5 savings accounts offering 5% p.a. or more on your money
Here's where you can get a decent return on your hard-earned cash.
It's a great time for people with cash in the bank trying to save at the moment, as savings rates have increased significantly over the past year.
While some accounts are still offering a measly 1-2% p.a., others are offering over 5.00% p.a.
Here are 5 savings accounts offering rates of 5.00% p.a. or higher.
1. ING Savings Maximiser
The ING Savings Maximiser account offers an ongoing bonus rate of 5.50% p.a. on balances up to $100,000.
To earn this bonus rate you need to have an ING Orange Everyday Transaction account open in the same name, deposit $1,000 per month, make 5 transactions from your everyday account each month and also grow your savings balance monthly.
You can make withdrawals from your savings through the month if you need to, as long as you replace the money (plus a little bit more!) by the end of the month.
2. Rabobank High Interest Savings Account
The Rabobank High Interest Savings account offers an introductory bonus rate of 5.50% p.a. on balances up to $250,000.
You don't have to meet any monthly conditions to earn this rate, but you do need to be a new account holder.
This rate is available for the first 4 months, then it'll drop to the standard variable rate which is currently 4.20% p.a.
3. Ubank Save Account
The Ubank Save Account offers an ongoing bonus rate of 5.00% p.a. on balances up to $250,000.
To earn this bonus rate all you need to do is have a linked Ubank Spend Account in the same name and deposit $200 a month.
You can make withdrawals from the account while still being eligible for interest, and you don't need to grow your balance monthly.
4. MyState Bank Bonus Saver Account
The MyState Bank Bonus Saver account offers an ongoing bonus rate of 5.00% p.a. on balances up to $250,000.
This rate is slightly lower than some of the top rates in market at the moment, but the conditions for bonus interest are much easier to achieve.
To earn this bonus rate you need to deposit just $20 a month and make 5 transactions from your linked MyState Spend account (of any value).
5. Macquarie Bank Savings Account
The Macquarie Bank Savings Account offers an introductory bonus rate of 5.55% p.a. on balances up to $250,000.
Similar to the Rabobank High Interest Savings Account, you don't need to meet any monthly conditions to earn this rate.
However, this rate is only available for the first 4 months, then it'll drop to the standard variable rate (currently 4.50% p.a.).
Considering there are no monthly conditions to meet to earn the ongoing standard variable rate either, 4.50% p.a. is quite competitive.
Savings rates have increased a lot this year - compare savings accounts to make sure you're getting a good deal.
