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?

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.

Compare bonus saver accounts below

Rates last updated September 21st, 2017
$
$
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
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
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.
ME Online Savings Account
2.95%
1.30%
1.65%
$0
$0 / $0
Ongoing, variable 2.95% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go. Available on balances up to $250,000.
Westpac Reward Saver
1.50%
0.01%
1.49%
$0
$0 / $0
Ongoing, variable 1.50% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
Bank of Melbourne Incentive Saver
1.75%
0.01%
1.74%
$0
$1 / $1
Ongoing, variable 1.75% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
BankSA Incentive Saver Account
1.75%
0.01%
1.74%
$0
$0 / $0
Ongoing, variable 1.75% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.

Compare up to 4 providers


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

Shirley Liu

Shirley is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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More help from finder.com.au

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

2.95

Standard Variable Rate

1.30
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01

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