Which saving account has the highest rate?
Right now, savings accounts offer interest rates that vary between 0.00 per cent and about 3.05 per cent. If you can get a good rate of around three per cent on your savings, your money is growing and staying well ahead of the inflation rate, which is now around 1 percent.
But savings accounts come with terms and conditions that may be preventing you from getting the maximum ‘bonus’ rate for your money. And some savings accounts don’t offer very high total rate anyway! The good news is many savings accounts can be linked to a transaction account at any other Australian authorised deposit taking institution. So you don’t need to settle for the savings account offered by your own bank. You can easily have a savings account and a linked transaction account with different banks.
And it’s worth shopping around for a good savings account. Here are some interesting savings accounts to get you started on your search for your perfect account:
RaboDirect’s High Interest Savings Account has a base rate of 2.0 per cent and a maximum rate of 3.05 per cent for the first four months.
ME Bank’s Online Savings Account has a maximum ongoing interest rate of 3.05 percent when you have a linked transaction account with ME as well.
Greater Bank’s Life Saver account pays 3.0 per cent when the account balance increases during the month.
ING DIRECT’s Savings Maximiser account pays a maximum rate of 3.0 per cent when you also have a linked transaction account with ING DIRECT.
The RAMS Saver account is paying a max rate of 3.0 per cent when you deposit $200 and make no withdrawals each month.
The Usaver Ultra has a total maximum rate of 2.87 per cent when you have a linked transaction account with UBank.
RaboDirect’s NoticeSaver 90 account is paying 2.75 per cent. You just need to give 90 days notice of an intention to make a withdrawal.
And … until 31 March 2017, St George Bank’s Complete Freedom Student Account is offering 10 per cent cash back on Steam, PlayStation Store, Xbox One, Battle Net, EA Origin or Riot Games purchases made with your account’s Visa debit card, up to a maximum of $200 in a month.
You can compare savings accounts from major banks, regional banks and credit unions here.