CUA launches new savings account offering 2.90% p.a.

Alison Banney 4 February 2019 NEWS

The new CUA eSaver Extra account offers an ongoing bonus rate of 2.90% p.a. when you deposit $250 each month.

CUA has today launched three new bank accounts to its suite of everyday banking products: the CUA eSaver Extra, CUA eSaver Flexi and the CUA Everyday 50+ account. The CUA eSaver is particularly exciting because of its ongoing bonus interest rate of 2.90% p.a., which is very competitive in today's low-rate environment.

The CUA eSaver Extra offers savers 2.90% p.a. each month they deposit at least $250 into the account. The catch is that you can't make withdrawals from the account (if you do you forfeit the bonus interest for that month), so this account is very much for serious savers who won't need to touch the money. This restriction is not uncommon for a high interest savings account and is a great incentive to save.

How does this account compare?

In comparison to other leading savings accounts, this rate of 2.90% p.a. is quite competitive for such a low monthly deposit requirement. For example the popular ING Savings Maximiser offers bonus interest up to 2.80% p.a. each month you deposit at least $1,000 and use your linked Visa debit card at least five times in the month. While the deposit condition is much higher with ING, customers are able to make as many withdrawals from the account as needed throughout the month while still being eligible for the bonus interest.

Another close contender is the UBank USaver, which offers bonus interest up to 2.87% p.a. when you link the account to a UBank Ultra Transaction Account and deposit $200 a month.

There are a couple of accounts that offer higher than this 2.90% p.a rate, but they are introductory rates only. For example, the RaboDirect High Interest Savings Account offers a competitive 3.05% p.a. with no deposit requirements or withdrawal restrictions to meet, but the rate is for four months only. Because the 3.05% p.a. rate is short term, this account is better suited to those saving for a short term goal, while the new CUA eSaver Extra offers the 2.90% p.a. rate ongoing.

You can compare savings accounts to see how yours stacks up in our guide here.

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