Joy for savers as rates head upwards

In what might be the best news for the nation's savers this year, banks and other financial institutions are actually increasing rates on select savings and term deposit accounts. The emerging trend is a rare ray of light for savers, and a strong sign that competition for deposit customers is heating up.

"Keeping cash in the bank could be the best option for many Australians given the volatility of other asset classes right now, and there is no need to be concerned about whether your money is safe in a savings account given the government guarantees deposits of up $250,000 per bank or authorised financial institution", said Mozo Director Kirsty Lamont.

While the big 4 banks have been increasing rates on select deposit products, challenger banks have also been competing harder and still offer the most attractive rates in the market of 2% or more. So, if you'd like to find a high interest home for your cash, start by comparing the latest savings account rates below and see how much you could be earning...

TOP SAVINGS ACCOUNTS APRIL 2020

Rates updated daily. Advertiser disclosure.

• Promoted

  

  MyState Bank

  Bonus Saver Account

  Maximum rate

  1.20% p.a. (for $0 to $250,000)

  standard interest rate

  0.10% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

• Promoted

  

  HSBC

  Serious Saver

  Maximum rate

  0.30% p.a. (for $0 to $1,000,000)

  standard interest rate

  0.15% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

• Promoted

  

  HSBC

  Flexi Saver

  Maximum rate

  0.25% p.a. (for $0 to $5,000,000)

  standard interest rate

  0.05% p.a.(for $0 to $5,000,000)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Increase balance by at least $300 in the month (excluding interest)

• Promoted

  

  Citi

  Online Saver

  Maximum rate

  1.10% p.a. (for $0 to $500,000)

  standard interest rate

  0.35% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Bonus rate for the first 4 months from account opening

• Promoted

  

  Bank of Queensland

  Fast Track Saver Account

  Maximum rate

  1.05% p.a. (for $1 to $250,000)

  standard interest rate

  0.05% p.a.(for $1 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

• Promoted

  

  Bankwest

  Hero Saver

  Maximum rate

  0.80% p.a. (for $0 to $250,001)

  standard interest rate

  0.01% p.a.(for $0 to $5,000,000)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Minimum deposit of $200 and no withdrawals in the month.