rba-cash-rate

How to get the best savings account rate despite a rate hold

The official RBA cash rate hasn't changed since May 2015. With interest rates stagnant, how can you find a good savings account? Here's what you need to know.

2 February 2016: Each month, the Reserve Bank of Australia (RBA) sets the official cash rate, which influences the interest rates banks offer on savings accounts and loans. Today, the bank kept the rate at 2.00%, a figure that hasn't changed since May 2015. A low cash rate traditionally means that interest rates on savings accounts are also low, and experts surveyed by finder.com.au suggest that there's unlikely to be any change until mid-year. In that climate, how can you find a saving account deal that offers a decent rate of interest and other benefits?

Savings Account Offer

UBank USaver

2.41 % p.a.

max rate

1.35 % p.a.

standard variable rate

Savings Account Offer

Ongoing, variable 2.41% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.

  • Maximum Rate: 2.41% p.a.
  • Standard Variable Rate: 1.35% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
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Compare bonus saver accounts below

Rates last updated September 21st, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
UBank USaver
2019 Winner
UBank USaver
2.41%
1.35%
1.06%
$0
$0 / $0
Ongoing, variable 2.41% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
ME Online Savings Account
2.35%
0.80%
1.55%
$0
$0 / $0
Ongoing, variable 2.35% p.a. rate when you link to a ME Everyday Transaction account and have at least one purchase with your Debit Mastercard using tap & go processed each week. Available on balances up to $250,000.
HSBC Flexi Saver Account
2.15%
0.65%
1.50%
$0
$0 / $0
Ongoing, variable 2.15% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Suncorp Growth Saver Account
2.05%
0.20%
1.85%
$0
$0 / $0
Ongoing, variable 2.05% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
Bankwest Hero Saver
2.10%
0.01%
2.09%
$0
$0 / $0
Ongoing, variable 2.10% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
MyState Bank Bonus Saver Account
2.50%
0.80%
1.70%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.

Compare up to 4 providers

The best way to find a great deal on a savings account is to compare accounts from a range of trusted banks, building societies and credit unions. Banks regularly offer incentives that include gift cards or sign up bonuses on a savings account. Just make sure you read the fine print and check what the interest rate will revert to once the introductory period comes to an end.

Bonus saver accounts typically have the highest interest rates assuming you can meet the conditions every month. The conditions will usually involve a deposit each month with no withdrawals. In some cases, you'll also need to an everyday transaction account with the same financial institution. So if you’re looking to get the best savings rate and will to take that extra step, check out a few bonus saver accounts.


A bonus savings account can help you reach your financial aims really quickly in Australia’s current economic state.

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