Savings rates slashed again: Avoid the crunch

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If you’re one of the thousands of Australians who’ve set yourself a serious savings goal for 2020, the news that banks are slashing savings rates yet again won’t be very welcome but it should be a very big wake-up call to check the rate you’re now getting.

With the likes of ANZ and NAB cutting rates on popular savings accounts in recent weeks, the average ongoing savings rate across 201 accounts in the Mozo database has dropped to a miserable 0.97%. But don’t despair, as there is some bright news too.

It’s still possible for savers to get interest rates of 2.00% or more by shopping around, and even in a low rate environment it’s worth moving your money to a higher paying account. Over time, on a typical deposit of $10,000 a simple switch can add up to hundreds of dollars in your pocket in extra interest.

Check out the Mozo expert round up of some of the top savings and term deposit accounts on the market right now and see if a simple switch can help you reach your savings goal faster.


Top Deposit Accounts

Promoted

MyState Bank Bonus Saver Account
  • Special 2.00% interest rate

  • No account keeping fees

  • Unlimited monthly transactions

Our verdict

If you’re a savvy saver who wants to be rewarded for your saving habits, then look no further than the MyState Bank Bonus Saver Account. This savings account features a special 2.00% p.a. rate and all you'll need to do to get it is deposit a minimum of $20 every month and make five debit transactions, it's that simple. You'll also score unlimited transactions every month through your phone or the internet, but keep in mind you will need a linked MyState Bank transaction account. 

Where do I get it? Head over to MyState to find out more >>

Promoted

Judo Bank Term Deposit
  • 2.00% interest rate (6 month term)


  • Deposit between $1,000 - $1,000,000


  • 0.10% loyalty bonus

Our verdict

New digital bank Judo is already impressing Aussies searching for a safe place to lock away their savings. Currently offering some of the highest interest rates on the market, Judo Bank is rewarding savers with rates up to 2.00% p.a for 6 months. What’s more, you’ll even get a 0.10% loyalty bonus on top of the standard rate when you renew your deposit at maturity.

Where do I get it? Head over to Judo to find out more >>

Want to compare more savings accounts? Compare over 60 banks on Mozo to find a high interest savings account for your needs.

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