p.a. effective immediately for new and existing customers.

With another Reserve Bank interest rate cut expected, these are likely not the last cuts to interest rates on savings accounts we’ll see.




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author-avatar
Emma joined Savings.com.au as a Finance Journalist in 2019. She is a journalist with more than five years experience across print, broadcast and digital media, with previous stints at Style Magazines, 4ZZZ radio, and as editor of The Real Estate Conversation. She's most passionate about improving the financial literacy of young women and millennials by writing about complex financial topics in a way that's easy for the average Joe (or Jill) to understand. When she's not writing about finance she's watching Greys Anatomy (again).

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