Is this new savings account the best in market right now?
Judo Bank's new savings account has a high ongoing bonus rate of 5.10% p.a.
Judo Bank has just launched a new savings account in Australia that has the highest ongoing bonus rate of any savings acconut in the market without age restrictions.
The new Judo Bank savings account offers an ongoing bonus rate of 5.10% p.a. when you deposit $300 per month.
This ongoing bonus rate is available on large balances up to $250,000, and there are no other conditions to meet.
If you don't meet the deposit condition one month you'll earn the standard rate of just 0.05% p.a. - but you'll be eligible to earn the bonus rate again the following month.
How does Judo's new savings account compare?
Judo's new ongoing bonus rate is one of the highest in the market.
Only a couple of accounts offer a higher ongoing bonus rate, and these both have age restrictions.
Let's take a look at how Judo compares to other leading accounts in the market right now.
ING Savings Maximiser
ING Savings Maximiser has an ongoing bonus rate of 5.00% p.a. which isn't far behind Judo's new rate.
ING's bonus rate is available on balances up to $100,000 and there are several conditions to meet.
You need to hold an ING Orange Everyday Account, deposit $1,000 per month, make 5 debit purchases and grow your balance each month.
Westpac Life
Westpac has an ongoing bonus rate of 5.25% p.a. which is available to customers ages 18-34.
The bonus rate is available on balances up to $30,000 when you make a deposit each month (any amount), grow your balance (by any amount) and make 20 transactions from the linked Westpac Choice account.
Macquarie Savings Account
The Macquarie Savings Account has a welcome variable rate of 4.85% p.a., which is available for the first 4 months on balances up to $250,000.
It then has an ongoing variable rate of 4.50% p.a., which is available on balances up to $2 million with no conditions to meet.
Ubank Save
This account offers a super high welcome bonus rate of 5.35% p.a. for the first 4 months on balances up to $1 million.
To get this welcome rate you need to grow your balance over the month (by any amount).
After the welcome period, you'll get an ongoing rate of 4.60% p.a. by growing your balance each month.
Bank of Queensland Future Saver
This account offers an ongoing bonus rate of 5.10% p.a. for customers aged 14-34.
This bonus rate is available on balances up to $50,000 and you need to deposit $1,000 per month and make 5 transactions from the linked BoQ bank account.
Would you prefer an account that has no conditions to meet at all? Compare savings accounts with no hoops to jump through.
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