Savers urged to shop around for better value this spring

Kelly Emmerton

13 Sep 2017

Savings accounts top spring content

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. Advertiser disclosure.

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    1.20% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    *Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

  • Promoted

    Virgin Money

    Virgin Money

    Boost Saver with Go Account

    1.20% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    *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.

  • Promoted

    HSBC

    HSBC

    Serious Saver

    0.30% p.a. (for $0 to $1,000,000)

    0.15% p.a.(for $0 and over)

    Yes up to $250,000

    *Bonus rate for first 3 months, reverting to 0.15% rate after

  • Promoted

    Virgin Money

    Virgin Money

    Grow Saver

    0.65% p.a. (for $0 and over)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    *Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    1.05% p.a. (for $1 to $250,000)

    0.05% p.a.(for $1 and over)

    Yes up to $250,000

    *Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

^See information about the Mozo Experts Choice Savings accounts Awards