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

    Rabobank

    Rabobank

    High Interest Savings Account

    2.25% p.a. (for $0 to $250,001)

    0.80% p.a.(for $0 to $250,001)

    Yesup to $250,000

    *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

    Westpac

    Westpac

    Life (18-29 years old)

    3.00% p.a. (for $0 to $30,000)

    0.40% p.a.(for $0 and over)

    Yesup to $250,000

    *Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

  • Promoted

    HSBC

    HSBC

    Serious Saver

    2.10% p.a. (for $0 to $1,000,000)

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

    Yesup to $250,000

    *No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% bonus rate after*

  • Promoted

    Citi

    Citi

    Online Saver

    2.05% p.a. (for $0 to $500,000)

    0.35% p.a.(for $0 and over)

    Yesup to $250,000

    *Bonus rate for the first 4 months from account opening

  • Promoted

    Bank of Queensland

    Bank of Queensland

    Fast Track Saver Account

    1.85% p.a. (for $1 to $250,000)

    0.20% p.a.(for $1 and over)

    Yesup 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. (This second requirement has been paused until 31 August 2020).

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