Savers ditch big banks as rates plunge

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

  UBank

  UBank

  USaver with Ultra Transaction Account

  Maximum rate

  2.41% p.a. (for $0 to $200,000)

  standard interest rate

  1.35% p.a.(for $0 to $5,000,000)

  account fee per month

  $0.00

  Go to site

  *Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $200,000.

• Promoted

  Bankwest

  Bankwest

  Hero Saver

  Maximum rate

  2.10% p.a. (for $0 to $250,000)

  standard interest rate

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

  account fee per month

  $0.00

  Go to site

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

• Promoted

  Suncorp

  Suncorp

  Growth Saver Account

  Maximum rate

  2.05% p.a. (for $0 and over)

  standard interest rate

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

  account fee per month

  $0.00

  Go to site

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

• Promoted

  ING

  ING

  Savings Maximiser

  Maximum rate

  2.20% p.a. (for $0 to $100,000)

  standard interest rate

  0.50% p.a.(for $0 and over)

  account fee per month

  $0.00

  Go to site

  *For customers who have an Orange Everyday and deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month

• 

  Promoted

  HSBC

  HSBC

  Serious Saver

  Maximum rate

  2.60% p.a. (for $0 to $1,000,000)

  standard interest rate

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

  account fee per month

  $0.00

  Go to site

  *No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.70% bonus rate after*