The RBA has rates set at all-time lows and may cut rates yet again in the near future. CPI inflation has edged up to 1.7 per cent pa. That means savers need to be actively managing their accounts and deposits to ensure their cash is not losing value over time. “Inflation is now 1.7% so savers need to be comparing the rates and the rules on their accounts and term deposits and be prepared to move their money to get the best rates,” said Vadim Taube, CEO of leading financial comparison site InfoChoice. “All authorised deposit taking institutions (ADIs) are covered by the Australian government’s deposit guarantee up to $250,000. “So Aussies can have confidence in switching deposits between banks to get the best rates,” said Vadim Taube. InfoChoice’s top big four bank savings account rates in November 2019. The top savings ongoing bonus at-call savings account rate from a big-four bank in November 2019 is Westpac’s Life Saver at 1.65 per cent pa (Ts and Cs apply). “Right now, in November 2019, savers can’t get an ongoing rate significantly above the inflation rate of 1.7% pa from any of the big four banks,” said Vadim Taube. “And that is true of term deposits and savings accounts. “So savers really need to be looking at the other options out there. “Some of the easy-to-open, online accounts have the most competitive rates in the market,” said Vadim Taube. Suncorp Bank’s High Interest Growth Saver Account lets you make one withdrawal per month and still get the maximum bonus rate of 1.95 per cent pa, including base rate of 0.20 per cent pa, if you deposit $200 per month. UBank’s USaver and Ultra transaction accounts linked together pay a maximum bonus rate of up to 2.10 per cent pa now including a high base rate of 1.04 per cent pa. Citibank Australia’s Citi Online Saver account is currently paying a maximum bonus rate of 2.30 per cent pa for four months on balances up to $250,000. The Citi Online Saver has no minimum balance and no monthly fees. InfoChoice’s top big four bank term deposit rates in November 2019. The highest term deposit rate now on offer from one of the big four banks isANZ Bank’s 1.6 per cent pa for a 7-month term. Other leading rates from the big four banks right now include CommBank’s 1.45 per cent pa for a 12m term deposit, depending on balance. Westpac and NAB are paying 1.20 per cent pa on 12m terms and ANZ is paying 1.4 per cent pa on 12m TDs. Judo Bank in front of term deposit market in November. Judo Bank may be best known as a lender to small and medium business but for retail consumers, Judo bank offers market-leading term deposit rates. “Judo Bank is testing its strength and offering market-leading term deposit rates just as the rest of the market is winding up for Christmas 2019,” said industry newsletter BankingDay.com this week. In the 12-month TD market, Judo is offering 2.0 per cent pa, 0.2 per cent more than the next highest rate listed on InfoChoice today (10/11/19). Judo Bank is also offering market leading rates on 6-month, 2-year and longer terms. Compare term deposits and savings accounts from Australia’s banks 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.