Joy for savers as rates head upwards

Mozo

02 Apr 2020

redactor/hero-images/1526/Brunette_with_piggybank_article_image_content.jpg

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

    MyState Bank

    Bonus Saver Account

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

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

    Yes up to $250,000

    *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

    HSBC

    Serious Saver

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

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

    Yes up to $250,000

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

  • Promoted

    HSBC

    HSBC

    Flexi Saver

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

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

    Yes up to $250,000

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

  • Promoted

    Citi

    Citi

    Online Saver

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

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

    Yes up to $250,000

    *Bonus rate for the first 4 months from account opening

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

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

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

    Yes up to $250,000

    *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

    Bankwest

    Hero Saver

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

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

    Yes up to $250,000

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

^See information about the Mozo Experts Choice Savings accounts Awards