Savings Accounts News
The latest savings accounts news and tips
Eden Radford
External Comms Lead
Savings rates could hit 6% by August as deposits hit a new record high
A total of 12 banks are now offering ongoing savings rates of 5 per cent or more, with two banks leading the charge with rates of 5.50 per cent.
Savings Accounts
30 Jun, 2023
4 min read
Eden Radford
External Comms Lead
Westpac bows to pressure, announcing savings rates hikes
Westpac has this afternoon announced it will be increasing the rates on select savings accounts, effective 20 June, following last week’s RBA rate hike announcement.
Savings Accounts
16 Jun, 2023
3 min read
Laine Gordon
Head of Public Relations
BOQ matches ING for highest ongoing savings rate at 5.50%
Bank of Queensland has announced an increase to its Future Saver account, with a new rate of 5.50% from 16 June. This increase puts it on par with ING’s Savings Maximiser. Both now have the highest ongoing savings account rates in the market.
Savings Accounts
13 Jun, 2023
2 min read
Mark Bristow
Personal Finance Editor
Which banks have hiked savings account and term deposit rates in June 2023?
At its June 2023 meeting, the Reserve Bank of Australia (RBA) board pushed the national cash rate up to 4.10%; the highest it’s been since April 2012. While these hikes are putting borrowers under increased pressure as their borrowing power shrinks, some savers may be able to benefit from rising savings rates that could make it easier to increase their wealth.
Savings Accounts
13 Jun, 2023
4 min read
Laine Gordon
Head of Public Relations
New highest ongoing savings rate hits 5.50%
ING has announced it is increasing the maximum rate on its Savings Maximiser by 0.25 percentage points to 5.50 per cent in two days’ time.
Savings Accounts
12 Jun, 2023
4 min read
Peter Terlato
Personal Finance Editor
Boost your savings with rates above 5% in June 2023
Savings rates have rarely been this high over the past decade. If you have the ability to set some cash aside, now may be an ideal time to do so in order to take advantage of this attractive opportunity.
Savings Accounts
06 Jun, 2023
3 min read
Alex Ritchie
Personal Finance Editor
Here's how much you could earn with the new highest savings rates
The RBA has hiked the cash rate yet again to 4.10%. Discover how much more of an impact higher rates could make on your savings account.
Savings Accounts
06 Jun, 2023
3 min read
Laine Gordon
Head of Public Relations
Competition in the savings sector heats up as more accounts climb above 5 per cent
A total of five banks now offer at least one ongoing savings rate above 5 per cent, as competition in the savings sector continues to heat up.
Savings Accounts
01 Jun, 2023
5 min read
Mark Bristow
Personal Finance Editor
Cost of living hits Buy Now Pay Later spending this Mother’s Day
While Australians traditionally go all-out splurging on gifts for Mum each Mother’s Day, this year we’ve had to tighten our belts, according to data from one of Australia’s Buy Now Pay Later (BNPL) providers.
Savings Accounts
16 May, 2023
3 min read
Peter Terlato
Personal Finance Editor
Score high-interest savings rates in May 2023
The highest interest savings accounts exceed 5% - advantageous for anyone who can manage to put some funds aside.
Savings Accounts
12 May, 2023
3 min read
Alex Ritchie
Personal Finance Editor
Savings rates rise on back of RBA hike, but many still trail well behind the cash rate
The majority of big four bank savings customers will receive a boost to their interest rate today as the banks pass on the May RBA hike.
Savings Accounts
12 May, 2023
4 min read
Laine Gordon
Head of Public Relations
New highest ongoing savings rate hits 5.30%, but it’s not for everyone
Bank of Queensland has today announced it will increase the maximum rate on its Future Saver by 0.15 percentage points to 5.30 per cent, effective Friday.
Savings Accounts
10 May, 2023
3 min read
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