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

    MyState Bank

    MyState Bank

    Bonus Saver Account

    2.00% p.a. (for $0 to $250,000)

    0.30% p.a.(for $0 and over)

    $0.00

    *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

    UBank

    UBank

    USaver with Ultra Transaction Account

    1.85% p.a. (for $0 to $200,000)

    0.79% p.a.(for $0 to $5,000,000)

    $0.00

    *Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $200,000.

  • Promoted

    IMB Bank

    IMB Bank

    Reward Saver Account

    1.75% p.a. (for $5,000 and over)

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

    $0.00

    *Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

  • Promoted

    Suncorp

    Suncorp

    Growth Saver Account

    1.90% p.a. (for $0 and over)

    0.20% p.a.(for $0 and over)

    $0.00

    *Grow your balance by $200 or more and make no more than one withdrawal in the month.

  • Promoted

    Defence Bank

    Defence Bank

    iSaver

    1.70% p.a. (for $0 to $1,000,000)

    0.05% p.a.(for $0 to $1,000,000)

    $0.00

    *Bonus rate for the first 3 months from account opening

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