Savings account interest rates: June 2021
The number of cuts to savings accounts has slowed down in recent months, perhaps an indication that rates have reached the bottom. Last month was particularly quiet, with only 11 providers cutting key ongoing bonus rates while one provider opted to increase rates. Right now, the average ongoing savings rate among accounts we track sits at a paltry 0.43% p.a.
The Westpac Life account and ANZ Progress Saver lead among offerings from the major banks, giving savers interest rates of 0.40% p.a. so long as a few requirements are met. For those aged between 18 and 29, the maximum rate on the Westpac Life account jumps up to a staggering 3.00% p.a. However, this only applies on balances up to $30,000, and the monthly conditions are a bit more numerous.
Bank of Queensland also offers rates of 3.00% p.a. with its Fast Track Starter Account. Like the Westpac Life account, there are age restrictions, and the maximum rate only applies to balances up to $10,000.
For older Australians, there are still a few worthwhile options out there. ING currently offers an ongoing bonus rate of 1.35% p.a., so long as a few monthly conditions are met. Rabobank offers an introductory rate of 1.50% p.a., which is available for the first 4 months before reverting to 0.25% p.a. And the Macquarie Savings Account comes with a base rate of 0.95% p.a., which is unconditional for balances up to $250,000.
To find out how interest rates are tracking in other banking products for June, check out our snapshots for Home Loan Interest Rates, Personal Loan Interest Rates, Car Loan Interest Rates and Term Deposit Interest Rates.