Apple’s 4.15% savings account makes waves in the US, but where can Aussie savers get a good rate?

Apple recently continued its dive into the financial world in the US with a new savings account with investment bank Goldman Sachs. The announcement shook up the American financial sphere as the new product offers an appealing 4.15% annual interest rate - more competitive than some of the leading banks in America.

Furthermore, the account does not demand a minimum balance and has no extra fees, which surely will appeal to American consumers during harder economic times. 

But what does this all mean for Aussies?

Should local savers be looking for a better, more digitally focused savings product given there are innovative companies out there trying to provide one? We consider a few options below.

The Aussie fintech space

While you can’t currently get Apple’s savings account in Australia, there are loads of interesting fintech apps and services on offer from both startups and big players alike. In fact, according to KPMG’s Australian Fintech Landscape 2022 report, there are currently 775 active fintechs in Australia. 

So Australians enjoy online banking and financial-related apps widely, and one would expect that something like Apple’s new saver would be popular. For now, we have some suggestions that are already on offer. Digital bank Up, for instance, has over 600,000 customers and is a part of Bendigo & Adelaide Bank. It has a fun and vibrant banking app focused on improving the experience of money management and goal setting. 

Then there are apps like Bano, largely designed to make payments faster and easier. In short, it’s a banking app that lets you do all of your non-cash banking in one place, from splitting the bill to sending and receiving up to 37 currencies. 

Meanwhile, challenger bank Judo has long had impressive interest rates for its term deposits, especially as of the latter half of 2022. It should be noted that Judo also has no branches, so it’s an all online experience much like UP or Apple.

Switching to a better digital experience

With the increasing focus on purely digital banking, it’s easy to see why the likes of Apple is making headlines with its savings account, and why many people continually look to change how they bank. Incumbent banks and fintechs are indeed making noise, increasingly utilising tech tools and branchless banking. It’s all worth considering.

But there are loads of players in the online banking space, so it can be difficult to know which is right for you. At Mozo, we review a variety of digital and non-digital banks so that you can sign up with the provider that works best for you. Be sure to start comparing the best savings account now.