It’s another tough month for savers hoping to earn a high return on their savings account deposits, but there are still rates above 1 per cent available, if you’re willing to shop around.
RateCity research found that the average savings account rate has fallen to a low of 0.35 per cent. Even with a significant deposit, you’re still not going to see too great of a return with rates this low.
Since 1 January this year, RateCity also found that 62 providers have cut interest rates. However, right now there are 18 savings accounts and 21 kids savings accounts (age 18 or under) sitting at a rate above 1 per cent.
This is why savers with their nest eggs and rainy-day funds earning less than inflation may want to consider shopping around for a more competitive rate.
But how can Aussie savers still find a savings account rate above 1 per cent? This is where RateCity’s leaderboards come in. We’ve done the hard work for you by ranking some of the most competitive savings accounts in the marketplace for both adults and kids with our Real Time RatingsTM system.
Real Time RatingsTM results are calculated in real time, unlike other rating systems that grade their products once or twice a year. Each savings account is given a score out of five stars, based on interest earned and flexibility.
This means you’re getting up-to-date results, which is invaluable when more and more providers are cutting rates out-of-cycle with the Reserve Bank of Australia’s cash rate.
Top regular, or conditional, savings accounts
Enjoy a regular ongoing savings rate by meeting conditions set by the provider, such as depositing a certain amount into the account each month.
Top standard savings accounts
The set and forget type of savings account, compare introductory interest rates that revert to competitive base rates after a period of time.
Top kids savings accounts
Just because it’s for your child doesn’t mean you shouldn’t still worry about the interest rate and fees charged by a kids savings account. View some of the most competitive options here.
Top young adult savings accounts
Some providers are rewarding younger Australians with seriously competitive interest rates in an effort to help them get a better start in life. View some of the top-rated savings accounts for young adults.