6 places to store your savings with declining rates
With providers slashing rates left, right and centre since the July RBA rate cut, it’s become trickier than ever for Aussie savers to find a top notch place to stash their savings.
Since the July rate cut, 84% of all personal savings accounts in the Mozo database have had their interest rate cuts and a massive 98% of all personal term deposits have experienced the same.
But that doesn’t mean Aussie savers should give up their dream of finding the perfect account, in fact, we’ve gone and pulled out a handful of term deposits and savings accounts that can help get you closer to your savings goals. Check them out below!
Term Deposits
UBank - Term Deposit
If you like the idea of being rewarded for your savings habits, then look no further than the UBank Term Deposit. Whether you’re looking to lock away your funds for three months or 1 year, you’ll enjoy an interest rate of 1.95%. Taking things one step further, UBank will also treat savers to a 0.10% loyalty bonus if you choose to keep the term going. You’ll also be able to have your interest paid into another bank at no extra cost. No wonder they were crowned Mozo’s Savings Bank of the Year for 2019!
Citi - Term Deposit Special
Whether you’ve just sold your house or have received an inheritance, the Citi Term Deposit Special could be just the place to stash your funds temporarily until you figure out your next move. If you’ve got a deposit of over $250,000 (maximum deposit $2 million), you’ll receive the maximum rate of 2.40% for either a 3 or a 6 month term. Keep in mind that this term deposit does feature an automatic rollover though, so you’ll need to let Citi know if you’re planning to make a withdrawal.
Savings Accounts
HSBC - Bonus Savings
Got a plan to grow your savings stash and need a savings account that can help you reach your goal? Then you might want to try the HSBC Flexi Saver. With this savings account, as long as your balance is at least $300 higher than the last month, you’ll receive the maximum rate of 2.15%. There’s unlimited transactions whether that’s over the phone, the counter or online, plus you won’t pay any ongoing fees.
Citi - Online Saver
- Maximum rate of 2.40% (first 4 months)
- 2019 Mozo Experts Choice Award winner*
- No account fees
If you need a place to stash your funds for a short time, why not try the Citi Online Saver account? For the first four months from opening the account, you’ll receive the maximum rate of 2.40%, before it drops to the ongoing rate of 1.10%. There are no account fees with this account as well as no minimum balance, plus you’ll be able to bank knowing you’ve chosen a 2019 Mozo Experts Choice Award winner.
ME - Online Savings Account
Earning a decent return on your savings shouldn’t be tricky and it looks like ME Bank agree, if their Online Savings Account is anything to go by. With this savings account, savers will be able to score the maximum rate of 2.35%, just as long as they link their account to the ME Everyday Transaction account and make one weekly ‘tap and go’ purchase using their Buck debit card - too easy!
UBank - USave
- 2019 Mozo Savings Bank of the Year*
- 1.35% ongoing interest rate
- Unlimited transactions via phone or internet
Last but not least is the UBank USaver account - a savings account where you don’t need to meet any conditions to get a great rate. The USaver account features a 1.35% ongoing interest rate, so you’ll be to make deposits whenever you can without needing to meet special conditions. Unlimited transactions through the phone or internet are also on offer and you’ll have your interest paid on a monthly basis.
Want to compare even more options? Head on over to our term deposit comparison tool.
*Find out more information about our 2019 Mozo Experts Choice Deposit Awards
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Term Deposit Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.