Deposit rates rising: High interest rates round-up

Savings accounts boosted

Putting money away in savings continues to be a top priority for Aussies in 2021, with the latest figures revealing households saved an extra $8.6 billion a month over the 12 months to March 2021.*

Getting a decent interest rate on your savings is key to boosting your stash, and the good news is that a handful of financial institutions have just made this task a whole lot easier by boosting savings account interest rates in recent weeks.

Virgin Money has launched a market leading new bonus savings rate of 1.50% p.a. for the first three months with its competitive Boost Saver Account, reverting to a high ongoing 1.20% p.a.

Rabobank also offers a generous intro rate of 1.35% p.a. for 4 months, while ING has the current top unrestricted ongoing bonus rate at 1.35% p.a.

So, if saving money is top of your financial priority list this year, here are some of the top savings and term deposit accounts on the market right now to help you to make the most of your savings.

TOP SAVINGS ACCOUNTS

Virgin Money Boost Saver with Go Account
  • Earn up to 1.50% p.a. for the first 3 months, then up to 1.20% p.a. ongoing
  • Bundle your savings account with a spending account to enjoy a market-leading savings rate
  • Government deposit guaranteed up to $250,000

The Boost Saver with Go Account from Virgin Money brings savvy savers the opportunity to bundle their transaction account with their savings account to earn up to 1.50% p.a. interest in the first 3 months, reverting to a competitive 1.20% p.a. But that’s not all, for a limited time you can also earn 5,000 bonus Virgin Money points on purchases. To get the maximum rate, you'll just need to deposit $2,000 each month and make 5 eligible payments from your Go Account (drops to $1,000 for 18 to 25s).

Rabobank High Interest Savings Account
  • Earn 1.35% p.a. for the first 4 months (0.25% p.a. ongoing)
  • No account fees and no minimum balance required
  • Interest paid monthly

The Rabobank High Interest Savings Account offers one of the top bonus rates on the markets at 1.35% p.a. on your first $250,000, reverting to 0.25% p.a. after the first 4 months. There are no account keeping fees, no minimum balance and interest is paid monthly.

Citi Online Saver
  • Special intro rate of 1.10% p.a. for 4 months (0.35% p.a. ongoing)
  • No account keeping fees
  • No minimum balance required

Achieve your savings goals with the Citi Online Saver's competitive bonus rate of 1.10% p.a. (reverts to 0.35% p.a. at the end of the intro period). As well as a great intro rate this savings account also features no account keeping fees, no minimum balance and the ability to be linked to an external bank account. Plus, interest is calculated daily and there are zero transaction fees to pay too.

BOQ Fast Track Saver
  • Ongoing 1.05% p.a. bonus interest on balances up to $250,000 (conditions apply)
  • No account fees
  • Unlimited free withdrawals

If you’re ready to kickstart your savings with a bang, you should check out the Bank of Queensland Fast Track Saver Account. With an ongoing 1.05% p.a. bonus interest rate up for grabs on balances up to $250,000 (conditions apply), you’ll be rewarded with no ongoing account keeping fees. Plus, If you need to make multiple withdrawals or deposits every month, that’s also free.

TOP TERM DEPOSITS

Rabobank Term Deposit
  • 0.75% p.a. for up to a one year term
  • 0.10% loyalty bonus available
  • Flexible interest payment options

If you’re looking for a place to stash your cash that offers a competitive return with a flexible range of terms, then Rabobank has all your bases covered. It comes complete with a 0.10% loyalty bonus when a term deposit is automatically reinvested and as the cherry on the cake, users have the choice of having interest paid monthly, quarterly, bi-annually, annually and at maturity.

MyLife MyFinance Personal Term Deposit
  • 1.00% p.a. interest rate for a 2 year term
  • No account keeping fees
  • Deposit between $5,000 and $500,000

If you’re looking for somewhere to park your funds for a rainy day, why not check out this term deposit from MyLife MyFinance? Not only are there no account establishment or ongoing fees, but interest rates for one and two year terms are seriously competitive. You can stash away anywhere from $5,000 and $500,000 with interest paid at maturity or monthly (different rates apply).

Want to compare more savings accounts? Compare over 80 banks on Mozo to find a high interest savings accountterm deposit account or everyday transaction account for your needs.

For more information about the 2021 Mozo Experts Choice Awards for Savings Accounts and Term Deposits, including a full breakdown of the winners, categories and the judging process, make sure you check out our methodology report.

*Source: APRA