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.
*Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. 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.