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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.

Shirley Liu
Shirley Liu

Updated

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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
Rabobank Online Savings 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

High interest savings account offer

Westpac Life (18-29 year olds only)

3 % p.a.

max rate

0.20 % p.a.

standard variable rate

High interest savings account offer

If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.

  • Maximum Rate: 3% p.a.
  • Standard Variable Rate: 0.2% p.a.
  • Monthly deposit required: $1
  • Monthly fees: $0
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See current savings account rates below.

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
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Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
0.55%
0.2%
0.35%
$0
If you’re between 18-29, you can earn a 0.55% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
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MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
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Citibank Online Saver
Citibank Online Saver
0.35%
0.35%
0%
$0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
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Citibank Online Saver
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
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Bankwest Hero Saver
Bankwest Hero Saver
0.8%
0.01%
0.79%
$0
Ongoing, variable 0.8% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
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Bankwest Hero Saver
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
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HSBC Flexi Saver Account
HSBC Flexi Saver Account
0.85%
0.05%
0.8%
$0
Ongoing, variable 0.85% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
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HSBC Flexi Saver Account
HSBC Flexi Saver Account
0%
0%
$0
Ongoing, variable 0% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000,000.
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Westpac Life
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% 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.
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HSBC Serious Saver
HSBC Serious Saver
0.9%
0.05%
0.85%
$0
Receive a maximum variable rate of 0.9% p.a. for 4 months, reverting to an ongoing rate of 0.05% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
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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

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