RBA holds the cash rate, so you can still earn 5% on your savings (for now)
With the cash rate on hold, savings account rates are likely to remain steady too (at least for now). Here are some of the best on offer in July.
The RBA has today left the cash rate unchanged at 3.85%.
It was widely predicted it would instead make the third cut to the cash rate this year, following cuts in both May and February of 25 basis points each.
The cash rate staying unchanged isn't great news for people with a mortgage looking for some repayment relief.
But, it's good news if you've got cash in the bank because now it's more likely that svaings account rates will stay on hold too.
That is, at least for this month. If the RBA cuts the cash rate in August we will definitley see savings accounts lower their rates further.
Want to earn more interest?
Compare current high interest savings account rates now.
Who has the best savings account rate now?
The best savings rates are all around the 5% mark now - but this won't last too much longer.
The cash rate was kept on hold this month, but if we see a rate cut in August it's going to become really hard to find an account offering more than 5% p.a.
Here are 5 savings accounts with some of the highest rates on offer in July.
1. Rabobank High Interest Savings Account
Earn 5.15% p.a. for 4 months on balances up to $250,000 with no conditions to meet.
2. Bankwest Easy Saver
Earn 5.15% p.a. for 4 months on balances up to $250,000 with no conditions to meet.
3. Bank of Queensland Future Saver Account
Earn 5.10% 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. ING Savings Maximiser
Earn 5.00% 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.
5. Westpac Life (18-29 year olds)
Earn 5.00% p.a. on balances up to $30,000 when you grow your balance and make 5 debit purchases.
If these accounts aren't right for you, check out a full list of high interest savings accounts to find one that better suits your savings style.
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