Tasmania-based bank MyState today increased the total interest rate on its Bonus Saver savings account to 1.20% p.a, a 15 basis point increase from 1.10% p.a.
The conditions to earn this bonus rate remain unchanged, with customers needing to simply deposit $20 each month and make five transactions from a linked debit card.
Compare high savings account rates
The table below features savings accounts with some of the highest interest rates on the market.
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 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 4.45%
Disclosure
Savings Accelerator
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 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 4.45%
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The Online Term Deposit with a nine-month term saw its interest rate rise 30 basis points to 0.80% p.a, while the 12-month deposit was upped by 20 basis points to 0.85% p.a.
Compare high term deposit rates
Looking for a good term deposit? The table below displays some of the highest term deposit interest rates available for a 6-month term.
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 March 14, 2025. View disclaimer.
Australians still saving in droves, despite low interest rates
These interest rate increases might be good news for the sheer number of Australians who increased their bank savings over the coronavirus period.
New figures out from the Australian Prudential Regulation Authority (APRA) reveal customer deposits in Australian banks increased by almost 12.5% in the 12 months to March 2021.
"This (increase) was largely driven by deposits from households, which increased (monthly) by $8.6 billion or 0.8%, reflecting continued income support measures cushioning savings for some households and improving employment and broader economic conditions," the report said.
These changes by MyState could be another sign that the multi-year trend of Aussie banks cutting interest rates for savers is starting to swing in the opposite direction.
These accounts now all sit near the top of the interest rate pile, alongside other products like ING's 1.35% p.a Savings Maximiser and 86 400's Save Account (1.20% p.a).
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Harry O'Sullivan
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