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:

Savings account comparisons on Mozo - rates updated daily

  • Promoted

    ING

    ING

    Savings Maximiser

    2.80% p.a. (for $0 to $100,000)

    1.15% p.a.(for $0 and over)

    $0.00

    *For customers who have an Orange Everyday and deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month

  • 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/Trust customers.

  • Promoted

    HSBC

    HSBC

    Flexi Saver

    2.50% p.a. (for $0 to $5,000,000)

    1.25% p.a.(for $0 to $5,000,000)

    $0.00

    *Increase balance by at least $300 in the month (excluding interest)

  • 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

  • Promoted

    HSBC

    HSBC

    Serious Saver

    3.00% 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 1.60% bonus rate after

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