Does your savings account pay 4%? These 9 accounts do
With rates on the rise, here are 9 savings accounts and term deposits with interest rates above 4% p.a. right now.
The one good thing about the RBA continually increasing the cash rate this year is that interest rates on savings accounts and term deposits have also been going up.
If you've got cash in the bank and you're trying to get a good return on it, you'll be pleased to know you can find plenty of accounts paying 4% p.a. or more.
9 accounts paying 4% p.a. or more
1. BoQ Future Saver (14- to 35-year-olds)
The BoQ Future Saver account pays 4.10% p.a. when you deposit $1,000 a month and make 5 purchases a month. You can earn this rate if you're aged 14–35 on balances up to $50,000.
2. ING Savings Maximiser
The ING Savings Maximiser account pays 4.05% p.a. each month you deposit $1,000, make 5 purchases and grow your balance. There are no age restrictions and you can earn this rate on balances up to $100,000.
3. Macquarie Savings Account
The Macquarie Savings Account pays 4.00% p.a. for the first 4 months after opening the account, with no conditions to meet. After the 4-month introductory period the rate drops down to 3.20% p.a.
4. Rabobank High Interest Savings Account
The Rabobank High Interest Savings Account also pays 4.00% p.a. for the first 4 months after opening the account, with no conditions to meet. After the 4-month introductory period the rate drops down to 2.75% p.a.
5. Judo Bank Term Deposit
Judo Bank is offering a fixed rate of 4.10% p.a. on a 12-month term deposit, or 4.55% p.a. on a 2-year term deposit. You need to deposit at least $1,000.
6. AMP Term Deposit $5K+
AMP is offering a fixed rate of 4.40% p.a. on a 2-year term deposit, when you deposit between $5,000 and $24,999.
7. Rabobank Term Deposit
Rabobank is offering a fixed rate of 4.10% p.a. for a 2-year term deposit when you deposit at least $1,000.
8. Citi Term Deposit
Citi is paying a fixed rate of 4.10% p.a. on a 2-year term deposit on balances between $10,000 and $2 million.
9. AMP term deposit $100K+
If you've got more than $100,000 to invest, AMP is paying 4.85% p.a. on a 5-year term deposit.
Interest rates on savings accounts and term deposits have risen significantly this year, so if you haven't checked your rate in a while you could be missing out on a better deal elsewhere.
*All rates mentioned in this article were correct at the date of publication, and may have changed since.
I would like to invest $50000 a min of 6 months in a term deposit acc. Who offers the highest rate and is this the best way to go
Hi Diane,
You may want to check our term deposit page where we feature some of the best term deposit accounts available today. Based on the table on that page, Judo Bank term deposit gives the highest interest rate at 4% for six months.
Aside from term deposits, you can check high-interest savings accounts, which can also give you a higher rate.
Be sure to assess your needs, preference, and budget to know which account is the right one for you.
Regards,
Alison