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Savings account rates hit 4%: Is it time to switch?

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Savings account rates continue to climb, with one account now offering 4.00% p.a. and several others not far behind.

As the cash rate keeps climbing, so do savings account rates. While a higher cash rate is unwelcome news for people with a mortgage, it's good news for people with money in the bank trying to save.

This time last year, you'd be lucky to find a savings account offering more than 1.50% p.a. Now, there are several accounts offering well over 3.00% p.a. and even an account now offering 4.00% p.a.

The Bank of Queensland (BoQ) Future Saver Account has increased its total bonus rate to 4.00% p.a. today, making it the best bonus rate available in the market right now.

How to get BoQ's 4% p.a. rate

Like most bonus savings accounts, the high interest rate comes with a few conditions you need to meet to get it.

The BoQ Future Saver Account is offering 4.00% p.a. for customers aged 14–35 on balances of up to $50,000. You need to deposit $1,000 a month and make at least 5 purchases from your linked BoQ transaction account each month to earn the 4.00% p.a. bonus rate.

These conditions are similar to other leading savings accounts in the market. If you can't meet the conditions with BoQ or you don't fall into the age bracket, there are other options for you.

Savings accounts offering above 3.50% p.a.

Westpac Life is offering up to 3.50% p.a. for customers aged 17–29 on balances of up to $30,000. This rate is lower than BoQ Future Saver and it's only available on a smaller balance, but the conditions are easier to meet.

To earn Westpac's 3.50% p.a. rate, you need to grow your balance by any amount during the month and make 5 purchases from your linked Westpac Choice Account.

ING Savings Maximiser is offering 3.60% p.a. on balances up to $100,000 for customers over 14 years old. You need to deposit $1,000 a month, grow your balance by any amount and make 5 purchases from your linked ING transaction account.

Macquarie Savings Account offers 3.70% p.a. with no conditions to meet, but it's only available for the first 4 months after opening the account. After the 4 months, the rate will drop to the standard variable rate of 2.75% p.a.

Savings account rates are constantly changing at the moment. If you haven't compared your account in a while, you could be missing out on a better rate.

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