Earn up to 5%: ING, Westpac, Ubank among top savings accounts right now
Want to earn more interest? Who doesn't! Here are some of the best savings account rates on offer at the moment.
The RBA recently cut the cash rate for the third time this year, which caused many banks to cut their savings account rates again too.
It hasn't been a great year for people with cash in the bank trying to save, as many banks have now made multiple cuts to their interest rates.
Your savings account rate is likely now a lot lower than it was in January.
However, you shouldn't settle for a poor rate just because rates are falling.
If you're earning less than 4% p.a. interest on your savings account, you could definitley earn more with another account.
Savings accounts paying 5.00% p.a.
These accounts still offer savings account rates up to 5.00% p.a., which is the highest in the market.
1. Westpac Life
If you're aged 18 to 29 you can earn an ongoing variable bonus rate of 5.00% p.a. on balances up to $30,000. To earn this bonus rate you need to make a deposit during the month, grow your balance and make 5 debit card purchases.
2. Ubank Save
New customers can earn 5.00% p.a. on balances up to $1 million for the first 4 months. To earn this rate you need to deposit $500 per month. After the 4-month welcome period ends you'll be able to then earn an ongoing, variable bonus rate of 4.35% p.a.
3. Rabobank High Interest Savings
New customers can earn 5.00% p.a. on balances up to $250,000 for the first 4 months, with no conditions to meet. Following the 4-month introductory period you'll earn an ongoing variable rate of 3.45% p.a. with no conditions.
Best ongoing bonus savings rates right now
These accounts offer the highest ongoing bonus rates in the market currently (these are rates you're eligible to earn every month, not just for a set 4-month period).
1. Bank of Queensland Future Saver
If you're aged 14 to 35 you can earn an ongoing, variable bonus rate of 4.85% p.a. on balances up to $50,000. To earn this rate you need to deposit $1,000 per month and make 5 transactions per month from the BoQ bank account.
2. ING Savings Maximiser
You can earn an ongoing, variable bonus rate of 4.80% p.a. on balances up to $100,000. To earn this rate each month you need to deposit $1,000, grow your balance and make 5 transactions from your ING bank account.
3. MOVE Bank Growth Saver
You can earn an ongoing, variable bonus rate of 4.75% p.a. on balances up to $25,000. To earn this rate you need to deposit $200 per month and make no withdrawals.
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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