Who is offering the highest interest savings accounts?

The Reserve Bank has cut the official cash rate to another record low of 0.50%. While this might come as welcome news for some mortgage holders, the same cannot be said for Aussie savers who could be facing further interest rate reductions.

For savers looking to compare what’s currently available on the market, our roundup of some of the highest rates on Canstar’s database could be a good place to start.

Highest ongoing savings account interest rates on Canstar’s database

If you are looking for a competitive ongoing rate, you might be interested in the highest base interest rates on our database. The base interest rate is the ongoing interest rate you’ll be paid after any introductory bonus period ends or if you don’t meet certain conditions for earning bonus interest (such as depositing a certain amount or making no withdrawals in a month). 

The comparison table below displays some of the highest ongoing base interest rates for savings accounts on Canstar’s database, based on a regular saver in NSW with $10,000 in savings. This table is sorted by highest to lowest base interest rate and then alphabetically.

Highest savings interest rates on Canstar’s database (including those with some strings attached)

To help entice new customers, institutions often offer bonus introductory interest rates. These higher honeymoon rates will generally have an expiry date, typically lasting only a few months before reverting to a lower base interest rate (otherwise known as the standard variable rate).

Institutions may also offer bonus conditional offers on some of their savings accounts. To receive the bonus interest each month for these products, you’ll typically need to comply with certain terms and conditions. For example, you may be required to make no withdrawals, have a linked transaction account, or make a certain number of deposits each month. For some of these accounts, if you fail to meet the bonus interest conditions, you will receive little or no base interest.

The comparison table below displays some of the highest total interest rates, including introductory and conditional bonus rates, for savings accounts on Canstar’s database. These results are based on a regular saver in NSW with $10,000 in savings. This is sorted by highest to lowest total interest rate and then alphabetically.

Check out Canstar’s 5-Star Rated Savings and Transaction Accounts for 2019 to find out which savings accounts came out on top in terms of price and features.

Image Source: Tiko Aramyan (Shutterstock)

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