Yahoo Finance ‘Fuss free’ savings accounts hit 5.5%
Australian Unity is now offering the top ongoing savings rate with no strings attached.
Aussies don’t have to jump through complicated hoops anymore in order to benefit from a top savings account interest rate.
Savings rates with no strings attached have now hit 5.5 per cent, after Australian Unity hiked the rate on its Freedom Saver account.
This is the new highest "fuss free" savings rate on the market, according to RateCity, and outpaces the annual rate of inflation of 5.4 per cent. It is also among the top ongoing savings rates, even including those with stringent monthly terms and conditions.
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RateCity research director Sally Tindall said Australian Unity had “leap-frogged its rivals” with the move.
“Even better, the rate you see is the rate you’ll get, provided your balance is under $50,000,” Tindall said.
“Currently, four of the five highest ongoing savings rates have convoluted terms and conditions to qualify but, today, there’s now one that doesn’t.”
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ME Bank’s HomeME currently offers the top ongoing savings rate of 5.55 per cent, however this requires savers to deposit $2,000 into a linked transaction account and grow their savings each month.
Tindall said banks’ responses to the November cash rate hike had been “disappointing at best”, with just 23 per cent of savings accounts seeing an increase to their interest rates and often just to bonus or welcome rates.
Top savings rates
These are the top 5 highest ongoing savings rates on the market, with no strings attached:
Account | Highest ongoing rate | Max balance for max rate |
Australian Unity Freedom Saver | 5.50% | $50,000 |
Unity Bank MoneyMAX | 4.90% | No limit |
ANZ Plus Save | 4.90% | $250,000 |
BOQ Simple Saver | 4.85% | $5 million |
Macquarie Bank Savings Account | 5.50% for 4 months then 4.75% | $1 million |
Source: RateCity
These are the top 5 high ongoing savings rates, including those with monthly terms and conditions:
Account | Highest ongoing rate | Max balance for max rate | Monthly conditions |
Me Bank HomeME | 5.55% | $100,000 | Deposit $2k into linked bank account and grow savings |
Australian Unity Freedom Saver | 5.50% | $50,000 | None |
Teachers Mutual Bank | 5.50% | $5 million | Deposit $1k into linked bank account and make no withdrawals |
ING Savings Maximiser | 5.50% | $100,000 | Deposit $1k and make 5+ transactions into linked bank account, plus grow savings. |
MOVE Bank Growth Saver | 5.50% | $25,000 | Deposit $200 into savings account and make no withdrawals |
Source: RateCity
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