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

    2.55% p.a. (for $0 to $5,000,000)

    2.10% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus rate for the first 4 months from account opening

  • Promoted

    HSBC

    HSBC

    Serious Saver

    3.10% p.a. (for $0 to $1,000,000)

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

    $0.00

    *No withdrawals in the month. Bonus rate for first 4 months, reverting to 1.40% bonus rate after

  • Promoted

    ME

    ME

    Online Savings Account

    2.85% p.a. (for $0 to $250,000)

    1.30% p.a.(for $0 and over)

    $0.00

    *Ongoing bonus rate if during the month you make a weekly Tap & Go purchase with your ME Everyday Transaction Account buck Debit Mastercard.

  • Promoted

    RaboDirect

    RaboDirect

    High Interest Savings Account

    3.05% p.a. (for $0 to $250,000)

    1.80% p.a.(for $0 to $250,000)

    $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

    CUA

    CUA

    eSaver Boost

    2.75% p.a. (for $0 to $500,000)

    0.25% p.a.(for $0 and over)

    $0.00

    *Minimum deposit of $250 and no withdrawals in the month

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