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History of savings account interest rates

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.

ProductStandard rate Jan 2012Standard rate Jul 2012Standard rate Jan 2013Standard rate Jul 2013Standard rate Jan 2014Standard rate Jul 2014Standard rate Jan 2015Standard rate Jul 2015
Official cash rate4.253.503.002.752.502.502.502.00
ANZ Online SaverNo data availableNo data available3.002.752.502.502.502.00
Commonwealth Bank NetBank SaverNo data available3.503.002.502.502.502.501.85
Westpac eSaverNo data available3.503.002.752.502.502.501.75
NAB iSaverNo data available3.503.002.752.502.502.502.00
RaboDirect High Interest Savings AccountNo data available4.304.003.503.253.203.152.55
ME Bank Online Savings Account4.253.503.503.152.902.902.752.25
RAMS Saver accountNo data availableNo data available4.213.462.812.812.612.20

See current savings account rates below.

Rates last updated June 22nd, 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
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
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.
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.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$0 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
Bank of Queensland WebSavings Account
2.90%
1.30%
1.60%
$0
$1 / $1
Introductory rate of 2.90% p.a. for 4 months, reverting to the standard rate of 1.30% p.a. Available on balances up to $5,000,000 and subject to approval above this balance.
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.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Serious Saver
3.00%
1.60%
1.40%
$0
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
AMP Bett3r Account - Save Account
2.25%
1.50%
0.75%
$0
$0 / $0
Earn a competitive, ongoing rate of up to 2.25% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
RaboDirect High Interest Savings Account (SMSF)
2.70%
1.90%
0.80%
$0
$0 / $0
Introductory rate of 2.70% p.a. for 4 months, reverting to a rate of 1.90% p.a. Available on balances below $250,000
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.
Citibank Online Saver
2.85%
1.70%
1.15%
$0
$0 / $0
Introductory rate of 2.85% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
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

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 AccountsJanuaryJulyOnline Savings AccountsJanuaryJuly
20084.905.5020086.657.30
20093.202.1520094.403.20
20102.954.3520103.954.50
20114.755.3020114.754.75
20125.055.0020124.353.60
20134.504.2520133.052.75
20143.953.8020142.502.50
20153.402.7520152.451.90
20162.652.3020161.801.55

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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Related Posts

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
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

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