Savings accounts and term deposit interest rate updates: August 2018

Posted: 3 September 2018 9:51 am

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.

Provider Product Previous max variable rate Current max variable rate
Auswide Bank Online Saver Account 2.00% 1.75%
HSBC Serious Saver Account 3.00% 3.10%
NAB Business Cash Maximiser 0.50% 0.40%
NAB iSaver 1.90% 2.55%
Catalyst Money Saver Account ($10k - $19,999k) 2.05% 1.50%
Illawarra Credit Union Saver Account ($10k - $19,999k) 2.05% 1.50%
Transport Mutual Credit Union Premium Savers Account 1.00% 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.

Provider Product Previous max variable rate Current max variable rate
RaboDirect Term Deposit (4 years) 3.30% 3.20%
RaboDirect Term Deposit (5 years) 3.50% 3.40%
Bankwest Gold Term Deposit (12 months) 2.65% 2.55%
Bank of Sydney Online Only Term Deposit (12 months) 2.80% 2.85%
CUA Term Deposit (12 months) 2.80% 2.70%
Bank Vic Term Deposit (12 months, up to $25k) 2.40% 2.60%
Bank of Us Term Deposit (12 months) 2.45% 2.50%
Rural Bank ONE Personal Term Deposit (12 months) 2.60% 2.80%
Rural Bank ONE DIY Super Term Deposit (12 months) 2.60% 2.80%
Transport Mutual Credit Union Term Deposit (12 months) 2.15% 2.10%
MyState Bank Term Deposit (12 months) 2.80% 2.70%
The Rock Building Society Term Deposit (12 months) 2.80% 2.70%

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

Rates last updated October 15th, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Rabobank Online Savings High Interest Savings Account
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
UBank USaver
2019 Winner
UBank USaver
$0 / $0
Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
MyState Bank Bonus Saver Account
$0 / $0
Ongoing, variable 2.50% 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.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.15% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 2.05% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.

Compare up to 4 providers

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