InfoChoice’s top savings account rates in January 2020

The savings account market is changing.

New accounts from neobanks and online institutions are offering market-leading rates and easier rules to get the maximum bonus rates.

And one bank is going all out at the moment to snare young savers with a market leading savings account well ahead of the rest of the banks and credit unions in Australia, listed on InfoChoice.

Scroll down or read more about InfoChoice’s featured high-rate savings accounts in January 2020. Our top 25 great savings accounts for January 2020 are in this table:

(InfoChoice lists 145 Australian banks and credit unions. There may be other accounts with other rates available not listed by InfoChoice).

You can compare these accounts with other savings accounts now available in Australia at InfoChoice. If you’re looking for an online high-rate savings account, here are five top savings accounts 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. There is also a Fast Track Starter Account for 14-24 year olds paying a maximum bonus rate of up to 3.15 per cent pa.

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

The ME Online Savings Account gives you 2.05 per cent (variable) 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 seemingly ever-popular savings account from ING still has a great rate near the top of the market.