Deposit rates rising: High interest rates round-up

Savings accounts boosted

Putting money away in savings continues to be a top priority for Aussies in 2021, with the latest figures revealing households saved an extra $8.6 billion a month over the 12 months to March 2021.*

Getting a decent interest rate on your savings is key to boosting your stash, and the good news is that a handful of financial institutions have just made this task a whole lot easier by boosting savings account interest rates in recent weeks.

Virgin Money has launched a market leading new bonus savings rate of 1.50% p.a. for the first three months with its competitive Boost Saver Account, reverting to a high ongoing 1.20% p.a.

Rabobank also offers a generous intro rate of 1.35% p.a. for 4 months, while ING has the current top unrestricted ongoing bonus rate at 1.35% p.a.

So, if saving money is top of your financial priority list this year, here are some of the top savings and term deposit accounts on the market right now to help you to make the most of your savings.

TOP SAVINGS ACCOUNTS

Virgin Money Boost Saver with Go Account
  • Earn up to 1.50% p.a. for the first 3 months, then up to 1.20% p.a. ongoing
  • Bundle your savings account with a spending account to enjoy a market-leading savings rate
  • Government deposit guaranteed up to $250,000

The Boost Saver with Go Account from Virgin Money brings savvy savers the opportunity to bundle their transaction account with their savings account to earn up to 1.50% p.a. interest in the first 3 months, reverting to a competitive 1.20% p.a. But that’s not all, for a limited time you can also earn 5,000 bonus Virgin Money points on purchases. To get the maximum rate, you'll just need to deposit $2,000 each month and make 5 eligible payments from your Go Account (drops to $1,000 for 18 to 25s).

Rabobank High Interest Savings Account
  • Earn 1.35% p.a. for the first 4 months (0.25% p.a. ongoing)
  • No account fees and no minimum balance required
  • Interest paid monthly

The Rabobank High Interest Savings Account offers one of the top bonus rates on the markets at 1.35% p.a. on your first $250,000, reverting to 0.25% after the first 4 months. There are no account keeping fees, no minimum balance and interest is paid monthly.

MyState Bonus Saver Account
  • 1.10% maximum interest rate (up to $250,000)
  • Government deposit guaranteed up to $250,000
  • 2021 Mozo Experts Choice winner
Find out more

If you’re committed to saving and like to be rewarded for your good habits, then the MyState Bank Bonus Saver Account is a must-see. This savings account features a 1.10% p.a. maximum ongoing interest rate and no account keeping fees. All you need to do to get that rate is make five transactions and deposit $20 into the account every month. You’ll have your interest paid out monthly and only need $1 to open an account. Easy as!

TOP TERM DEPOSITS

Judo Bank Term Deposit
  • 1.20% p.a. for a two year term
  • 0.10% loyalty bonus available
  • 2021 Mozo Experts Choice winner
Find out more

With the Judo Bank Term Deposit, you’ll have access to a range of competitive interest rates, which can be paid out on either a monthly or yearly basis or when the term deposit hits maturity. Aussies can earn 1.20% in interest on a two year term and have the option to have their interest paid to another bank. What’s more, savers also have the opportunity to earn a 0.10% loyalty bonus if they reinvest their balance in another term deposit once it reaches maturity.

Rabobank Term Deposit
  • 0.75% p.a. for up to a one year term
  • 0.10% loyalty bonus available
  • Flexible interest payment options

If you’re looking for a place to stash your cash that offers a competitive return with a flexible range of terms, then Rabobank has all your bases covered. It comes complete with a 0.10% loyalty bonus when a term deposit is automatically reinvested and as the cherry on the cake, users have the choice of having interest paid monthly, quarterly, bi-annually, annually and at maturity.

Citi Term Deposit
  • Rate of 0.75% for 3, 6, 9 and 12 month terms ($10,000 minimum deposit)
  • Great for stashing large lump sums of savings
  • Covered by the Australian Government Deposit Guarantee Scheme

If you’ve got a lump sum of money that you want a quick return on, then look no further than the Citi Term Deposit that is offering one of the top interest rates on our database. With flexible 3, 6, 9 and 12 month terms for deposits between $10,000 to $2,000,000, this makes for a fast and reliable way to get a return on your money.

Want to compare more savings accounts? Compare over 80 banks on Mozo to find a high interest savings accountterm deposit account or everyday transaction account for your needs.

For more information about the 2021 Mozo Experts Choice Awards for Savings Accounts and Term Deposits, including a full breakdown of the winners, categories and the judging process, make sure you check out our methodology report.

*Source: APRA