The best savings accounts for October 2020

With talk amongst economist and experts alike that the Reserve Bank of Australia may cut the cash rate close to zero per cent next Tuesday, it’s a challenging time to be a saver in Australia. 

In fact, savings accounts have pretty much plummeted off a cliff, leaving very few accounts still offering interest rates above 1 per cent.

For long-time savers, these historically low rates may feel extremely challenging, compared to the much more competitive rates of even just a few years ago. However, there are still a few competitive savings accounts out there, if you’re willing to consider switching.

For young Australians hoping to save for a holiday, house deposit, or just earn some interest on their rainy-day funds, high yield savings accounts are out there. Currently, the highest interest rate on offer for savers is from Westpac – but there’s a catch. You must be aged 18 – 29 to qualify for its 3 per cent rate. In a sea of 1 per cent accounts, this Westpac Life account may feel like a life raft for young Aussies.

Even our littlest savers are feeling the pinch. While kids’ savers historically offer higher interest rates than adult savers, a portion of the market is still sitting under 1 per cent. From 20 August to 18 September, Commonwealth Bank cut their popular Dollarmite savings account down to 1.05 per cent.

As we potentially enter into near zero per cent cash rate territory, it’s never been more important to compare high interest savings accounts to see if you can nab a better deal.

This is where RateCity comes in. We’ve done the hard work for you by ranking some of the most competitive savings accounts in the marketplace for both adults and kids.

Savings accounts for conditional savers

For those willing to meet certain conditions and eligibility criteria, competitive bonus interest rates may be on offer.

Savings accounts for standard savers

Sometimes it’s easier to set and forget when it comes to savings. A standard savings account with a competitive introductory rate and/or an ongoing standard variable rate can offer savers this peace of mind.

Savings accounts for little savers

Whether it’s pocket money or their first casual job, young Aussies benefit from a secure place to store their money. And they can come with some competitive rates too - if you know where to look.

Compare savings accounts