Savings Accounts News

The latest savings accounts news and tips

Laine Gordon

Head of Public Relations

New highest savings rate hits 5.15%, but there’s a catch

Savings accounts have broken the 5 per cent barrier, with Bank of Queensland posting a rate of 5.15 per cent, effective today.

Savings Accounts

03 Mar, 2023

4 min read

New highest savings rate hits 5.15%, but there’s a catch

Peter Terlato

Personal Finance Editor

Australians are spending their savings as economic growth slows

The household saving ratio declined from 7.1% to 4.5% quarter-on-quarter in December 2022, the lowest level since September 2017. Further interest rate rises could see Australians dip further into their savings to help cover the cost of mortgage repayments.

Savings Accounts

01 Mar, 2023

4 min read

Australians are spending their savings as economic growth slows

Mark Bristow

Personal Finance Editor

Rate rises costing us sleep: five stress-relieving savings tips

Interest rates and inflation aren’t just affecting our wallets, but our mental health. New data shows that young Australians are literally losing sleep over the rising cost of living.

Savings Accounts

23 Feb, 2023

3 min read

Rate rises costing us sleep: five stress-relieving savings tips

Alex Ritchie

Personal Finance Editor

New highest savings account rate hits 4.90% for young adults: how much you could save?

Bank Of Queensland has revealed it will hike its myBOQ Future Saver account to 4.90%, effective Thursday 23 February. Let's explore the current high interest savings accounts on the RateCity database.

Savings Accounts

20 Feb, 2023

4 min read

New highest savings account rate hits 4.90% for young adults: how much you could save?

Alex Ritchie

Personal Finance Editor

Big banks bow to savings rate pressure

Three of the big four banks have today increased key savings rates by significantly more than last week’s 0.25 percentage point increase from the RBA, as the spotlight continues to shine on deposit rates.

Savings Accounts

17 Feb, 2023

5 min read

Laine Gordon

Head of Public Relations

New highest ongoing savings rate hits 4.80%

ING has today announced it will be increasing the interest rate on its Savings Maximiser to 4.80 per cent – the new highest ongoing savings rate in the market for all adults.

Savings Accounts

09 Feb, 2023

4 min read

New highest ongoing savings rate hits 4.80%

Laine Gordon

Head of Public Relations

Select savers get a boost as CBA and Westpac announce RBA responses

Australia’s two biggest banks, CBA and Westpac, have today confirmed they will pass on the 0.25 percentage point hike to variable mortgages. However, CBA has upped the ante by announcing it will increase one of its savings rates by triple this.

Savings Accounts

09 Feb, 2023

6 min read

Select savers get a boost as CBA and Westpac announce RBA responses

Mark Bristow

Personal Finance Editor

Three saving strategies to help you meet your New Year's resolutions

Want to save more money this year? So do most young Australians, according to new research. There are several paths you could take to reach this goal, and it’s important to consider which may be the best saving strategy for you.

Savings Accounts

25 Jan, 2023

5 min read

Three saving strategies to help you meet your New Year's resolutions

Peter Terlato

Personal Finance Editor

Commonwealth Bank hikes savings rates to 4% - here's what you need to know

CBA's new introductory NetBank Saver rate is 4 per cent but once the honeymoon period expires, this reduces to 1.6 per cent. Some customers may be taken in by the precursory offer, unaware of the eventuality.

Savings Accounts

20 Jan, 2023

3 min read

Commonwealth Bank hikes savings rates to 4% - here's what you need to know

Alex Ritchie

Personal Finance Editor

ACCC savings enquiry welcome but customers should take matters into their own hands

RateCity welcomes any ACCC investigation into savings account interest rates, however, customers need not wait for the outcome of an inquiry to get a competitive deal.

Savings Accounts

13 Jan, 2023

6 min read

ACCC savings enquiry welcome but customers should take matters into their own hands

Mark Bristow

Personal Finance Editor

Which banks have hiked savings account and term deposit rates in December 2022?

Australians hoping to save more money in the new year may welcome the news that many banks are raising interest rates on savings accounts and term deposits. And with even more rate hikes forecast for 2023, it may become even easier for Australians to earn interest on their savings.

Savings Accounts

13 Dec, 2022

3 min read

Which banks have hiked savings account and term deposit rates in December 2022?

Laine Gordon

Head of Public Relations

Savers get a boost as new highest rate hits 4.60% for all adults

It’s showtime for the highest savings accounts as banks break the 4.5 per cent savings rate barrier on the back of the RBA’s historic eighth consecutive cash rate rise.

Savings Accounts

08 Dec, 2022

6 min read