Which savings account has the highest base rate?
There are more than 280 savings accounts now on offer from Australia’s banks and credit unions. InfoChoice lets you compare accounts according to the features you nominate. Some savings accounts feature attractive bonus and introductory rates but low base rates. These accounts require the account holder to meet certain conditions in order to be paid the base rate plus the bonus rate every month.
What to look for in a savings account
Savings accounts can have a number of features that consumers need to know about:
1) The base rate – This is the interest rate that is paid to you each month regardless of whether you meet the conditions for the payment of the extra bonus rate. The base rate can be as low as 0 per cent.
2) Fees and charges – A good savings account should impose no fees or other charges. If you are paying fees on a savings account, look around today for a new savings account.
3) The bonus rate – This is the interest rate paid to you each month if you meet certain conditions. Bonus rate conditions might include:
A) Make regular monthly deposits or have automatic deposits entering your account. Often accounts require the account holder to deposit $200 per month to get the bonus rate. Some accounts require deposits of $1,000 or more to get the bonus rate. This could be your wages or salary.
B) Make no withdrawals during the month. Many accounts do not pay the bonus rate if you make even one withdrawal during the month. Some accounts don’t have rules about withdrawals and deposits but do require the balance to be growing or not falling.
C) Some bonus rates are introductory and expire after a few months. Four months is a typical length for bonus intro rates.
D) Linked transaction account. Some savings accounts require the account holder to open a linked transaction account with the same institution in order to get the bonus rate.
If you don’t want to worry about rules and conditions, regular deposits, linked accounts, or you can’t commit to not ever making a withdrawal from your savings account, you might like to look for accounts with a generous base rate.
Which saving account has the best base rate?
To compare savings accounts with high base rates, go to the Infochoice Savings Accounts comparison table and click on the column header labelled “Base Interest Rate.” This will sort the listings according to base rates.
Some accounts with high base rates currently on offer in Australia include:
The MOVE Express Saver account with a base rate of 2.65 per cent.
The YCU NetSaver account with a base rate of 2.40 per cent.
The AMP Saver Account with a base rate of 2.10 per cent.
The Ubank Usaver account with a base rate of 2.06 per cent.
You can compare savings accounts with InfoChoice today.