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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