Figures released today by the Australian Bureau of Statistics (ABS) paints a stark picture of the impact the coronavirus pandemic has had on people's finances.

According to the statistics, average household wealth decreased 2.3% (down $9,982) to $428,585 per person over the March quarter, making it the largest decrease since the September quarter in 2011.

ABS Chief Economist Bruce Hockman wasn't surprised by the figures.

"The March quarter 2020 financial account reflects the Australian financial markets early response to the economic uncertainty brought on by the COVID-19 pandemic," he said.

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

Provider

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  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate 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 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% p.a on their savings rate 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 $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Hi Saver

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver

        001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Up Saver Account

          00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Qsaver

            01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver

                3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Maxi Saver

                  01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Bonus Saver Account

                    4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Netsave Account

                      02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Growth Saver

                        400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Simple Saver

                          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Virgin Money Boost Saver

                            020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            HomeME Savings Account (<$100k)

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Online Savings - Premium Saver

                                0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                mySaver

                                  Important Information and Comparison Rate Warning

                                  All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 6, 2025. View disclaimer.

                                  Important Information and Comparison Rate Warning

                                  The falls were driven by a drop in superannuation balances and shares, reflecting the economic impact the pandemic has had on the Australian and international financial markets.

                                  But these falls were partly offset by an increase in deposits, highlighting households' preference to put their money in safe assets at a time of economic uncertainty and low levels of consumption on non-essentials due to lockdown measures. 

                                  Also offsetting the drop in financial assets was an increase in holding gain on land and dwellings of 1.9% ($145.8b). 

                                  Overall, total household wealth decreased 1.8% in the March quarter 2020. A 0.5% increase in the population was the reason average wealth fell more than total wealth.

                                  The figures show there were no significant impacts from COVID-19 containment measures, such as restrictions on auctions and open house inspections on growth in land and dwellings, as these measures came into effect during the last week of the quarter.

                                  Quarterly growth in household wealth was negative for the first time since the December quarter 2018, however through the year growth was 6.6%, driven by the strong rebound in residential property prices over the past year before COVID. 

                                  Short term loan borrowings by households decreased 7.2% this quarter, the largest fall in the history of ABS figures, reflecting a drop in spending on non-essentials due to COVID and bushfire impacts.