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.
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.
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
2019 Mozo Experts Choice Winner^
2.30% maximum interest rate
No account fees
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.