Five top savings accounts, January 2020

The best savings account rates in Australia are now around 2.0% to 2.50% pa.

To get a high rate, savers need to compare savings accounts and be prepared to switch to a new bank or credit union. All banks and credit unions in Australia are covered by the Australian government’s deposit guarantee for deposits up to $250,000. That means you can feel more comfortable about moving your cash to a smaller institution.

If you’re looking for a high interest savings account, here are five of the top accounts listed on InfoChoice in January 2020.

The Rabobank Online Savings High Interest Savings Account offers an interest rate of 2.50 per cent for the first four months, after which it reverts to 1.05 per cent. This introductory period gives your savings a quick boost and you can always move your money if you’re keen to keep a higher rate.

The Bank of Queensland Fast Track Saver Account offers 2.15 per cent as long as you put $1,000 into a linked BOQ Day2Day Plus Account every month. The basic rate is 0.35 per cent, so this is one of the best incentive savings accounts.

The UBank USaver Account offers savers 2.10 per cent as long as you deposit at least $200 each month into a linked UBank Ultra transaction account.

The ME Online Savings Account currently gives you 2.05 per cent when you link it to an ME Everyday Transaction Account and make at least one purchase per week using tap & go with your Debit Mastercard.

The Suncorp Bank Growth Saver Account has a base rate of 0.20 per cent pa and a maximum bonus rate of 1.95 per cent pa. To get the bonus rate you must increase your balance by $200 per month and make no more than one withdrawal per month.

Read more about how to find the best savings account at InfoChoice.

Compare term deposits and savings accounts from Australian banks, credit unions and other institutions at InfoChoice.

The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements

InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us.  You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.

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