Top boosted interest rates for smart Aussie savers

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.

MyState and AMP have increased their maximum savings rates to 1.20% p.a. and 1.25% p.a. respectively, while Virgin Money has launched its new Boost Saver account offering up to 1.20% p.a. when bundled with a Virgin Money Go spending account

These accounts now have some of the best unrestricted ongoing savings rates on the market, alongside ING’s Savings Maximiser offering up to 1.35% p.a. and 86 400’s Save Account offering up to 1.20% 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.

3 TOP SAVINGS ACCOUNTS

Virgin Money Boost Saver with Go Account
  • Earn up to 1.20% p.a. interest (up to $250,000)
  • 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 a maximum savings rate of 1.20%. 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).

MyState Bonus Saver Account
  • 1.20% maximum interest rate (up to $250,000)
  • Government deposit guaranteed up to $250,000
  • 2021 Mozo Experts Choice winner

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 neat 1.20% maximum 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!

BOQ Fast Track Saver
  • Ongoing 1.05% p.a. bonus interest on balances up to $250,000 (conditions apply)
  • No account fees
  • Unlimited free withdrawals

If you’re ready to kickstart your savings with a bang, you should check out the Bank of Queensland Fast Track Saver Account. With an ongoing 1.05% p.a. bonus interest rate up for grabs on balances up to $250,000 (conditions apply), you’ll be rewarded with no ongoing account keeping fees. Plus, If you need to make multiple withdrawals or deposits every month, that’s also free.

TOP TERM DEPOSIT

Judo Bank Term Deposit
  • 1.01% p.a. for a one year term
  • 0.10% loyalty bonus available
  • 2021 Mozo Experts Choice winner

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 1.01% in interest on a one 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.

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