RBA holds rates: ING’s 6% savings rate may be as good as it gets
Key takeaways
- The Reserve Bank held the cash rate today, and while we could see another rate rise later this year, this could be the peak.
- This means interest rates on savings accounts might be at their peak.
- What's next: Savers can get rates well above 5%, but the highest rates are introductory offers for the first four months.
When interest rates are high, borrowers suffer with bigger loan repayments. But people with savings get a better return on their cash.
And today the Reserve Bank of Australia held the official cash rate. This benchmark interest rate determines whether banks raise or lower their savings and home loan rates.
Today's decision means savings rates may be at their peak, or very close. We've ranked the top accounts based on their Finder Scores, which take rates, conditions and other factors into account.
1. ING Savings Booster
ING Savings Booster currently has the highest interest rate on the market, for new ING customers for the first four months.
These customers can get a rate of 6.0% for four months if they grow their account balance by $100 a month (on balances up to $500,000).
After the first four months this drops to 5.40%, which is also the rate other customers will get. All customers need to grow their balance by $100 a month to get this ongoing 5.40% rate.
The Savings Booster account has a Finder Score of 9.9, the highest score in our database.
2. Bankwest Easy Saver
Bankwest's Easy Saver offers new customers a rate of 5.75% for the first four months, with no other conditions to meet, on balances up to $250,000.
After that it drops to 5.0%. While not the highest ongoing rate, the lack of conditions to get this rate makes it very easy to get it.
3. Up Saver Account - Grow
The Up Saver Account - Grow has a competitive ongoing rate of 5.35%. To get it, you need to make no withdrawals each calendar month.
This account has a Finder Score of 9.7.
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4. Macquarie Savings Account
The Macquarie Savings Account has a Finder Score of 9.6. New customers can get up to 5.35% for the first four months, on balances of up to $250,000.
After that, the rate drops to 5.0%. But this rate applies to balances of up to $2 million, making it an attractive account for people with larger balances.
5. AMP Bank GO Save
The AMP Bank GO Save has a Finder Score of 9.6. It's a very simple prospect: 5.10% on your savings, with no deposit or withdrawal conditions, on balances up to $500,000.
Details of these are correct at time of publication and subject to change.
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