Up, which experienced massive deposit growth last year, announced in a note to customers that as of Wednesday, 15th July 2020, its Up Saver interest rate would see a 25 basis point cut. 

This would take the maximum interest rate from 1.85% p.a. down to 1.60% p.a. - comprising of a base rate of 0.10% p.a and a bonus rate of 1.50% p.a. 

Conditions to earn the bonus rate - reached by making five transactions from a linked Up account per month - remain unchanged. 

This is the second time since the last cash rate cut that Up has cut its savings account interest rate, having lowered its rate from 2.00% p.a. to 1.85% p.a. in early April

In mid-March, Up reduced its total interest rate from 2.25% to 2.00% p.a.

Up Co-Founder Dominic Pym told Savings.com.au that Up has maintained a competitive interest rate since launch. 

"Pricing interest competitively keeps our business sustainable. While we’ve been able to keep our rates relatively high, from time to time every bank, including Up, needs to make rate adjustments," Mr Pym said. 

"However a competitive interest rate is just one of the ways we help our customers save money."

According to Mr Pym, the other ways Up helps customers save is by "helping customers reconnect with their money and to take the stress and anxiety out of money."

"When RBA interest rates are low, like they are now, it's more important than ever to help customers understand where they're spending their money and how they can easily save by avoiding hidden and monthly charges, and through features like automatic Round Ups and Boosts, and Pull to Save," he said. 

"Other tools like automated Salary Splits also help customers save each payday."

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

Provider

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
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
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • 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
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 $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
    More details

    Growth Saver ($1 - $25k)

      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)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
        More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
        More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
          More details

          Reward Saver Account (31 years +) ($0-$100k)

            01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
            More details

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
              More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                  More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                    More details

                    ANZ Save

                      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                      More details

                      Savings Maximiser (<$100k)

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                        More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                          More details

                          Save up

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                            More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                            More details

                            Bonus Saver (<$1 Million)

                              0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                              More details

                              Smart Saver Account (Under 25)

                                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 April 21, 2024. View disclaimer.

                                Westpac offers 3.00% p.a. rate to under 30s

                                There haven't been too many interest rate changes among savings accounts lately, with term deposit rates seeing more action

                                However, one major piece of savings account news comes courtesy of Westpac, which yesterday announced it is offering a 3.00% p.a. savings account rate for people aged under 30 with a maximum account balance of $30,000.

                                This is comfortably one of, if not the highest savings account rate in the market, and is available to any under 30s who:

                                • Increase their balance each month
                                • Make five debit transactions with a linked Westpac spending account each month

                                If customers do not manage to increase their balance, but they do make five or more debit card transactions in the month, a rate of 2.40% p.a. will apply, which is still ahead of many competitors' rates - read more about the details of this new interest rate here

                                The regular Westpac Life account for anyone over 30 attracts a much lower rate of 1.00% p.a, which includes a 0.40% p.a. standard variable rate and a 0.60% p.a. bonus rate for growing the balance each month.

                                See how the big four banks' savings accounts compare in the table below - note Westpac's rate below is the standard Westpac Life product.

                                Provider

                                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                                More details

                                Life

                                  01010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                                  More details

                                  Progress Saver

                                    010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                                    More details

                                    Reward Saver

                                      5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]
                                      More details

                                      NetBank Saver

                                        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 April 21, 2024. View disclaimer.