Savers ditch big banks as rates plunge

Mozo

11 Sep 2019

redactor/hero-images/983/piggy_bank_article_image_content.jpg

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

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

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

    $0.00

    *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

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

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

    $0.00

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

  • Promoted

    Suncorp

    Suncorp

    Growth Saver Account

    2.05% 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

    ING

    ING

    Savings Maximiser

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

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

    $0.00

    *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

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

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

    $0.00

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

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.