Savers urged to shop around for better value this spring

Kelly Emmerton

13 Sep 2017

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With interest rates at rock bottom for more than 12 months now, things are tough for Aussies trying to build up their savings stash.

In fact, recent Mozo data showed that the average ongoing savings rate dropped from 2.05% to 1.82% over the last year, and three out of five savings accounts were paying ongoing rates under 2.00%.

“The good news is there are still some good deals to be found at the moment and savers can still bag 3.00% interest on a number of savings accounts. But it’s important to shop around because the big banks aren’t offering anywhere near that much,” said Mozo Director Kirsty Lamont.

“When rates are this low, it’s really up to savers to compare options and make the move to a better offer if your current savings account isn’t up to snuff.”

Is it time to give your savings balance a boost? Check out the savings account offers in our table below:

Top Savings Accounts - rates updated daily

  • Promoted

    AMP

    AMP

    Saver Account

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

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

    $0.00

    *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

    1.95% 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

    CUA

    CUA

    eSaver Reward

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

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

    $0.00

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

  • Promoted

    Rabobank

    Rabobank

    High Interest Savings Account

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

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

    $0.00

    *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

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

    1.04% 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.

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