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Savings rates keep climbing: 6 accounts paying over 3% p.a.


With the cash rate going up, savings rates are going up too. Here are 5 savings accounts now paying 3% p.a. interest (or more!).

Interest rates are going up: this includes the RBA's cash rate, home loan rates and savings account rates. However while rising rates are bad news for people with a mortgage, it's good news for people with cash in the bank.

Mortgage holders will be paying more interest on their loans, while savers will be earning more interest on their cash.

Just 12 months ago you'd struggle to find an ongoing savings rate that was much higher than 1.50% p.a. But today, there are many accounts offering over 2.00% p.a. and some offering over 3.00% p.a.

Savings accounts paying 3% p.a. or more

1. Westpac Life (18-29 years): 3.25% p.a.

Westpac is offering an impressive 3.25% p.a. on its Life account for customers aged 18-29. This high rate is available on balances up to $30,000 when you you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account each month.

2. BoQ Future Saver (14-35 years): 3.5% p.a.

This account is offering 3.00% p.a. on balances up to $50,000 for customers aged 14-35. To earn the full bonus rate you need to deposit $1000 a month and make 5 or more purchases from your linked Bank of Queensland Everyday Account.

3. ING Savings Maximiser: 3.10% p.a.

This account is offering a total bonus rate of 3.10% p.a. on balances up to $100,000. To earn the full bonus rate you need to:

  • Link your account to an ING Orange Everyday transaction account, and
  • Deposit $1000 a month, and
  • Make 5 transactions each month, and
  • Grow your balance each month.

4. Macquarie Savings Account: 3.10% p.a.

This account is offering a total bonus rate of 3.10% p.a. on balances up to $250,000. There are no deposit conditions to meet, however this bonus rate is only available for the first 4 months after opening the account. After this the rate drops back to the standard variable rate of 1.15% p.a.

Macquarie is also offering an ongoing rate of 2.25% p.a. on its transaction account, with no deposit conditions or withdrawal restrictions.

5. Rabo High Interest Savings Account: 3.10% p.a.

This account is also paying 3.10%p.a. on balances up to $250,000 for the first 4 months after opening the account, with no deposit conditions to meet. After the first 4 months the interest rate drops down to the standard 1.10% p.a. variable rate.

6. Virgin Money Boost Saver: 3.10% p.a.

You can earn a maximum bonus rate of 3.10% p.a. on balances up to $250,000 with this account when you meet the account conditions. To earn the total 3.10% p.a. customers aged 25+ need to deposit $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions each month. If you're under 25 you need to deposit $1000 instead. Plus, you also need to have the Lock Saver Feature enables, which requires you to give 32 days' notice to access your money.

If you don't enable Lock Saver Feature, you can still earn a bonus rate of 2.80% p.a. when the other conditions are met.

Savings account rates have gone up significantly this year. If you haven't checked your rate in a while, it's a great time to compare high interest savings accounts and switch to a better rate.

All interest rates quoted in this article were correct at the date of publication, and may have changed since.

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