Best High Interest Savings Accounts
Savings accounts and term deposit interest rate updates: July 2018
Term deposits are looking more and more attractive as interest rates continue their upward trend.
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 July.
Savings account maximum variable interest rate changes
There were only a few providers to drop the maximum variable interest rate offered on their savings accounts in July, as displayed in the table below. Hunter United Credit Union dropped the rates on both its savings accounts by 10 basis points, while Suncorp also dropped the rate on its Everyday Options Sub Account by just as much.
|Provider||Product||Previous max variable rate||Current max variable rate|
|Suncorp||Everyday Options Sub Account||1.50%||1.40%|
|Hunter United Credit Union||Premium Online Investor Account||2.15%||2.05%|
|Hunter United Credit Union||e-ZYNET Direct Account||1.30%||1.20%|
Savings account base interest rate changes
Several major banks dropped the base interest rates offered on their savings accounts in July. However, because they raised the bonus rates by the same amount, the headline rate (the maximum variable rate) remains unchanged.
CommBank dropped the base interest rate on its NetBank Saver by 30 basis points while also raising the bonus rate by 30 basis points, so the headline rate remained unchanged at 2.51% p.a. Westpac made the same move on its eSaver account, dropping the base rate by 30 basis points while raising the bonus rate by just as much so the headline rate remained 2.51% p.a. And Bank SA, St.George and Bank of Melbourne, all owned by Westpac Group, unsurprisingly did the same across their Maxi Savers.
Because the headline, maximum variable rate remains the same for these accounts these changes might not seem like a big deal. However it means that customers who don’t meet the account conditions required to achieve the bonus interest will now earn even less interest due to the lower base rate.
|Provider||Product||Previous base variable rate||Current base interest rate|
|CommBank||NetBank Saver (base)||0.80%||0.50%|
|Bank SA||Maxi Saver (base rate)||0.80%||0.50%|
|St.George||Maxi Saver (base rate)||0.80%||0.50%|
|Bank of Melbourne||Maxi Saver (base rate)||0.80%||0.50%|
|ING||Savings Maximiser (base rate)||1.15%||1.00%|
|ING||Savings Accelerator (base rate)||1.15%||1.00%|
Term deposit 12 month interest rate changes
Following on from the previous few months, most of the changes to term deposit rates were positive. Bank Australia increased the rate on its 12 month term deposit by 40 basis points from 2.45% to 2.85%. Teachers Mutual Bank lifted the rate on its 12 month term deposit by 35 basis points from 2.65% to 3.00%, making the account very attractive for savers.
See all the term deposit rate changes for July in the table below.
|Provider||Product||Previous fixed rate||Current fixed rate|
|Bank Australia||Term deposit (12 months over $5,000)||2.45%||2.85%|
|RACQ Bank||Term deposit (12 months)||2.60%||2.70%|
|Teachers Mutual Bank||Member term deposit (12 months)||2.65%||3.00%|
|UniBank||Term deposit (12 months over $5,000)||2.80%||3.00%|
|Service One Alliance Bank||Term deposit (12 months over $5,000)||2.35%||2.30%|
|CUA||Term deposit (12 months over $50,000)||2.75%||2.85%|
|CUA||Term deposit (12 months over $5,000)||2.65%||2.75%|
|MyState||Term deposit (12 months)||2.70%||2.80%|
|The Rock||Term deposit (12 months)||2.70%||2.80%|
|G&C Mutual Bank||Term deposit (12 months)||2.50%||2.75%|
|ING||Business term deposit (12 months)||2.85%||2.90%|
|AMP||Term deposit (12 months, over $25,000)||2.65%||2.85%|
Instantly compare high interest savings accounts today:
Rates last updated August 9th, 2018
|Name||Maximum Variable Rate p.a.||Standard Variable Rate p.a.||Bonus Interest p.a.||Fees||Min Bal / Min Deposit||Interest Earned|
|RaboDirect High Interest Savings Account||3.05||1.80||1.25||$0||$0 / $1||$217.80||Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000|
|ING Savings Maximiser||2.80||1.00||1.80||$0||$0 / $0||$297.01||Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.|
|Bankwest Hero Saver||2.60||0.01||2.59||$0||$0 / $0||$275.60||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||3.05||1.70||1.35||$0||$0 / $0||$209.34||Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.|
|Bank of Queensland WebSavings Account||2.90||1.30||1.60||$0||$1 / $1||$172.28||Introductory rate of 2.90% p.a. for 4 months, reverting to the standard rate of 1.30% p.a. Available on balances up to $5,000,000 and subject to approval above this balance.|
|ME Online Savings Account||2.85||1.30||1.55||$0||$0 / $0||$302.37||Ongoing, variable 2.85% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go. Available on balances up to $250,000.|
|AMP Saver Account||2.55||2.10||0.45||$0||$0 / $0||$232.13||Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.|
|CUA eSaver Boost Account||2.75||0.25||2.50||$0||$0 / $1||$291.66||Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.|
|AMP SuperEdge Saver Account||2.05||2.05||0.00||$0||$0 / $0||$216.86||Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.|