In some not so great news for your savings stash, the RBA rate cut could see already low interest rates on savings accounts get even lower. If your bank follows the RBA and cuts interest rates by 0.25%, you could be earning a not so nice looking interest on your savings stash.
So far, 20 providers in our database have already cut rates for savers, including the likes of ING, Commonwealth Bank, AMP and Greater Bank. The average ongoing savings account rate is now just 1.49%, while the average special savings rate for those willing to meet a few conditions clock in at 2.28%.*
If you’re just getting an average rate on your rainy day fund - or even lower - it could be time to go savings account shopping. Here are some hot deals to start your search:
UBank USave with USpend Transaction Account
2019 Mozo Savings Bank of the Year*
2.87% special interest rate (conditions apply)
$0 account keeping fees
Ubank’s Mozo Expert’s Choice Award winning USaver with Ultra Transaction Account is a great option to squeeze more out of your savings. With this deal, a very nice looking 2.87% ongoing bonus rate could be all yours when you deposit at least $200 into either account each month. Just remember you don't earn any interest on the balance kept in your Ultra Transaction Account, as the rate only applies to savings stashed in your USaver.
AMP Bank AMP Saver Account
2.75% intro bonus rate (first four months)
1.85% ongoing interest rate
Dual 2019 Mozo Experts Choice Award winner*
With the AMP Saver Account you’ll benefit from a competitive ongoing interest rate plus a tasty 4 month bonus rate to really give your savings a boost. There are no hidden monthly fees and you can make unlimited deposits and withdrawals too. With easy to use, 24/7 app, internet and phone access, this savings account will seamlessly fit into your life.
Bank Australia Bonus Saver
Mozo Experts Choice Award winner 2019*
Earn up to 2.15% interest ongoing
No account fees and no minimum balance required
Sometimes a higher interest rate incentive is just the kind of savings motivator you need. Enter the Bonus Saver by Bank Australia, where the standard rate gets boosted to 2.15% when you deposit $100 into your account every month and make no withdrawals. You'll also be able to access the Bonus Saver account on your phone through the 2019 Mozo Experts Choice Excellent Banking App award-winning Bank Australia app.
HSBC Serious Saver
2.85% intro bonus rate (first four months)
0.95% ongoing bonus rate
No account fees
Whether you’re serious about savings stashing or love the look of a tasty 2.85% intro bonus rate, then the HSBC Serious Saver account could be for you. All you need to do to get your hands on this rate is not make any withdrawals in the month, but keep in mind if you do withdraw from your account, either interest rate drops to straight up 0%.