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Savings accounts and term deposit interest rate updates: August 2018

Posted: 3 September 2018 9:51 am
News

HSBC introduced a market-leading 3.10% p.a. rate on its Serious Saver account. But there's a catch.

With constant changes to the interest rates on savings accounts and term deposits, it can be hard to keep track of who is offering what. Here at finder, we keep a close eye on interest rate movements so you don’t have to. Here’s what happened in August.

Savings account maximum variable interest rate changes

In August we saw HSBC increase its already-impressive maximum variable rate on its Serious Saver account from 3.00% p.a. up to 3.10% p.a. However, this is a honeymoon rate and is only available for the first four months after opening the account. After this time, customers will earn the standard variable base rate of just 1.40% p.a.

NAB also increased the maximum variable rate on its iSaver account from 1.90% p.a. to 2.55% p.a. throughout the month. Again, this rate is for the first four months only and reverts down to just 0.50% p.a. after this.

ProviderProductPrevious max variable rateCurrent max variable rate
Auswide BankOnline Saver Account2.00%1.75%
HSBCSerious Saver Account3.00%3.10%
NABBusiness Cash Maximiser0.50%0.40%
NABiSaver1.90%2.55%
Catalyst MoneySaver Account ($10k - $19,999k)2.05%1.50%
Illawarra Credit UnionSaver Account ($10k - $19,999k)2.05%1.50%
Transport Mutual Credit UnionPremium Savers Account1.00%0.75%

Term deposit interest rate changes

RaboDirect dropped interest rates on its four and five year terms by 10 basis points each, down to 3.20% p.a. and 3.40%p.a. respectively. In today's low-rate market, this is still quite competitive for a deposit product. MyState Bank and The Rock Building Society both dropped the rates offered on their 12 month term deposits by 10 basis points also, down to 2.70% p.a.

Meanwhile, Bank of Sydney raised the interest rate on its 12 month Online Only Term Deposit from 2.80% p.a. to 2.85% p.a.

ProviderProductPrevious max variable rateCurrent max variable rate
RaboDirectTerm Deposit (4 years)3.30%3.20%
RaboDirectTerm Deposit (5 years)3.50%3.40%
BankwestGold Term Deposit (12 months)2.65%2.55%
Bank of SydneyOnline Only Term Deposit (12 months)2.80%2.85%
CUATerm Deposit (12 months)2.80%2.70%
Bank VicTerm Deposit (12 months, up to $25k)2.40%2.60%
Bank of UsTerm Deposit (12 months)2.45%2.50%
Rural BankONE Personal Term Deposit (12 months)2.60%2.80%
Rural BankONE DIY Super Term Deposit (12 months)2.60%2.80%
Transport Mutual Credit UnionTerm Deposit (12 months)2.15%2.10%
MyState BankTerm Deposit (12 months)2.80%2.70%
The Rock Building SocietyTerm Deposit (12 months)2.80%2.70%

Not happy with your rate? Instantly compare high interest savings accounts today:

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
MyState Bank Bonus Saver Account
1.65%
0.15%
1.5%
$0
$0 / $0
Ongoing, variable 1.65% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Westpac Life (18-29 year olds only)
3%
0.4%
2.6%
$0
$0 / $0
Under 30? You can earn an ongoing, variable 3% p.a. each month you grow your balance and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate is available on balances up to $30,000.
Citibank Online Saver
1.55%
0.35%
1.2%
$0
$0 / $0
Introductory rate of 1.55% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
$0 / $0
Introductory rate of 0.35% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
Bank of Queensland Fast Track Saver Account
1.65%
0.2%
1.45%
$0
$0 / $0
Ongoing, variable 1.65% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Bank of Queensland Fast Track Saver Account
0.2%
0.2%
0%
$0
$0 / $0
Ongoing, variable 0.2% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $1,000,000.
Westpac Life
1%
0.4%
0.6%
$0
$0 / $0
Ongoing, variable 1% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
Bankwest Hero Saver
1.25%
0.01%
1.24%
$0
$0 / $0
Ongoing, variable 1.25% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
0.01%
0.01%
0%
$0
$0 / $0
Ongoing, variable 0.01% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
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