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Savings accounts and term deposit interest rate updates: June 2018

Posted: 4 July 2018 10:52 am
News

Following April and May's upward trend, term deposit rates once again climbed higher throughout June.

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 June.

Savings account interest rate changes

The most notable change across savings accounts in June was Citibank increasing the maximum variable interest rate on its Online Savings Account from 2.85% p.a. up to 3.05% p.a. This account now offers one of the highest interest rates in the market, and is on par with Rabo Direct's High Interest Savings Account. However, both accounts offer this high rate for the first four months only.

ProviderProductPrevious max variable rateCurrent max variable rate
CitibankOnline Saver Account2.85%3.05%
Heritage BankMoney Manager Account ($10,000+)1.00%0.85%
Heritage BankCash Management Account ($10,000+)0.75%0.60%
Regional Australia BankSavings Booster Account2.65%2.55%
Border BankBonus Saver Account2.75%2.65%
INGSavings Accelerator2.20%1.15%

Term deposit 12-month interest rate changes

Interestingly, term deposit rates continued to climb in June, following their upward trend in April and May also. This is a good sign for savers looking to lock their money away with a fixed rate.

ING, Teachers Mutual Bank and Bank First each increased their 12 month term deposit accounts by 15 basis points. ING now offers a competitive 2.85% on its personal and business term deposits, which is now higher than almost all savings accounts in the market.

ProviderProductPrevious max variable rateCurrent max variable rate
INGTerm Deposit (12 months)2.70%2.85%
INGBusiness Term Deposit (12 months)2.70%2.85%
BankVICTerm Deposit (2 years)2.60%2.70%
Rural Bank ONEBusiness Term Deposit Online (12 months)2.50%2.60%
Rural Bank ONEPersonal Term Deposit Online (12 months)2.50%2.60%
Rural Bank ONEDIY Super Term Deposit Online (12 months)2.50%2.60%
Beyond BankTerm Deposit (12 months)2.40%2.45%
Macquarie BankTerm Deposit (180 days)2.50%2.55%
AMPTerm Deposit (12 months)2.60%2.65%
Teachers Mutual BankTerm Deposit (12 months)2.65%2.80%
Bank firstRegular Income Term Deposit (12 months)2.55%2.70%
Bank firstTerm Deposit (12 months)2.45%2.60%

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
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 (excluding interest earned) and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate offer is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
0.85%
0.4%
0.45%
$0
$0 / $0
Under 30? You can earn an ongoing, variable 0.85% p.a. each month you grow your balance (excluding interest earned) and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate offer is available on balances up to $30,000 for customers aged 18-29.
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.
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 Up to $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
$0 / $0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
IMB Reward Saver Account
1.3%
0.65%
0.65%
$0
$0 / $1
Introductory rate of 1.3% p.a. for the first 4 months when you deposit $50+ each month and make no withdrawals per month. Available on balance of $5,000 or higher.
Westpac Life
0.85%
0.4%
0.45%
$0
$0 / $0
Ongoing, variable 0.85% 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.
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