Head over to our dedicated Awards page if you want to see the full list of winners. You can earn up to 2% per annum with the eSaver Reward Account on balances up to $100,000. In About-Face, UK Will Not Allow Huawei To Be Involved In Any Part Of... Universal Orlando Parks Will Reopen June 5 Despite Risk Of... Pro-Privacy Lawmakers Secure A Vote To Protect Browsing Data From... Jurassic World: Dominion Is Definitely Not The Planned End Of The... White Twitch Talk Show Host Finally Drops 'Rajj Patel' Moniker, Everything We Know About The PlayStation 5. deposit at least $x every month, make no withdrawals etc.). From high interest rates to minimum fees and conditions, the Mozo experts have reviewed the nitty gritty to determine which savings accounts do the best job of helping Aussies to meet their savings goals. Where do I get it? While Mozo attempts to make a wide range of products and providers available via its site it may not cover all the options available to you. A savings account is a bank account that allows you to earn interest on your deposited funds. Open economy lays foundation for RBA cash rate cut, Afterpay teams up with Westpac to offer savings account, HomeBuilder 'highly effective' despite hodgepodge construction sector, Tic:Toc offers one of the lowest home loan rates for smaller deposits, Financial Services and Credit Guide (FSCG), Interest is compounding, so your interest earnings can snowball over time, Up to $250,000 of your funds are guaranteed by the government, Savings accounts are at-call, meaning you can withdraw your funds at any time, You can use these funds however you please, be it for spending or for building up savings over time, Interest rates are quite low at the moment compared to the returns offered by numerous investment options, and will likely stay this way until the RBA cash rate increases, Not meeting bonus interest conditions could see you miss out bigger interest earnings, They’re typically less flexible than a transaction account (e.g., often can’t BPAY, direct debit, or withdraw cash directly from them), There are fees you can be charged, like a monthly account-keeping fee (these fees can be quite low, however), They can be difficult to close, possibly requiring you to visit a brand or endure long call waiting times by phoning, Higher interest rates for higher balances: Pensioner savings accounts often have a tiered interest rate structure, paying different interest rates depending on the balance of the account (e.g. Savings accounts can be pretty simple products and the interest rate is generally what you should judge an account on. And you can still make one withdrawal a month and keep that same interest rate. With AMP’s Saver Account you get 2.36% variable interest rate per annum for the first four months before it goes back to 1.4%. Note: the products in the tables below are sorted first by the advertised total interest rate (base plus bonus). The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. And to keep you on that savings track, there is a serious disincentive to make withdrawals - just one withdrawal in a month and your interest rate will plummet to 0%! To find out if your savings account is paying compound interest, you will want to take a look at when the interest is paid and where. Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. Savings Privacy Policy. Mozo provides factual information in relation to financial products. Savings account guides, GambleAware week launches next week ahead of finals football, Unemployment rises to 6.9%, beating expectations again, 106 Jobseekers for every entry-level job in Australia, TransferWise saves Aussies $2.6m in debit and credit card fees, Despite limited access, Aussies gambled more during COVID-19, By subscribing you agree to the
However, no interest is paid when your balance is over $1 million or you withdraw money during the month. Rabobank’s High Interest Savings Account is linked to your everyday account and has a four month introductory variable interest rate of 2.5% per annum, up to $250,000. Fellow neobank Volt offers a 2.15% variable interest rate on balances up to $245,000. Christmas spending expected to take a dip, says IBISWorld, How to get married in 2020: Popping the question around cost, Up will cut its rate-leading savings account in November, 30% of parents financially supporting their children during COVID-19, October savings: Spring into action or face interest cuts. For more information please see Mozo's FSG, General advice disclaimer or Terms of use. That’s if you deposit $1000 or more a month. To help you find a good value savings accounts, we’ve listed out some of the highest savings account interest rates available this month for adults, children and seniors. A ‘base’ interest rate is the default interest rate on your savings account that you earn without having to meet specified conditions. You should also look into: So don’t just pick the savings account with the highest interest rate. More Aussies turn to Buy Now, Pay Later during pandemic, says Openpay, Ethical investments perform best even during the pandemic, says RIAA. A bonus interest rate is an extra interest rate some savings accounts offer on top of the base rate, either as an introductory rate for a limited number of months (also known as a honeymoon rate) or as a ‘conditional rate’ that account-holders could qualify for by meeting particular requirements each month. Want to compare more savings accounts? Here are some savings accounts with some of highest introductory interest rates on the market. They’re commonly held by couples but not exclusively so: friends, family, housemates and business partners are all examples of people who can open a joint savings account. Plus, there are no minimum deposits or introductory periods. But with so many savings accounts to choose from, it … authorised deposit-taking institutions (ADI), savings accounts use compounding interest. Generally, interest is calculated daily and paid monthly. But it isn’t the only thing. With interest rates in Australia stuck at an all time low, getting the best value savings account is critical, whether youâre wanting to maximise your interest rate or reach your savings goal faster. Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. If your savings account requires a minimum monthly deposit, any interest you earn generally won’t count towards that as the minimum monthly deposit requirements must be met with other funds. You can see in the graph below how savings and term deposit rates follow the cash rate, and how they weren’t always as low as they are now. UBank took home the prize for Mozo Experts Choice Savings Bank of the Year 2019, and with offerings like the USave Ultra itâs not hard to see why. What is a 'good' savings account rate right now? That’s what you get.”. You get a four month introductory variable rate of 2.35% and afterwards, this goes down to 0.45%. To qualify for the bonus rate, specific conditions have to be met (e.g. Here are some of the top kids savings account interest rates at the time of writing. Home Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozoâs extensive product database and research capacity. Read our article on the different types of savings interest rates if you’re not sure what these are. The HSBC Serious Saver has a 2.10% intro rate for the first four months and no account keeping fees. Not for the everyday punter, a business savings account allows you to earn interest on your business’s funds and keep it safe. Alternatively, when you’ve borrowed money, you always repay the interest first, and then the required principal. Simple interest, also known as nominal interest, is interest that can only be earned on the money you have deposited into an account (principal), not on the money you’re earning (interest). Which of these 5 different savers are you? What affects a savings account’s interest rate? A major factor in a savings account’s interest rate is the provider itself. Rates and product information should be confirmed with the relevant credit provider. By subscribing you agree to the Savings UBank is a division of NAB that doesn’t have any branches. / Highest savings account interest rates 2020. 86 400 customers can have a maximum of three Save accounts. To earn 1.60% on your savings, just add an Ultra transaction account and deposit $200 or more a month into either account. The Australian savings accounts with the best interest rates ... Acount and Rabobank’s Online Savings High Interest Savings Account. Compound interest is interest paid on the initial principal (the original sum of money you’ve invested, or the amount borrowed or still owing on a loan), as well as the accumulated interest on money you have invested or borrowed. Once this introductory period is over, the maximum interest rate reverts to a much lower rate. Savings Privacy Policy, {{returnData.currentRate | percentage:2}}, {{returnData.comparisonRate | percentage:2}}, {{returnData.totalInterestRate | percentage:2}}, {{returnData.baseInterestRate | percentage:2}}, {{returnData.bonusInterestRate | percentage:2}}, {{returnData.introductoryRate | percentage:2}}, {{returnData.advertisedInterestRate | percentage:2}}, {{returnData.minDeposit | currency : '$' : 0}}, {{returnData.upfrontFee | currency : '$' : 0}}, {{returnData.annualFee | currency : '$' : 0}}. The cash rate is currently at a historic low of 0.75% after a couple of recent drops, and savings rates have plummeted as a result. For long-term savings, these types of accounts might not be the best choice, but they could be useful if you have a short-term savings goal, like saving for a holiday. A joint savings account is an account held by two or more people. Product providers donât pay to be in the running and we donât play favourites. Senior and pensioner savings accounts typically function a bit differently to traditional savings accounts. on amounts over $50,000 and 0.5% p.a. The rates above compare favourably with the interest rates you can get from the big four banks (that’s ANZ, CBA, NAB and Westpac’s savings accounts). These fees are based on a cost per click, cost per acquisition, or a fixed fee. This is because they are often largely influenced by. Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. With Citibank, the introductory rate is 2.3% for the first four months and for balances up to $500,000. After you reach that amount, the interest rate drops back to 0.85% per annum. Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo. / Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered.