Neobanks 86 400 and Up are leading the way in the at-call deposit market, holding their rates steady while other deposit takers are cutting their rates below 2 per cent.
According to the latest Mozo Banking Roundup, Up and 86 400 are offering 2.25 per cent as an ongoing bonus rate.
To earn the bonus rate on Up Savers, customers must make five or more purchases each month using their Up Everyday Account. There are no deposit requirements and withdrawals are unlimited. The base rate is 0.5 per cent.
To earn the bonus rate on 86 400 Save, customers must deposit $1000 or more each month. The base rate is 0.4 per cent.
The best introductory rate is 2.5 per cent, with both Heritage Bank and Rabobank offering it for four months.
Mozo says that last month, a number of deposit takers cut rates – one by as much as 50 basis points.
Bank Australia cut the bonus rate on its Reward Saver account from 2 per cent to 1.7 per cent. It cut its Online Saver rate from 25 basis points to 0.75 per cent.
HSBC cut the bonus rate on its Flexi Saver account from 1.9 per cent to 1.75 per cent.
ME cut the ongoing bonus rate and the base rate of its Online Savings account by 15 bps. It now offers a bonus rate of 2.05 per cent, reverting to a base rate of 0.35 per cent.
MyState Bank cut the rate on its Bonus Saver account by 50 bps to 2 per cent. It cut the rate on its Special eSaver Account by 25 bps to 0.5 per cent.
Teachers Mutual Bank and its subsidiaries cut the ongoing bonus rate on its Rewards Saver account by 15 bps to 1.6 per cent. It cut the flat rate on its Online Savings account by 15 bps to 0.9 per cent.
Among the big banks, ANZ is offering an ongoing bonus rate of 1.6 per cent on Progress Saver and an introductory rate of 1.6 per cent for three months on Online Saver.
Commonwealth Bank is offering an ongoing bonus rate of 0.9 per cent on GoalSaver and an introductory rate of 1.65 per cent for five months on NetBank Saver.
NAB is offering an ongoing bonus rate of 1.61 on Reward Saver and an introductory rate of 1.7 per cent for four months on iSaver.
Westpac is offering an ongoing bonus rate of 1.65 per cent on its Life account and an introductory rate of 1.66 per cent for five months on eSaver.