Top boosted interest rates for smart Aussie savers

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.

MyState and AMP have increased their maximum savings rates to 1.20% p.a. and 1.25% p.a. respectively, while Virgin Money has launched its new Boost Saver account offering up to 1.20% p.a. when bundled with a Virgin Money Go spending account

These accounts now have some of the best unrestricted ongoing savings rates on the market, alongside ING’s Savings Maximiser offering up to 1.35% p.a. and 86 400’s Save Account offering up to 1.20% 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.

3 TOP SAVINGS ACCOUNTS

Virgin Money Boost Saver with Go Account
  • Earn up to 1.20% p.a. interest (up to $250,000)
  • 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 a maximum savings rate of 1.20%. 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).

Citi Online Saver
  • Special intro rate of 1.10%
  • No account fees and no minimum balance required
  • Can be linked to external bank account

The Citi Online Saver account offers one of the top bonus rates on the markets at 1.10% (reverts to 0.35% 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.

MyState Bonus Saver Account
  • 1.20% maximum interest rate (up to $250,000)
  • Government deposit guaranteed up to $250,000
  • 2021 Mozo Experts Choice winner

If you’re committed to saving and like to be rewarded for your good habits, then the MyState Bank Bonus Saver Account is a must-see. This savings account features a neat 1.20% maximum interest rate and no account keeping fees. All you need to do to get that rate is make five transactions and deposit $20 into the account every month. You’ll have your interest paid out monthly and only need $1 to open an account. Easy as!

TOP TERM DEPOSITS

Citi Term Deposit
  • Rate of 0.75% for 3, 6, 9 and 12 month terms ($10,000 minimum deposit)
  • Great for stashing large lump sums of savings
  • Covered by the Australian Government Deposit Guarantee Scheme

If you’ve got a lump sum of money that you want a quick return on, then look no further than the Citi Term Deposit that is offering one of the top interest rates on our database. With flexible 3, 6, 9 and 12 month terms for deposits between $10,000 to $2,000,000, this makes for a fast and reliable way to get a return on your money.

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