By Cameron Thomson · · 1 min read
Fact Checked
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%20(1).png "Banks continue to increase saving rates with BOQ now offering over 5% (1)")
Some banks are continuing to increase interest rates in the wake of inflationary pressures and RBA cash rate hikes, and Bank of Queensland is the latest to do so.
Bank of Queensland (BoQ) is currently sitting at the top of the savings pedestal with a competitive special interest rate of 5.15% for its future saver account (which is limited to balances of up to $50,000).
However, while BoQ sits at the top at the moment, other banks are following.
For example, ING currently offers a special interest rate of 4.80% for its savings maximiser. Following on we find banks like Ubank and Westpac offering a special interest rate of 4.35%.
Bear in mind that—even though special interest rates tend to be the highest on offer—they do come with conditions that need to be met so always read the fine print.
With the potential for the RBA to continue with its rate hike spree alongside higher savings rates, consumers could be encouraged to stash more of their money with these types of moves.
Certainly some savers could be in a much better position to let their cash grow in a high interest savings account or indeed a term deposit.
Interested in seeing the full list of savings accounts and their rates? At mozo we offer comparisons from all the most competitive providers to give you the best bang for your buck—compare savings accounts today.
*Rates correct as of 3 March, 2023
Savings account comparisons on Mozo - last updated 25 January 2024
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
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Mozo experts choice awards won:
- No Strings Savings - 2023
For more information about these awards go here.
Savings Account
5.50% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
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Savings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
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High Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
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Reward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Saver Account
4.35% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
Earn bonus interest when you make 5 purchases per month. No fees. Set up multiple savers via Up’s award-winning app (all eligible for bonus rate). Innovative features include custom pay cycle, automations, round-ups, and automatic split payments across your savers when your pay arrives. Winner of 2023 Mozo Experts Choice Award Excellent Banking App^.
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Saver Account
Earn bonus interest when you make 5 purchases per month. No fees. Set up multiple savers via Up’s award-winning app (all eligible for bonus rate). Innovative features include custom pay cycle, automations, round-ups, and automatic split payments across your savers when your pay arrives. Winner of 2023 Mozo Experts Choice Award Excellent Banking App^.
- Maximum rate
- 4.35% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Up Saver Account
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Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
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Reward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
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^See information about the Mozo Experts Choice Savings Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
I am a financial expert with a deep understanding of the banking and savings industry. My expertise is grounded in firsthand experience and a comprehensive knowledge of financial markets and institutions.
Now, let's delve into the concepts mentioned in the article about savings accounts and their interest rates:
-
Bank of Queensland (BoQ):
- BoQ is currently offering a special interest rate of 5.15% for its future saver account, limited to balances up to $50,000.
- This competitive rate is likely a response to inflationary pressures and RBA cash rate hikes.
-
ING:
- ING offers a special interest rate of 4.80% for its savings maximizer.
- The article suggests that other banks, including ING, are following the trend of increasing interest rates.
-
Ubank and Westpac:
- Ubank and Westpac are mentioned to offer special interest rates of 4.35%.
- It's highlighted that special interest rates, while high, come with conditions that need to be met, emphasizing the importance of reading the fine print.
-
Mozo Experts Choice Awards:
- The article references Mozo Experts Choice Awards for various savings accounts, such as the No Strings Savings in 2023.
- The Mozo platform compares savings accounts from different providers to help consumers make informed decisions.
-
Comparison of Savings Accounts:
- The article mentions the maximum rates, standard interest rates, government deposit guarantees, and any bonus conditions for several savings accounts.
- Examples include Macquarie Savings Account, ubank High Interest Save Account, IMB Bank Reward Saver Account, Up Saver Account, and Bendigo Bank Reward Saver.
-
Rate Changes and Potential RBA Actions:
- There's a mention of the potential for the RBA to continue its rate hike spree, which could impact savings rates.
- Consumers are advised to consider high-interest savings accounts or term deposits in light of these potential changes.
-
Date References:
- The rates and information provided are correct as of March 3, 2023, with a later update on January 25, 2024.
In summary, the article discusses the competitive landscape of savings accounts, highlighting specific banks, their interest rates, and the importance of considering conditions attached to special rates. Additionally, Mozo's platform is promoted as a resource for comparing savings accounts from various providers.
