Great savings rates revealed

Commonwealth Bank, Westpac, NAB and ANZ have all cut their savings account and term deposit rates in recent weeks.

Base rates on savings accounts are now all below or near the inflation rate which is currently 1.30 per cent. Term deposit rates have also fallen in recent months.

But maximum bonus rates on many savings accounts are still over 2 per cent and plenty of term deposits are paying over two and even three per cent per annum.

“To keep ahead of inflation, savers need to check their account and term deposits, compare rates and be prepared to move their cash to a new institution,” said Vadim Taube, CEO of InfoChoice.

Five most attractive savings account rates now featured on InfoChoice are in the table below. These accounts all feature market leading maximum bonus rates and are generally available in all states and territories:

Five most attractive term deposit rates now listed on InfoChoice are in the table below. These term deposit accounts all feature market leading rates and are generally available in all states and territories:

Compare savings accounts and term deposits from Australia’s major banks, credit unions and building societies at InfoChoice.

Please read Important Information about how we make money, the products we compare and other critical information about our service.

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.