Savings accounts and term deposit interest rate updates: January 2019

Posted: 4 February 2019 11:52 am
News

January was an unusually quiet month for interest rate changes across savings accounts and term deposits.

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 January 2019.

Savings account interest rate changes

Perhaps everyone was still on holidays in January, because there was only one savings account interest rate change for the month. Bank Australia dropped the maximum variable rate on its Bonus Saver Account by 10 basis points from 2.60% p.a. to 2.50% p.a.

In 2018 we saw many banks, including the Big Four, drop the interest rate offered on their savings accounts. We've been in a fairly low-rate environment for years now, with only a handful of accounts offering above the 2.80% p.a. mark. For example, Rabo Direct's High Interest Savings Account still offers 3.05% p.a. for the first four months after opening the account, and UBank's USaver Account offers an ongoing 2.87% p.a. each month you meet the deposit conditions.

Hopefully we'll see some providers start to lift their interest rates on savings accounts this year, although January showed no sign of this happening.

Provider Product Previous max variable rate p.a. Current max variable rate p.a.
Bank Australia Bonus Saver Account 2.60% 2.50%

12 month term deposit interest rate changes

We did see a few providers change their rates on 12 month term deposits in January, and most of the changes were negative. Bank of Sydney increased the rate on its 12 month online exclusive term deposit ever so slightly from 2.85% to 2.88%.

Provider Product Previous max variable rate p.a. Current max variable rate p.a.
Bank of Sydney 12 month Term Deposit (online exclusive) 2.85% 2.88%
ANZ 12 month Term Deposit 1.40% 1.30%
ME 12 month Term Deposit 2.80% 2.75%
ME 12 month Business Term Deposit 2.80% 2.75%
Greater Bank 12 month Term Deposit 2.70% 2.60%
Bank Australia 12 month Term Deposit 2.85% 2.70%

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

Rates last updated September 16th, 2019
$
$
months
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
2.75%
1.30%
1.45%
$0
$0 / $0
Maximum variable rate of 2.75% p.a. for 4 months, reverting to a rate of 1.30% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
UBank USaver
2019 Winner
UBank USaver
2.41%
1.35%
1.06%
$0
$0 / $0
Ongoing, variable 2.41% 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.
AMP Saver Account
2.61%
1.65%
0.96%
$0
$0 / $0
Introductory rate of 2.61% p.a. for 4 months, reverting to a rate of 1.65% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
HSBC Flexi Saver Account
2.15%
0.65%
1.50%
$0
$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
2.05%
0.20%
1.85%
$0
$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.

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