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As a result of Westpac’s recent interest rate cut, are there other high interest savings accounts in the market?
Westpac recently cut interest rates on its Westpac life savings account by 50 basis points, from 3.00% per annum to 2.50% per annum
In the future, those under 30 can access the 2.50% pa interest rate on their Westpac savings account if they meet the same criteria as before.
This latest interest rate cut has many savers – especially young people – wondering: What else is there for savers looking to make a return?
Westpac and BOQ targeting young savers
Westpac’s latest interest rate cut means it is tied to the Bank of Queensland (BOQ), a bank also offering an interest rate pa of 2.50% for young savers.
BOQ Accelerated start-up account is a youth savings account for young people aged 14 to 24.
The bonus interest rate of 2.45% per annum applies to balances up to $ 10,000 when certain criteria are met.
This criteria includes making a minimum deposit of $ 200 each month and five transactions from a Day2Day Plus account.
There are slight differences between Westpac and BOQ high interest savings accounts.
Westpac’s interest rate pa of 2.50% applies to people aged 18-29, while BOQ’s offer is for people up to 24 years of age.
In addition, Westpac’s interest rate applies to balances up to $ 30,000, while BOQ’s 2.50% pa interest rate applies up to $ 10,000.
Westpac’s interest rate is composed of a variable base rate of 0.15%, a variable bonus pa of 0.15% for saving each month and a Spend & Save bonus of 2.20% pa for five expenses.
BOQ’s interest rate is made up of a base rate of 0.5% plus a variable interest rate bonus of 2.45% to meet established criteria.
What about those over 30 looking to save?
If you are over 30, you cannot take advantage of the pa interest rates mentioned above.
However, research results from Savings.com.au revealed that the highest interest rate for savers over 30 is currently offered by Virgin Money with their Blank Money Saver Account.
This account enjoys an interest rate pa of 1.50% for the first three months on balances up to $ 250,000 for over 25 years, since certain criteria are met.
After the end of the introductory period, the interest rate returns to 1.2% pa if the same criteria are met.
This criteria includes depositing $ 2,000 each month and making at least five purchases with a linked “Go†transaction account.
In addition, ING offers an interest rate of 1.35% pa on its Savings maximizer account for balances up to $ 100,000.
Customers who deposit at least $ 1,000 per month and pay for five purchases using a linked ING debit card can access the additional variable rate of 1.30% pa.
Rabobank offers a similar interest rate of 1.35% pa on its High interest savings account during the first four months.
After the end of this introductory period, it reverts to a standard interest rate of 0.25% pa.
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