These 5 savings accounts still pay over 5% p.a. Does yours?
Heaps of savings accounts have announced interest rate cuts over the last 2 weeks, but there are still some paying over 5% p.a.
It's been 2 weeks since the RBA announced a cut to the cash rate, and we've seen a lot of savings accounts cut their interest rates since.
Major banks including Westpac and St.George were quick to announce they were cutting savings rates by 0.25% p.a, while others including ING cut by just 0.10% p.a.
Chances are your savings account interest rate has dropped and, if it hasn't yet, it's pretty likely that it will soon.
But even with the recent cuts you can still find many accounts offering a total bonus rate over 5.00% p.a. (at least for now).
Here are 5 of the highest, ongoing savings rates right now:
1. ING Savings Maximiser Account
Earn 5.40% p.a. on balances up to $100,000. To earn this rate you need to deposit $1000 a month, grow your balance during the month and make 5 transactions from your ING Orange Everyday Account.
1. Ubank Save Account
Earn 5.25% p.a. on balances up to $100,000 when you deposit $500 each month. If your balance is between $100,000 and $250,000 you can earn 5.00% p.a. by meeting the deposit condition. You can make withdrawals and still be eligible for the bonus interest.
3. BoQ Future Saver Account
Earn 5.25% p.a. on balances up to $50,000 when you deposit $1000 and make 5 transactions during the month from the linked Bank of Queensland transaction account. You also need to be aged between 14 and 35.
4. MOVE Bank Growth Saver
Earn 5.25% p.a. on balances up to $25,000 when you depsoit $200 a month and make no withdrawals.
5. Rabobank Premium Saver
Earn 5.20% p.a. on balances up to $250,000 when you grow your balance by $200 a month. You can make withdrawals and still earn bonus interest.
Want to earn more interest?
Compare high interest savings accounts and switch to a better rate today.
Ask a question