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‘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.

Australian money. Savings account and saving money concept.
Aussies can now earn an inflation-beating savings account interest rate with no strings attached. (Source: Getty)

Do you have a story to share? Contact tamika.seeto@yahooinc.com

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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