There's technically one now; on Tuesday Great Southern Bank increased its Youth eSaver account by 25 basis points to 5.00% p.a.
The maximum balance is $5,000, and the maximum age is 17.
Otherwise a savings account interest rate of 4.75% p.a. to 4.80% p.a. is about the best you'll find on the market right now.
This is a total rate, consisting of a base rate, and some conditions you need to meet to get the rest.
And that's exactly what Great Southern Bank has also done.
Australia's largest customer owned bank moved up interest rates by 60 to 70 basis points - well ahead of competitors and of the RBA cash rate increase.
For example, the Goal Saver account for 18-24 year olds is now 4.75% p.a. - a base rate of 0.50% and a bonus of 4.25%.
To get the full rate, savers must deposit $500 per month, and make five or more card transactions in the linked transaction account.
This applies to balances of up to $50,000.
The Home Saver was also moved up to 4.65% p.a. - savers need to deposit $2,000 per month and make five card transactions, and applies on balances up to $100,000.
The Advantage Saver is now 4.50% p.a. - savers need to increase the monthly balance by $250, and this applies on balances from $100,000 to $750,000.
This product is distinct in the market in that it applies on such a high balance - most banks cap the deposit at $250,000.
However keep in mind the government's $250,000 deposit guarantee.
The market leaders
|Rank||Bank||Maximum % Rate Per Annum||Conditions & Notes|
|1||Great Southern Bank||5.00||Ages 0-17, maximum balance $5k|
|2||ING||4.80||Deposit $1k/mo, 5 card transactions, grow balance, max balance $100k|
|3||BOQ||4.75||Yet to move following RBA February decision. 14-35 years, deposit $1k/mo, 5 card transactions, max balance $50k|
|4||Great Southern Bank||4.75||14-24 years, deposit $500/mo, 5 card transactions, max balance $50k|
|5||Australian Mutual Bank||4.75||Youth account (0-17), max balance $5k|
|6||Great Southern Bank||4.65||Deposit $2k/mo, 5 card transactions, max balance $100k|
|7||Virgin Money||4.60||Yet to move following RBA February decision. 32 day 'rate lock' feature, deposit $2k/mo, 5 card transactions, max balance $250k|
Of these banks' likelihood to introduce a 5% p.a. savings account rate in February, Bank of Queensland looks most likely. In previous months it has tended to move around a week or more after the RBA decision.
Australian Mutual Bank's youth account also tends to move up silently.
BOQ was the first savings account to breach the 4% p.a. barrier - back in September - in this latest run of rate hikes.