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

Bankwest Hero Saver

2.60 % p.a.

max rate

0.01 % p.a.

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
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Compare bonus saver accounts below

Rates last updated May 27th, 2018
$
$
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.
Bank Australia Bonus Saver Account
2.60%
0.15%
2.45%
$0
$0 / $1
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
ING Savings Maximiser
2.80%
1.15%
1.65%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
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.
Westpac Life
2.30%
1.50%
0.80%
$0
$0 / $0
Ongoing, variable 2.30% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
RaboDirect SMSF PremiumSaver
2.15%
0.90%
1.25%
$0
0 / $0
Ongoing, variable 2.15% p.a. when you link to an RaboDirect High Interest Savings Account and increase your balance by $200+ each month. Available on balances up to $250,000.

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.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Savings Account Offers

Important Information*
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10

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