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

  AMP

  AMP

  Saver Account

  Maximum rate

  2.36% p.a. (for $0 to $250,000)

  standard interest rate

  1.40% p.a.(for $0 to $5,000,000)

  account fee per month

  $0.00

  Go to site

  *Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.

• Promoted

  Suncorp

  Suncorp

  Growth Saver Account

  Maximum rate

  1.95% 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

  CUA

  CUA

  eSaver Reward

  Maximum rate

  2.00% p.a. (for $0 to $100,000)

  standard interest rate

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

  account fee per month

  $0.00

  Go to site

  *Deposit $1,000 into a CUA transaction account from external source in the month.

• Promoted

  Rabobank

  Rabobank

  High Interest Savings Account

  Maximum rate

  2.50% p.a. (for $0 to $250,001)

  standard interest rate

  1.05% p.a.(for $0 to $250,001)

  account fee per month

  $0.00

  Go to site

  *Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.

• Promoted

  UBank

  UBank

  USaver with Ultra Transaction Account

  Maximum rate

  2.10% p.a. (for $0 to $200,000)

  standard interest rate

  1.04% p.a.(for $0 to $5,000,000)

  account fee per month

  $0.00

  Go to site

  *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.