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

  Macquarie

  Macquarie

  Savings Account

  Maximum rate

  2.65% p.a. (for $0 to $250,000)

  standard interest rate

  1.35% p.a.(for $0 to $25,000)

  account fee per month

  $0.00

  Go to site

  *Bonus variable rate is available for the first four months.

• Promoted

  MyState Bank

  MyState Bank

  Bonus Saver Account

  Maximum rate

  2.00% p.a. (for $0 to $250,000)

  standard interest rate

  0.30% p.a.(for $0 and over)

  account fee per month

  $0.00

  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

  IMB Bank

  IMB Bank

  Reward Saver Account

  Maximum rate

  1.75% p.a. (for $5,000 and over)

  standard interest rate

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

  account fee per month

  $0.00

  Go to site

  *Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

• Promoted

  Suncorp

  Suncorp

  Growth Saver Account

  Maximum rate

  1.90% 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

  Bank of Queensland

  Bank of Queensland

  Fast Track Saver Account

  Maximum rate

  2.00% p.a. (for $1 to $250,000)

  standard interest rate

  0.20% p.a.(for $1 and over)

  account fee per month

  $0.00

  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. (Requirement temporarily waived due to crisis).