Savings Accounts News

Australia’s savings to spur economic recovery

While Australians typically dip into their savings during times of economic crisis, recent lockdowns have led Aussies to deposit around one fifth of their income into savings, according to RBA governor Philip Lowe.

CBA shaves savings rates again after a year of micro-cuts

Australia’s largest bank, CBA, has today cut the rate on two of its popular savings accounts by up to 0.05 per cent.

TMD

AMP Saver Account

Maximum interest rate ranked in the best 20% (conditions may apply)Ongoing bonus interest (conditions apply)

Maximum rate

1.35%*

% p.a

Base rate

0.10

% p.a

Go to site AMP Bank terms and conditions

This award-winning savings account charges no ongoing fees, and can help you earn bonus interest when you deposit $250 per month.

ANZ gives savings rates a haircut

Australia’s fourth largest bank, ANZ, has today cut the interest rate on its popular savings accounts by 0.05 per cent.

Westpac cuts rates on popular savings accounts

Australia’s second largest bank, Westpac, has today cut savings rates by 0.05 per cent.

NAB the latest bank to cut savings account rates

Australia’s third largest bank, NAB, has today cut savings rates by 0.05 per cent, following similar moves by CBA, ANZ and Westpac.

CBA cuts popular savings rates for 7th time since the RBA cut

Australia’s largest bank, CBA, has today cut rates on its popular savings accounts. The RBA has not moved the cash rate since 3 November 2020, however, the bank has made seven cuts to its GoalSaver and NetBank Saver since then.

ANZ the 37th bank to cut savings rates in the last two months

Australia’s fourth largest bank, ANZ, has today cut the interest rates on its popular savings accounts by 0.10%. 37 banks have cut at least one savings rate in the last two months, including big four banks CBA and Westpac.

Westpac joins growing list of banks cutting savings rates

Australia’s second largest bank, Westpac, has today cut savings rates by up to 0.50 per cent across its popular accounts.

CBA gives its popular savings accounts yet another haircut

Australia’s biggest bank, CBA, has today cut its savings rates by up to 0.07 per cent.

Afterpay banking – how it stacks up against the competition

RateCity.com.au has analysed Afterpay Money’s new transaction and savings accounts and compared them to what’s already on offer.

ANZ cuts savings rates

Big four bank, ANZ, has today cut its two main savings accounts by 0.05 per cent. This is the second time ANZ has cut its savings rates this year, despite the fact the cash rate has not moved since November 2020.

What do banks offer to win Australian savers over?

Many of us were taught the value of saving money for a rainy day. Traditionally, depositing money in your savings account could not only build up your “rainy day” fund, but earn you interest to help grow your wealth further.

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Today's top savings accounts products

TMD

Maximum rate

1.35%*

% p.a

Base rate

0.10

% p.a

**Earn an ongoing total bonus variable rate of up to 1.35% per annum which will apply each month from 1 Feb 2022 if you deposit $250 in the previous month. Available only on balances up to $250,000.

Maximum interest rate ranked in the best 20% (conditions may apply)
Ongoing bonus interest (conditions apply)
No ongoing fees
No minimum balance

Real Time Rating™

Maximum rate

0.35

% p.a

intro 4 months then 0.25%

Base rate

0.25

% p.a

Better than average maximum interest rate
Special intro rate
No ongoing fees
Features on 2021 RateCity Awards

Real Time Rating™

Maximum rate

1.20%*

% p.a

Base rate

0.10

% p.a

*Deposit $2,000 or more into your Virgin Money Go Account from an external account, and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month.

special

Enjoy up to 1.20% p.a. with your bundled Virgin Money Boost Saver

Real Time Rating™

Maximum rate

1.10%*

% p.a

Base rate

0.05

% p.a

*Bonus interest is paid when a customer has made an eligible deposit of $20 into the Bonus Saver account in the calendar month and made 5 eligible Visa card purchases on the linked Everyday or Glide account in the calendar month