Joy for savers as rates head upwards
Mozo
02 Apr 2020
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.
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Promoted
MyState Bank
Bonus Saver Account
*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.
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Promoted
Virgin Money
Boost Saver with Go Account
*Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
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Promoted
Virgin Money
Grow Saver
*Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
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Promoted
HSBC
Serious Saver
*Bonus rate for first 3 months, reverting to 0.15% rate after
^See information about the Mozo Experts Choice Savings accounts Awards
