A bi-weekly 'COVID-19 Barometer' survey by Toluna reveals 62% of Australians are now using card payments for everything where possible.

In a survey of 1,091 respondents, 60% also said they are 'very comfortable' with managing their financial services online, while 38% also said they are happy to get advice from financial institutions either online or via video.

Toluna's Australia and New Zealand business director Stephen Walker said there will be a more pronounced shift to card/cashless payments in the future.

"With many consumers preferring the convenience of digital payments, both retailers and financial institutions must closely monitor evolving consumer perceptions and habits and adjust their services accordingly to ensure shoppers have access to a number of payment options at their fingertips," he said.

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

Update resultsUpdate
Filters
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
5.00% p.a.
5.50% p.a.
Intro rate for 4 months
then 5.00% p.a.
$536
4 months
$0
$249,999
$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
 Disclosure
4.70% p.a.
5.40% p.a.
Intro rate for 4 months
then 4.70% p.a.
$519
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%
 Disclosure
1.45% p.a.
Bonus rate of 3.90%
Rate varies on savings amount.
5.35% p.a.
$541
–
$0
$249,999
$200
$0
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly
 Disclosure
0.55% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.50% p.a.
$556
–
$0
$99,999
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
 Disclosure
0.55% p.a.
Bonus rate of 4.70%
Rate varies on savings amount.
5.25% p.a.
$531
–
$0
$99,999
$2,000
$0
0.10% p.a.
Bonus rate of 5.40%
Rate varies on savings amount.
5.50% p.a.
$556
–
$0
$49,999
$200
$1
0.05% p.a.
Bonus rate of 5.30%
Rate varies on savings amount.
5.35% p.a.
$541
–
$0
$249,999
$1,000
$$formattedMinOpeningDep.format("%,d",$!{product.minimumOpeningDeposit})
0.10% p.a.
Bonus rate of 5.00%
Rate varies on savings amount.
5.10% p.a.
$515
–
$0
$99,999
$100
$1
0.01% p.a.
Bonus rate of 5.24%
Rate varies on savings amount.
5.25% p.a.
$531
–
$0
$99,999
$100
$0
0.10% p.a.
Bonus rate of 5.00%
Rate varies on savings amount.
5.10% p.a.
$515
–
$0
$49,999
$10
$0
4.85% p.a.
5.35% p.a.
$490
–
$0
$99,999,999
$0
$0
1.50% p.a.
Bonus rate of 0.10%
Rate varies on savings amount.
5.30% p.a.
Intro rate for 4 months
then 1.60% p.a.
$409
4 months
$0
$99,999,999
$0
$1
More savings accounts
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly

More details
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 . View disclaimer.

Important Information and Comparison Rate Warning

These findings also coincide with a survey of 1,957 respondents released by JD Power, which found 27% of Australians will use branches less often even if in-person interactions are safe.

This figure is up from 20% two months ago.

Nearly a third (31%) say they avoid cash due to fear it may spread COVID-19, even though the World Health Organisation has said cash poses no greater risk than other surfaces.

A quarter of respondents are also using ATMs less often, while a quarter are also using mobile payments such as Apple Pay and Samsung Pay 'more often'.

First-time mobile banking use has also risen, according to JD Power's heading banking and payments intelligence Bronwyn Gill.

"Australians are increasingly receptive to mobile and online banking compared with at the start of the pandemic,” she said.

“As social distancing continues, there has been an increase in first time mobile and online users, and greater frequency of use.”

JD Power's survey was conducted from 24 June to 13 July.

Both of these surveys' findings are corroborated by Reserve Bank data that reveals Australians are ditching cash, with ATM withdrawals down by more than half compared to a year ago.



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