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The best savings accounts for July 2020

The best savings accounts for July 2020

In an era of historically low interest rates, some savings accounts have become nothing more than a safe place to park your money. However, there are still some competitive rates out there, if you know where to look.

RateCity research shows that since June 2019, the average savings account rate has fallen from 2.66 per cent to 1.43 per cent for introductory savers, and from 1.55 per cent to 0.66 per cent for conditional savers (as of 24.07.2020).

And with inflation currently sitting at 2.2 per cent, this means it’s never been more important to compare your options and research which providers are offering the most competitive savings accounts.

But it’s not just the interest rate that you should look at. Of the big four banks, only Westpac is offering a savings account with rates above 2 per cent. Its Life Account comes with a competitive interest rate of 3 per cent, but the savings account is only available for Australians aged under 29.

This is why it’s crucial to read the fine print around your financial products and not to just look to the interest rate.

Thankfully, RateCity has done the heavy lifting for you, by ranking some of the most competitive savings accounts in the marketplace for both adults and kids.

Savings accounts for regular savers

If you’re the type of saver who wants to earn a continuous interest rate, and is comfortable meeting provider conditions, a regular, or conditional savings account may be worth considering. 

Company
Product

Bonus Saver Account

Real Time Rating™

2.83

/ 5
Maximum rate

0.45%*

% p.a

Base rate

0.05

% p.a

Maximum monthly interest

$6

Real Time Rating™

2.83

/ 5
Go to site

Deposit $100 or more per month with no withdrawals

Company
Product

Life - 18 to 29 years old

Real Time Rating™

4.15

/ 5

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Maximum rate

2.00%*

% p.a

Base rate

0.15

% p.a

Maximum monthly interest

$26

Real Time Rating™

4.15

/ 5
Go to site

Make 5+ debit card purchases on your Westpac Choice account and and grow your Westpac Life account balance each month.

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Company
Product

Save Account

Real Time Rating™

3.71

/ 5

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

1.20%*

% p.a

Base rate

0.10

% p.a

Maximum monthly interest

$15

Real Time Rating™

3.71

/ 5
Go to site

Deposit $200+ each month

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Company
Product

Online Savings Account

Real Time Rating™

3.28

/ 5

Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

0.80%*

% p.a

Base rate

0.05

% p.a

Maximum monthly interest

$10

Real Time Rating™

3.28

/ 5
Go to site

To receive bonus interest, open an Online Savings Account and a ME Everyday Transaction Account and Tap & go™ at least four times a month and you could get bonus interest on savings balances up to $250,000.

Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022

Savings accounts for standard savers

If you’re the type of person who doesn’t like jumping through banking hoops, or can’t meet specific conditions on a savings account, a standard savings account may be more your speed. Keep in mind that the higher interest rates are typically for a short term of a few months and may revert to a lower base rate.  

Company
Product

Macquarie Savings Account

Real Time Rating™

3.60

/ 5

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Maximum rate

1.50

% p.a

intro 4 months then 1.00%

Base rate

1.00

% p.a

Maximum monthly interest

$13

Real Time Rating™

3.60

/ 5
Go to site

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Company
Product

Online Saver

Real Time Rating™

2.63

/ 5
Maximum rate

0.35

% p.a

intro 4 months then 0.25%

Base rate

0.25

% p.a

Maximum monthly interest

$3

Real Time Rating™

2.63

/ 5
Go to site
Company
Product

High Interest Saver

Real Time Rating™

2.85

/ 5
Maximum rate

0.35

% p.a

Base rate

0.35

% p.a

Maximum monthly interest

$4

Real Time Rating™

2.85

/ 5
Go to site
Company
Product

BOSSaver

Real Time Rating™

2.94

/ 5
Maximum rate

0.55

% p.a

Base rate

0.55

% p.a

Maximum monthly interest

$7

Real Time Rating™

2.94

/ 5
Go to site
Company
Product

Volt Save

Real Time Rating™

3.45

/ 5
Maximum rate

1.15

% p.a

Base rate

1.15

% p.a

Maximum monthly interest

$15

Real Time Rating™

3.45

/ 5
Go to site

Savings accounts for little savers

One of the easiest ways to teach children about money is to do so through a kids’ savings account. But they can come with a range of fees and extra costs if you’re not careful. Here are some of the most competitive kids savings accounts on the market.

Company
Product

Dynamo Kids Savings Account s24

Real Time Rating™

4.04

/ 5
Maximum rate

1.70%*

% p.a

Base rate

0.40

% p.a

Maximum monthly interest

$22

Real Time Rating™

4.04

/ 5
Go to site

Make a minimum deposit of $20 per month with no withdrawals

Company
Product

Youth eSaver

Real Time Rating™

3.92

/ 5

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$19

Real Time Rating™

3.92

/ 5
Go to site

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Company
Product

Young Saver Account

Real Time Rating™

3.08

/ 5

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Maximum rate

0.01

% p.a

Base rate

0.01

% p.a

Maximum monthly interest

$5

Real Time Rating™

3.08

/ 5
Go to site

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Company
Product

Life Saver

Real Time Rating™

3.50

/ 5

Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022

Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$13

Real Time Rating™

3.50

/ 5
Go to site

Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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