Home News Credit Union SA increases its bonus savings account rate to 2.50% p.a.

Credit Union SA increases its bonus savings account rate to 2.50% p.a.

Credit Union SA has increased its Bonus Savings Account rate from 0.51% to 2.50% p.a.

First published on 20 Jul 2022

Credit Union SA increases its bonus savings account rate to 2.50% p.a.

Customers will be rewarded with the bonus interest each month they make at least one deposit of any amount and no withdrawals.

Failing to meet these two conditions will see customers earn the base rate of 0.01% p.a.

The account also features no monthly or transaction fees.

According to Credit Union SA, there is no deposit limit for earning the bonus rate - this is distinct in the market given many banks stop applying bonus rates to balances above $100,000 or $250,000, for example.

Earlier in the month Credit Union SA increased its term deposit rate by up to 200 basis points following the RBA's cash rate increase.

How does it compare to other savings accounts?

Bank of Queensland

The Bank of Queensland has a Future Saver Account, a high interest savings account for customers aged between 14-35 years. It also has no monthly fees and no transaction fees within Australia.

Launched in April with a competitive 2.00% p.a. savings rate, the Bank of Queensland then increased the product by 100 basis points to 3.00% p.a. following the RBA's first rate hike in May.

The rate consists of a 0.05% base interest rate and a 3.00% bonus rate on balances up to $50,000.

Over 18s can qualify for bonus interest if they deposit $1,000 and make five eligible transactions each month into their linked Everyday Account.

Westpac

Westpac recently boosted its savings account rate for 18-29 years olds to 2.75% p.a.

This represents a 25 basis point increase.

The account has no monthly fees provided at least $2,000 is deposited into the account each month, otherwise customers could be charged a $5 monthly fee.

The total rate applies on balances up to $30,000.

To qualify for the entire bonus interest, Westpac customers must grow the account balance every month and make five settled debit card purchases with the linked transaction account.

ING

ING also has a Savings Maximiser Account, where customers can earn up to 2.60% p.a. variable interest.

This rate applies to account balances of up to $100,000.

Eligible customers must deposit $1,000 or more from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One).

Further qualifications include five or more settled (not pending) eligible ING card purchases, as well as growth in the customer's Savings Maximiser balance.

Other savings account highlights include:

ANZ Plus up to 2.00% p.a.
Macquarie Bank up to 1.75% on its transaction account
ubank up to 2.35% p.a. (certain criteria applies)

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Time period

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Bank	Savings Account	Base Interest Rate	Max Interest Rate	Total Interest Earned	Introductory Term	Minimum Amount	Maximum Amount	Minimum Monthly Deposit	Minimum Opening Deposit	Account Keeping Fee	Features	Link	Compare	Promoted Product	Disclosure
Macquarie Bank	Macquarie Bank Savings Account	5.00% p.a.	5.50% p.a. Intro rate for 4 months then 5.00% p.a.	$1,046	4 months	$0	$249,999	$0	$0	$0	A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace	More details	Compare	Promoted	Disclosure
ING	ING Savings Accelerator	4.70% p.a.	5.40% p.a. Intro rate for 4 months then 4.70% p.a.	$998	4 months	$250,000	$99,999,999	$0	$0	–	Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%	More details	Compare	Promoted	Disclosure
ubank, part of NAB	ubank, part of NAB Save Account	0.00% p.a. Bonus rate of 5.50% Rate varies on savings amount.	5.50% p.a.	$1,128	–	$0	$99,999	$0	$0	$0	Set up your Pay Cycle and connect your accounts from over 140 financial institutions. Retrace your spending steps into categories with Spending Footprint. Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay. No monthly or international fees on any of your transactions.	More details	Compare	Promoted	Disclosure
AMP	AMP Saver Account	1.00% p.a. Bonus rate of 4.20% Rate varies on savings amount.	5.20% p.a.	$1,065	–	$0	$99,999,999	$1,000	$0	$0	Earn up to 5.20% pa by depositing $1,000 in the previous month No account fees Easy access to your money	More details	Compare
ING	ING Savings Maximiser	0.55% p.a. Bonus rate of 4.95% Rate varies on savings amount.	5.50% p.a.	$1,128	–	$0	$99,999	$1,000	$0	$0	Deposit at least $1,000+ each month from an external source Make 5 or more eligible transactions Grow your savings balance each month	More details	Compare		Disclosure

Online Savings - Premium Saver

Product Features

Increase your balance by $200 each month to earn the maximum interest
No account keeping fees
No minimum balance
Interest paid monthly

Total interest earned $1,097

1.45% Base interest rate

Bonus rate of

3.90%

Rate varies on savings amount.

5.35% Max interest rate

More details

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Georgia Indian

Georgia joined Savings.com.au in 2022 as a finance journalist. With a passion for property, investing and budgeting, she is committed to helping Australians of all ages make informed economic choices in all aspects of life.

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Credit Union SA increases its bonus savings account rate to 2.50% p.a.