Bonus saver account offers 5.25 per cent

Among the institutions promoting bonus saver accounts, HSBC is offering five per cent on its Serious Saver account. The rate is an introductory offer until March next year and interest is payable for every month the account holder does not make a withdrawal.

Other institutions offering high rates on bonus saver accounts include RaboPlus, which is offering 4.25 per cent on its High Interest Savings account and 5.25 per cent on its Premium Savings account (account holders need to deposit $200 a month to qualify for the high rate).

The best retail one year term deposit deals for a $10,000 balance are Macquarie Bank with 5.85 per cent and Bankwest at 5.8 per cent.

Source: The Sheet