Amid all the talk of official interest rates potentially going down, something slowly, silently has been happening to savings rates: they’ve become not only higher, but hurdle-free.
Growing your account balance is one of the most common, overarching ones. It’s all because these hard-to-hit criteria mean institutions can advertise a high rate but frequently get away with paying less. Best among the base-rate accounts is Australian Unity’s Freedom Saver, with 5.2 per cent, says data house Mozo. This is now just a whisker behind ING and MOVE Bank’s leading anyone-can-access, bonus-saver accounts, which pay 5.5 per cent.
Meanwhile, the hoops you need to jump through with ING are to deposit at least $1000 into a personal ING account, make at least five settled card purchases using the linked ING debit card, and grow the account balance higher than it was at the end of the previous month. Great Southern Bank’s Everyday Youth Saver ticks all these budgeting boxes. It offers guaranteed interest at 5.5 per cent.
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