Savings accounts and term deposit interest rate updates: January 2019

Alison Banney 4 February 2019 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 May 21st, 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
UBank USaver
$0 / $0
Earn up to 2.87% p.a. by linking your USaver account to a UBank Ultra transaction account and transferring at least $200 per month into either account. This offer is available on balances up to $200,000.
AMP Saver Account
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 2.10% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 2.60% p.a. when you make a total deposit of at least $200 and make no more than one withdrawal. Available on the entire balance.
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 3.10% p.a. for 4 months, reverting to an ongoing rate of 1.20% 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 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Citibank Online Saver
$0 / $0
Introductory rate of 2.90% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $500,000.

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