See how official interest rates and the standard variable savings account rates offered by Australian banks have moved since 2012.
With savings available at-call, a savings account could be a suitable option if you need flexibility. Looking at historical savings account rates can help you make an informed decision when choosing a bank in terms of it's movement alongside the cash rate.
When comparing savings accounts there are usually two types of rates you should look at: the bonus (or honeymoon) variable rate and the standard variable rate. The standard variable rate reflects the true value of the account as this is what's given when you don't meet the conditions to receive the bonus rate. The bonus rate typically has a few conditions attached, such as deposit/withdrawals requirements or is only an introductory offer, so it expires after a few months.
The relationship between the official cash rate and interest rates on savings accounts and term deposits is positive, which means that a higher cash rate usually translates to a higher interest rate on savings accounts. For more information on this relationship, see this page.
See historical savings account rates below.
| Product | Standard rate Jan 2012 | Standard rate Jul 2012 | Standard rate Jan 2013 | Standard rate Jul 2013 | Standard rate Jan 2014 | Standard rate Jul 2014 | Standard rate Jan 2015 | Standard rate Jul 2015 |
|---|---|---|---|---|---|---|---|---|
| Official cash rate | 4.25 | 3.50 | 3.00 | 2.75 | 2.50 | 2.50 | 2.50 | 2.00 |
| ANZ Online Saver | No data available | No data available | 3.00 | 2.75 | 2.50 | 2.50 | 2.50 | 2.00 |
| Commonwealth Bank NetBank Saver | No data available | 3.50 | 3.00 | 2.50 | 2.50 | 2.50 | 2.50 | 1.85 |
| Westpac eSaver | No data available | 3.50 | 3.00 | 2.75 | 2.50 | 2.50 | 2.50 | 1.75 |
| NAB iSaver | No data available | 3.50 | 3.00 | 2.75 | 2.50 | 2.50 | 2.50 | 2.00 |
| RaboDirect High Interest Savings Account | No data available | 4.30 | 4.00 | 3.50 | 3.25 | 3.20 | 3.15 | 2.55 |
| ME Bank Online Savings Account | 4.25 | 3.50 | 3.50 | 3.15 | 2.90 | 2.90 | 2.75 | 2.25 |
| RAMS Saver account | No data available | No data available | 4.21 | 3.46 | 2.81 | 2.81 | 2.61 | 2.20 |
See current savings account rates below.
Picture: Shutterstock
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Previous rate averages
See how the online savings account or bonus savings account you're considering performs compared to previous average market rates.
| Bonus Savings Accounts | January | July | Online Savings Accounts | January | July |
|---|---|---|---|---|---|
| 2008 | 4.90 | 5.50 | 2008 | 6.65 | 7.30 |
| 2009 | 3.20 | 2.15 | 2009 | 4.40 | 3.20 |
| 2010 | 2.95 | 4.35 | 2010 | 3.95 | 4.50 |
| 2011 | 4.75 | 5.30 | 2011 | 4.75 | 4.75 |
| 2012 | 5.05 | 5.00 | 2012 | 4.35 | 3.60 |
| 2013 | 4.50 | 4.25 | 2013 | 3.05 | 2.75 |
| 2014 | 3.95 | 3.80 | 2014 | 2.50 | 2.50 |
| 2015 | 3.40 | 2.75 | 2015 | 2.45 | 1.90 |
| 2016 | 2.65 | 2.30 | 2016 | 1.80 | 1.55 |
