Savers ditch big banks as rates plunge

Mozo

11 Sep 2019

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The nation's savers are withdrawing their money from the Big 4 Banks in search of higher yielding alternatives, as the RBA's rate cuts start to bite and the big bank's savings rates drop to miserly levels.

New industry data shows that household deposit growth for the major banks has slumped, and it's no wonder savers are looking for alternatives with ANZ, CommBank, NAB and Westpac now paying out ongoing rates of just 0.50% on some of their most popular savings accounts.

Mozo's comparison data reveals that the average savings rate on the market is now just 1.18%, but the good news for savers is that you can still access ongoing rates up to 2.50% by switching to one of the top accounts on the market. So if you'd like to get a better return on your savings, compare some of the top high interest accounts right now in the table below.

TOP SAVINGS ACCOUNTS SEPTEMBER 2019 - rates updated daily

  • Promoted

    Macquarie

    Macquarie

    Savings Account

    2.65% p.a. (for $0 to $250,000)

    1.35% p.a.(for $0 to $25,000)

    $0.00

    *Bonus variable rate is available for the first four months.

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    2.00% p.a. (for $0 to $250,000)

    0.30% p.a.(for $0 and over)

    $0.00

    *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

    IMB Bank

    IMB Bank

    Reward Saver Account

    1.75% p.a. (for $5,000 and over)

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

    $0.00

    *Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

  • Promoted

    Suncorp

    Suncorp

    Growth Saver Account

    1.90% p.a. (for $0 and over)

    0.20% p.a.(for $0 and over)

    $0.00

    *Grow your balance by $200 or more and make no more than one withdrawal in the month.

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    2.00% p.a. (for $1 to $250,000)

    0.20% p.a.(for $1 and over)

    $0.00

    *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. (Requirement temporarily waived due to crisis).

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