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. 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

    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

    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

    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