Saving money is hard enough, so news that the RBA cut rates by a further 0.25% last week was a blow to anyone with savings, as interest rates on savings accounts and term deposits will likely be taking a hit.
To get a top return on your money this year, one thing is certain, you will need to shop around. Letting your money sit in a low interest account earning meagre interest shouldn’t be an option, especially when you can set up a new savings account or term deposit in minutes online.
To make hunting down the best deals even easier, we’ve just announced the winners in the inaugural Mozo Experts Choice Deposit Awards. Covering savings accounts, bank accounts and term deposits, we crunched the fees, interest rates and product features of deposit accounts in our database (all 365 of them) to find the best value products to help Australians save money.
Here’s a look at the gold medal winners…
Best Value Base Rate: Rural Bank ONE, Saver
Best Value Introductory Bonus Rate: AMP Saver Account
Best Value Ongoing Bonus Rate: UBank USaver with Ultra Transaction Account
See here for full list of savings account winners.
Kids Savings Accounts
Best Value Base Rate: Bank of Sydney, Student Savings Account
Best Value Ongoing Bonus Rate: Suncorp Kids Savings Account
More kids account winners can be found here.
Best Value Short Term (7 months and under): ME Bank, Term Deposit
Best Value Medium Term (8 – 13 months): CUA, Term Deposit
Best Value Long Term (2 – 5 years): Heritage Bank Term Deposit, People’s Choice Credit Union Term Deposit and Police Bank Term Deposit.
Check out our Experts Choice page for the full list of term deposit winners.
To qualify for this award, bank accounts had to meet the following criteria: no monthly fee, no EFTPOS transaction or internet transfer fees, no ATM fees for in-network transactions, no minimum balance requirements and offer a fee free debit card.
Who made the Experts Choice cut? Find out here.