Savings accounts and term deposit interest rate updates: June 2018 - finder.com.au

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 updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
Westpac Life (18-29 year olds only)
0.4%
0.2%
0.2%
$0
If you’re between 18-29, you can earn a 0.4% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
MyState Bank Bonus Saver Account
1.1%
0.1%
1%
$0
Ongoing, variable 1.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $25,000,000.
AMP Saver Account
1.25%
0.1%
1.15%
$0
Earn an ongoing variable 1.25% p.a. when you deposit at least $250 a month, with no monthly spend requirements to meet. Available on balances up to $250,000.
AMP Saver Account
0.1%
0.1%
0%
$0
Earn an ongoing variable 0.1% p.a. when you deposit at least $250 a month, with no monthly spend requirements to meet. Available on balances up to $250,000.
HSBC Flexi Saver Account
0.25%
0.05%
0.2%
$0
Ongoing, variable 0.25% 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.
HSBC Flexi Saver Account
0%
0%
$0
Ongoing, variable 0% 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 $5,000,000,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% 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
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.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% 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
0.05%
0.05%
0%
$0
Ongoing, variable 0.05% 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.
HSBC Serious Saver
0%
0%
$0
Receive a maximum variable rate of 0% p.a. for months, reverting to an ongoing rate of 0% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
HSBC Serious Saver
0.3%
0.15%
0.15%
$0
Receive a maximum variable rate of 0.3% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
Bankwest Hero Saver
0.8%
0.01%
0.79%
$0
Ongoing, variable 0.8% 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
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% 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.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
3%
0.05%
2.95%
$0
Only available to those aged 14-24. Ongoing, variable 3% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
1.05%
0.05%
1%
$0
Only available to those aged 14-24. Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
0.05%
0.05%
0%
$0
Only available to those aged 14-24. Ongoing, variable 0.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
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