What’s the best rate you can get on a savings account?
While banks are starting to raise their rates on home loans, savings account rates remain at record lows, making it harder than ever to get a return on your money.
In fact, Westpac recently dropped the savings rate on its market-leading Westpac Life account to 2% p.a., leaving savers with even fewer options when it comes to beating inflation.
But if you're looking to get the best return, here are 5 of the top savings accounts rates, as well as what you'll need to do to be eligible:
Westpac Life
Rate: 2.0% p.a.
Despite the recent rate decrease, the Westpac Life savings account still offers the highest rate around, but it has a few conditions.
What's the catch?
- You'll need to be between 18 and 29 years old.
- The maximum account balance is $30,000.
- You'll need to make 5 or more transactions each month.
- You'll need to grow your balance each month (excluding interest).
BoQ Fast Track Starter
Matching Westpac's rate, the BoQ Fast Track Starter account offers a competitive savings account for younger customers.
Rate: 2.0% p.a.
What's the catch?
- You'll need to be under 24 years old.
- The maximum account balance is $10,000.
- You'll need to make 5 or more transactions each month.
- You'll need to deposit at least $200 into your account each month.
ING Savings Maximiser
The ING Savings Maximiser also offers a competitive rate, but there's a couple of ongoing conditions you'll need to meet to receive this rate.
Rate: 1.35% p.a.
What's the catch?
- You'll need to link to an ING Orange Everyday account.
- You need to deposit at least $1,000.
- You need to make 5 or more debit card purchases each month.
- You'll need to grow your balance each month (excluding interest).
- The maximum account balance is $100,000.
RaboBank High Interest
RaboBank offers the same rate as ING (but only for a limited time), and lets you deposit up to $250,000.
Rate: 1.35% p.a.
What's the catch?
- You'll only receive the top rate for the first 4 months.
- It's only available to new customers.
- The maximum account balance is $250,000.
AMP Saver
AMP recently increased the bonus rate from 1.16% p.a. to 1.35% p.a. on its Saver account to put it on par with ING and RaboBank.
Rate: 1.35% p.a.
What's the catch?
- You'll need to deposit at least $250 into the account each month.
- The maximum account balance is $250,000.
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