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. Advertiser disclosure.

• Promoted

  

  Virgin Money

  Boost Saver with Go Account

  Maximum rate

  1.50% p.a. (for $0 to $250,000)

  standard interest rate

  0.10% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

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  *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.

• Promoted

  

  MyState Bank

  Bonus Saver Account

  Maximum rate

  1.10% p.a. (for $0 to $250,000)

  standard interest rate

  0.05% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *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

  

  Citi

  Online Saver

  Maximum rate

  1.10% p.a. (for $0 to $500,000)

  standard interest rate

  0.35% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Bonus rate for the first 4 months from account opening

• Promoted

  

  Virgin Money

  Grow Saver

  Maximum rate

  0.65% p.a. (for $0 and over)

  standard interest rate

  0.10% p.a.(for $0 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

• Promoted

  

  Bank of Queensland

  Fast Track Saver Account

  Maximum rate

  1.05% p.a. (for $1 to $250,000)

  standard interest rate

  0.05% p.a.(for $1 and over)

  Govt Deposit Guarantee

  Yes up to $250,000

  Go to site

  *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.