HSBC has cut its Serious Saver introductory rate by 35 basis points, effective from today, taking the rate from 2.10% p.a. to 1.75% p.a.

The introductory rate is available for four months, at which point it reverts to an ongoing rate of 0.15% p.a.

The rate change will apply to new and existing customers. 

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.

Provider

4000$product[$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

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • 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

Savings Account (Amounts < $250k)

  • 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
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.

Savings Accelerator (Amounts < $50000)

  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
010000$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

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

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

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        • Maximum Age - 24

        Goal Saver

        • Maximum Age - 24
        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Reward Saver Account (31 years +) ($0-$100k)

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

            Bonus Saver Account (Amounts < $100k)

              0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Reward Saver Kick Start (Amounts ≤ $1m)

                00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Life (< 30 years) (Monthly deposit)

                  5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  NetBank Saver

                    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    ANZ Save

                      050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Young Saver Account

                        0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Save up

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

                          Bonus Saver (<$1 Million)

                            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 June 15, 2024. View disclaimer.

                            When asked why the cut had been made and if customers could expect more in the future, a HSBC Spokeswoman had this to say. 

                            "We’ve reduced the four-month introductory rate on our Serious Saver product from 2.10% p.a. to 1.75% p.a. for new and existing customers," she said.

                            "We always monitor the interest rates on our products in line with market conditions." 

                            According to Savings.com.au research, HSBC previously had one of the most competitive introductory rates on the market, but slips down the list with this cut. 

                            The Serious Saver account has no monthly account fee and has no minimum or ongoing balance required. 

                            The introductory rate and ongoing rate are applicable every month you don't make a withdrawal and apply for balances up to $1 million only. 

                            RAMS shears rates 

                            RAMS has once again taken the clippers to its Saver Account, cutting the maximum interest rate by 10 basis points, from 1.20% p.a. to 1.10% p.a.

                            The cut applies to the bonus interest rate, which has been cut from 0.75% p.a. to 0.65% p.a.

                            The base interest rate remains unchanged at 0.45% p.a. 

                            The bonus interest rate is applicable on balances up to $500,000 when you make no withdrawals in a month and deposit at least $200 in that month.

                            Amounts above $500,000 will not receive any interest. 

                            Not too long ago RAMS had one of the more competitive savings account rates on the market, sporting a 2.80% p.a. interest rate in June of last year. 

                            With the Reserve Bank cutting the cash rate for a total of 125 basis points since then, savings account rates have tumbled.

                            However, RAMS has tumbled more than most, cutting their savings account rate by a total of 170 basis points in the same period. 

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

                            Provider

                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            No monthly fees
                            • Download the App to open your account
                            • Get better visibility of your spending within App!
                            • Deposit $200 per month to activate bonus interest
                            No monthly fees

                            Save Account

                            • Download the App to open your account
                            • Get better visibility of your spending within App!
                            • Deposit $200 per month to activate bonus interest
                            010000$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

                            Savings Maximiser (<$100k)

                            • Deposit at least $1,000+ each month from an external source
                            • Make 5 or more eligible transactions
                            • Grow your savings balance each month
                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Boost Saver

                              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 June 15, 2024. View disclaimer.