Anxious about your savings rate? Here’s where to snag a sweeter deal
Since the first cut in June, 79 providers in the Mozo database have dropped savings account rates, and many of the major banks’ ongoing rates are creeping closer and closer to 0%.
Experts foresee another cut to the cash rate sometime this year, and there is fear that the situation for savers is only going to get worse. But before you lose your mind, there are still options for you and your nest egg.
Turning to another provider, like an online bank, or opting for an account with a bonus interest rate could see you get more return on your hard earned cash. Despite recent drops, there are still some banks offering comparatively solid rates on savings accounts.
So, to help start your search for a better rate check out some of these hot rates for savings accounts in our database at the moment.
Hot savings accounts 2019
AMP Bank - AMP Saver Account
- 2019 Mozo Experts Choice Award winner^
- 2.75% maximum interest rate
- 1.65% ongoing interest rate
Need somewhere to keep your rainy day fund? Well, the AMP Saver Account could be the perfect place with a 2.75% introductory interest rate for the first four months and a solid 1.65% ongoing rate afterwards. With this rate and no account keeping fees, it’s no wonder that AMP took home two 2019 Mozo Experts Choice Awards in the Kick Start Savings and No Strings Savings categories.
MyState Bank - Bonus Saver Account
If you make regular deposits into your savings but can’t commit to large amounts, the MyStateBank Bonus Saver Account could be the one for you. With this savings-savvy account, not only do customers receive a 2.50% maximum rate when they deposit as little as $20 a month and make five transactions per month with a Visa debit card linked to an eligible MyStateBank bank account, there are also no additional account keeping fees!
UBank - USave with USpend Transaction Account
- 2019 Mozo Savings Bank of the Year^
- 2.41% maximum interest rate
- Innovative sweep technology
Meet the award-winning savings, transaction account combo that can really get you more bang for your buck. When you combine a UBank USaver and Ultra Transaction Account, you can receive a 2.41% maximum interest rate on your savings as long as you deposit $200 into either account once a month. Not only that, the accounts are set up with UBank’s innovative sweep technology which automatically moves your money around so you have funds when you need them while still hitting your savings targets.
ING - Savings Maximiser
ING’s Savings Maximiser may be the perfect location for your monthly salary or lifetime savings. This award-winning account offers a very respectable 2.30% maximum interest rate, as long as you deposit $1,000 a month from an external source and make a least five purchases on your linked ING debit card every month. ING also took out a 2019 Mozo Experts Choice Award in the Regular Savers category, so you know this account could really be worth considering.
^Find out more about the 2019 Mozo Experts Choice Awards for Savings Accounts
Want to check out some other savings accounts offers? For more, head to our savings accounts comparison table or have a read of our handy guides for everything you need to look for in a top savings account.
^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.