Savings Accounts News
The latest savings accounts news and tips
Alex Ritchie
Personal Finance Editor
Some of the highest savings account introductory rates for new customers
Is your current savings account struggling to keep up with the latest cash rate hikes? You may be able to nab a competitive savings account interest rate just by making yourself a new customer.
Savings Accounts
07 Mar, 2023
4 min read
Laine Gordon
Money Editor
New highest savings rate hits 5.15%, but there’s a catch
Savings accounts have broken the 5 per cent barrier, with Bank of Queensland posting a rate of 5.15 per cent, effective today.
Savings Accounts
03 Mar, 2023
4 min read
Peter Terlato
Personal Finance Editor
Australians are spending their savings as economic growth slows
The household saving ratio declined from 7.1% to 4.5% quarter-on-quarter in December 2022, the lowest level since September 2017. Further interest rate rises could see Australians dip further into their savings to help cover the cost of mortgage repayments.
Savings Accounts
01 Mar, 2023
4 min read
Mark Bristow
Personal Finance Editor
Rate rises costing us sleep: five stress-relieving savings tips
Interest rates and inflation aren’t just affecting our wallets, but our mental health. New data shows that young Australians are literally losing sleep over the rising cost of living.
Savings Accounts
23 Feb, 2023
3 min read
Alex Ritchie
Personal Finance Editor
New highest savings account rate hits 4.90% for young adults: how much you could save?
Bank Of Queensland has revealed it will hike its myBOQ Future Saver account to 4.90%, effective Thursday 23 February. Let's explore the current high interest savings accounts on the RateCity database.
Savings Accounts
20 Feb, 2023
4 min read
Alex Ritchie
Personal Finance Editor
Big banks bow to savings rate pressure
Three of the big four banks have today increased key savings rates by significantly more than last week’s 0.25 percentage point increase from the RBA, as the spotlight continues to shine on deposit rates.
Savings Accounts
17 Feb, 2023
5 min read
Laine Gordon
Money Editor
New highest ongoing savings rate hits 4.80%
ING has today announced it will be increasing the interest rate on its Savings Maximiser to 4.80 per cent – the new highest ongoing savings rate in the market for all adults.
Savings Accounts
09 Feb, 2023
4 min read
Laine Gordon
Money Editor
Select savers get a boost as CBA and Westpac announce RBA responses
Australia’s two biggest banks, CBA and Westpac, have today confirmed they will pass on the 0.25 percentage point hike to variable mortgages. However, CBA has upped the ante by announcing it will increase one of its savings rates by triple this.
Savings Accounts
09 Feb, 2023
6 min read
Mark Bristow
Personal Finance Editor
Three saving strategies to help you meet your New Year's resolutions
Want to save more money this year? So do most young Australians, according to new research. There are several paths you could take to reach this goal, and it’s important to consider which may be the best saving strategy for you.
Savings Accounts
25 Jan, 2023
5 min read
Peter Terlato
Personal Finance Editor
Commonwealth Bank hikes savings rates to 4% - here's what you need to know
CBA's new introductory NetBank Saver rate is 4 per cent but once the honeymoon period expires, this reduces to 1.6 per cent. Some customers may be taken in by the precursory offer, unaware of the eventuality.
Savings Accounts
20 Jan, 2023
3 min read
Alex Ritchie
Personal Finance Editor
ACCC savings enquiry welcome but customers should take matters into their own hands
RateCity welcomes any ACCC investigation into savings account interest rates, however, customers need not wait for the outcome of an inquiry to get a competitive deal.
Savings Accounts
13 Jan, 2023
6 min read
Mark Bristow
Personal Finance Editor
Which banks have hiked savings account and term deposit rates in December 2022?
Australians hoping to save more money in the new year may welcome the news that many banks are raising interest rates on savings accounts and term deposits. And with even more rate hikes forecast for 2023, it may become even easier for Australians to earn interest on their savings.
Savings Accounts
13 Dec, 2022
3 min read
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