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.


4 Top Deposit Accounts

Promoted

AMP Saver Account
  • 2.36% bonus rate for first four months

  • 1.40% ongoing interest rate

  • Dual 2019 Mozo Experts Choice Award winner

Our verdict

The AMP Saver Account offers 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.

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

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 your renew your deposit at maturity.

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

Promoted

UBank USaver with Ultra Transaction Account
  • Generous 2.10% ongoing bonus rate

  • Unlock the bonus rate by linking to an Ultra everyday account

  • No fees whatsoever

Our verdict

UBank took home the prize for Mozo Experts Choice Savings Bank of the Year 2019, and with offerings like the USaver Ultra it’s not hard to see why. To earn 2.10% on your savings, just add an Ultra transaction account and deposit $200 or more a month into either account. Featuring no sneaky fees and with interest calculated daily, you’ll know exactly how much interest you’re making, so you can reach your savings goals faster.

Where do I get itHead over to UBank 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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