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?
standard variable rate
Savings Account Offer
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
- Maximum Rate: 2.60% p.a.
- Standard Variable Rate: 0.01% p.a.
- Monthly deposit required: $200.00
- Monthly fees: $0.00
Compare bonus saver accounts below
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.