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. 

However, 1.10% p.a of that is the bonus interest rate, with the remainder being the base rate (0.10% 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.

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

Goal Saver

  • Maximum Age - 24
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 $200 per month to activate bonus interest
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$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)

    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 16, 2024. View disclaimer.

      On Wednesday, MyState also raised several term deposit interest rates by up to 30 basis points. 

      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.

      Provider

      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50007$product[$field["value"]]$product[$field["value"]]More details
      • Interest calculated daily and paid at end of term
      • Monthly interest available for terms over 12 months
      • For deposit amounts $5,000 - $2,000,000

      Term Deposit - 6 Months

      • Interest calculated daily and paid at end of term
      • Monthly interest available for terms over 12 months
      • For deposit amounts $5,000 - $2,000,000
      At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details
      • Guaranteed rate of return
      • Manage your term deposit online
      • Choose your own term - Options range from one month to five years

      Term Deposit - 6 months

      • Guaranteed rate of return
      • Manage your term deposit online
      • Choose your own term - Options range from one month to five years
      At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

      Term Deposit - 6 months

        Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

        Term Deposit ($1000-$500001) - 6 months

          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]10008$product[$field["value"]]$product[$field["value"]]More details

          Online Term Deposit - 6 months

            At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details
            • Deposits are protected up to a limit of $250,000 for each account
            • Added loyalty bonus of 0.10%

            Personal Term Deposit - 6 months

            • Deposits are protected up to a limit of $250,000 for each account
            • Added loyalty bonus of 0.10%
            At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]2500031$product[$field["value"]]$product[$field["value"]]More details

            Term Deposit ($25k-$5m) - 6 months

              At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100000$product[$field["value"]]$product[$field["value"]]More details

              Term Investment ($100k-$200k) - 6 months

                At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]50031$product[$field["value"]]$product[$field["value"]]More details

                Term Deposit ($500 - $1mn) - 6 months

                  Annually, Semi-Annually, At Maturity, Monthly$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]5000$product[$field["value"]]$product[$field["value"]]More details

                  Term Deposit - 6 months

                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                    Term Deposit ($5k-$25k) - 6 months

                      Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                      Term Deposit ($1000+) - 6 months

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

                        Term Investment ($5k-$25k) - 6 months

                          At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                          Term Deposit ($5k-$500k) - 6 months

                            Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]25000031$product[$field["value"]]$product[$field["value"]]More details

                            Term Deposit ($250k+) - 6 Months

                              Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                              Term Deposit ($5000-$999999) - 6 months

                                Annually, At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                Term Deposit (> $1000) - 6 months

                                  At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                  TDs Premier Investment ($5k - $250k) - 6 months

                                    At Maturity, Annually$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]100031$product[$field["value"]]$product[$field["value"]]More details

                                    Term Deposit ($1000+) - 6 months

                                      At Maturity$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]500031$product[$field["value"]]$product[$field["value"]]More details

                                      Term Deposit - 6 months

                                        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 16, 2024. 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.

                                        That's a massive $124.14 billion extra stored in savings accounts, term deposits and offset accounts, while some of this might also be in zero-interest transaction accounts.

                                        Previous comments by Treasurer Josh Frydenberg as well as Australian Bureau of Statistics (ABS) data point to government stimulus payments, superannuation withdrawals and a general lack of confidence and spending causing this surge in saving. 

                                        APRA seemed to agree in its report. 

                                        "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. 

                                        See also: NAB sees $500 million increase in deposits earning 0% interest

                                        Savings account rate changes 

                                        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. 

                                        It follows the likes of AMP raising its AMP Saver Account interest rate by 40 basis points to 1.25% p.a, as well as Virgin Money launching its own savings account with a new total interest rate of 1.20% p.a. 

                                        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). 

                                        Only introductory accounts and age-restricted accounts like Westpac and BOQ's 3.00% p.a offers can top these. 

                                        Term deposit rate changes 

                                        MyState is also one of the few banks to raise term deposit interest rates in recent weeks, although there have also been rate cuts. 

                                        Judo Bank increased its already market-leading term deposit interest rates by up to 40 basis points for certain terms in April, taking its rates to as high as 1.60% p.a. 

                                        ME Bank upped rates by as much as 40 basis points to 1.40% p.a, but other major changes have been hard to come by. 

                                        AMP also increased some deposit rates by up to 50 basis points mid-April, but today has decreased other rates by 35. 

                                        Minor increases of 10 basis points or less were made by banks such as Heritage Bank, Summerland Credit Union, and The Mutual, just to name a few. 

                                        Based on a comparison of hundreds of different term deposits across a variety of short and long terms, the average deposit rate is now just 0.43% p.a.

                                        Photo via RegionalQueenslander on Wikipedia Commons