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The best savings accounts for August 2020

The best savings accounts for August 2020

Finding a savings account that offers a decent return in 2020 can feel a lot like looking for a needle in a haystack. However, the highest rates on the market may be accessible to you if you’re willing to consider switching providers.

Many Aussies have stayed loyal to the bank they’ve been with since they were little kids or young adults. But by not doing a little research into what other rates may be available, you could be missing out on greater returns on your savings.

Only yesterday, Macquarie Bank slashed the introductory rate on its standard savings account by 50 basis points to 1.50 per cent. Further, last week Australia’s biggest bank, Commonwealth Bank, cut its savings account rates out-of-cycle by as much as 0.10 per cent.

Meanwhile, RateCity research shows that despite the Reserve Bank of Australia cutting the cash rate to a record low of 0.25 per cent, there are still 19 savings accounts offering interest rates above 1.50 per cent. There are also 75 savings accounts offering rates above 1 per cent.

In fact, one of the highest savings rates on the market right now of 3 per cent comes from Westpac - but there’s a catch. It’s only available for customers aged up to 29 years. Younger Aussies can take advantage of this competitive rate to build up their savings for a property deposit, to travel or even get through University.

This shows that it could literally pay to do your due diligence around what rate your bank is offering, and if others can beat it.

Luckily, RateCity has 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

There are some seriously competitive interest rates out there for Aussies who are willing to jump through a hoop or two. This means meeting a provider’s conditions on its savings account, such as a minimum deposit balance each month or no withdrawals.

Company
Product

Bonus Saver

Real Time Rating™

3.32

/ 5

Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

0.85%*

% p.a

Base rate

0.10

% p.a

Maximum monthly interest

$11

Real Time Rating™

3.32

/ 5
Go to site

Minimum deposit of $200 and no withdrawals within a calendar month.

Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022

Company
Product

Life - 18 to 29 years old

Real Time Rating™

4.15

/ 5

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Maximum rate

2.00%*

% p.a

Base rate

0.15

% p.a

Maximum monthly interest

$26

Real Time Rating™

4.15

/ 5
Go to site

Make 5+ debit card purchases on your Westpac Choice account and and grow your Westpac Life account balance each month.

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Company
Product

Save Account

Real Time Rating™

3.71

/ 5

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

1.20%*

% p.a

Base rate

0.10

% p.a

Maximum monthly interest

$15

Real Time Rating™

3.71

/ 5
Go to site

Deposit $200+ each month

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Savings accounts for standard savers

For those who have a set-and-forget mentality when it comes to their savings, a standard savings account with a competitive ongoing rate may be a better suit. You won’t need to meet certain conditions to earn your interest rate, and new customers are rewarded with a high rate for an introductory period.

Company
Product

Macquarie Savings Account

Real Time Rating™

3.60

/ 5

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Maximum rate

1.50

% p.a

intro 4 months then 1.00%

Base rate

1.00

% p.a

Maximum monthly interest

$13

Real Time Rating™

3.60

/ 5
Go to site

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Company
Product

Online Saver

Real Time Rating™

2.63

/ 5
Maximum rate

0.35

% p.a

intro 4 months then 0.25%

Base rate

0.25

% p.a

Maximum monthly interest

$3

Real Time Rating™

2.63

/ 5
Go to site
Company
Product

High Interest Saver

Real Time Rating™

2.85

/ 5
Maximum rate

0.35

% p.a

Base rate

0.35

% p.a

Maximum monthly interest

$4

Real Time Rating™

2.85

/ 5
Go to site
Company
Product

BOSSaver

Real Time Rating™

2.94

/ 5
Maximum rate

0.55

% p.a

Base rate

0.55

% p.a

Maximum monthly interest

$7

Real Time Rating™

2.94

/ 5
Go to site
Company
Product

Volt Save

Real Time Rating™

3.45

/ 5
Maximum rate

1.15

% p.a

Base rate

1.15

% p.a

Maximum monthly interest

$15

Real Time Rating™

3.45

/ 5
Go to site

Savings accounts for little savers

Whether you’re teaching your kids financial literacy or just helping their pocket money grow, a children’s savings account can still come with a competitive interest rate – if you know where to look. Just keep an eye out for any potential fees and conditions that an adult savings account typically doesn’t come with.

Company
Product

Smart Saver Account (Under 25)

Real Time Rating™

3.46

/ 5
Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$13

Real Time Rating™

3.46

/ 5
Go to site

Cashback

$20 bonus when you open a new Smart Saver Account for your child under 14 years using the campaign code "kids20". New customers <14 only. Account must be opened by 30 June 2022. T&Cs apply.
Company
Product

Dynamo Kids Savings Account s24

Real Time Rating™

4.04

/ 5
Maximum rate

1.70%*

% p.a

Base rate

0.40

% p.a

Maximum monthly interest

$22

Real Time Rating™

4.04

/ 5
Go to site

Make a minimum deposit of $20 per month with no withdrawals

Company
Product

Kids Bonus Saver

Real Time Rating™

2.94

/ 5
Maximum rate

0.20%*

% p.a

Base rate

0.05

% p.a

Maximum monthly interest

$5

Real Time Rating™

2.94

/ 5
Go to site

Deposit at least $5 per month and make no withdrawals

Company
Product

Youth eSaver

Real Time Rating™

3.92

/ 5

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$19

Real Time Rating™

3.92

/ 5
Go to site

Winner of Best Kids Savings Account, RateCity Gold Awards 2022

Company
Product

Life Saver

Real Time Rating™

3.50

/ 5

Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022

Maximum rate

1.00

% p.a

Base rate

1.00

% p.a

Maximum monthly interest

$13

Real Time Rating™

3.50

/ 5
Go to site

Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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