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:
*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.
*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.