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Best savings accounts for November 2020

Best savings accounts for November 2020

It’s been a tough year for Aussie savers, with November dealing them another low blow as the Reserve Bank of Australia (RBA) cut the cash rate to 0.10 per cent.

This newest RBA-led cut to the cash rate, bringing it to nearly zero per cent, is devastating for savers in Australia who are already struggling to find interest rates on savings accounts near 1 per cent.

Since the cash rate cut in early November, 26 savings account providers have cut savings rates. Some providers even got a jump start on the cash rate move by slashing interest rates on savings accounts ahead of the cut.

This has brought the new average ongoing savings rate down from 0.50 per cent on the 2nd November to 0.46 per cent as of the 17th November.

Savings account rate changes since November RBA cash rate cut

17-Nov

2-Nov

Avg. max conditional rate

0.84%

0.87%

Avg. max introductory rate

0.97%

1.04%

Avg. ongoing savings rate*

0.46%

0.50%

*Assumes max rate for conditional accounts and ongoing rate for introductory accounts.

Source: RateCity.com.au. Data accurate as at date of publishing.

The average maximum interest rate offered on conditional savings accounts has fallen by three percentage points, and the average maximum interest rate offered on introductory accounts has fallen by seven percentage points.

While this may seem small, when you consider that rates are at almost zero per cent, every percentage point counts when it comes to growing your savings.

So, how can Aussie savers still find a competitive savings account rate? This is where RateCity can offer a lifeline. It’s never been more important to do your research and find an account that offers the greatest yield as well as low ongoing fees.

RateCity has 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 Ratings system.

Company
Product

Savings Maximiser

Real Time Rating™

3.68

/ 5

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

Maximum rate

1.35%*

% p.a

Base rate

0.05

% p.a

Maximum monthly interest

$17

Real Time Rating™

3.68

/ 5
Go to site

Customers must complete the following each month: 1. Deposit at least $1,000 from an external source; 2. Make 5+ settled card purchases; and 3. Grow the balance on the nominated Savings Maximiser account – i.e. make sure there’s more in the account at the end of the month (excluding interest) than there was at the end of the previous month.

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

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

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

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