In a note sent to customers, RAMS said that as at Monday 1 June 2020, the maximum interest rate on its RAMS Saver account will be cut by 45 basis points, from 1.65% p.a. to 1.20% p.a. 

The cut applies to the base interest rate, which has been halved from 0.90% p.a. to 0.45% p.a. 

The bonus interest rate (0.75% p.a) applies on account balances up to $500,000 if: 

  • You deposit at least $200 per month
  • You make no withdrawals in that month

Amounts above $500,000 will not earn any bonus interest. 

RAMS could formerly claim one of the highest savings account interest rates on the market. As of June 2019, this same savings account had a total interest rate of 2.80% p.a.

However the five different Reserve Bank rate cuts since then have seen this maximum interest rate fall spectacularly, as rates have for most other banks offering savings accounts. 

However, while the cash rate has fallen by 125 basis points in total from 1.50% in June, the RAMS Saver's rate has been cut by 160 points, significantly more. 

Looking to switch to a higher-interest savings account store cash before that June 1 deadline? 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 16, 2024. View disclaimer.

                            Other banks make saving easier 

                            With no cash rate changes since March, savings account interest rate decreases have been few and far between lately. 

                            A notable exception is Xinja, which lowered its Stash savings account rate from 2.25% p.a. to 1.80% p.a as at 11 May, while still not onboarding new customers. 

                            Some banks, however, have been making it easier for customers to save by lowering or freezing the requirements needed to earn the bonus interest rate. 

                            This trend was started by ING in April, when it announced it was allowing any customer who has met the bonus interest criteria in the previous three months for its Savings Maximiser account to earn it in the coming three months, no matter what. 

                            In early May, NAB-owned UBank announced a simplification of its digital product offerings, to "increase flexibility and ease for Australians wanting to take control of their finances in the current economic climate", with such changes including:

                            • Allowing the bonus interest rate to be earned on multiple accounts, with UBank customers now able to earn the maximum interest rate (currently 1.60% p.a.) on up to 10 different accounts
                            • Simplifying the names of its savings and transaction accounts 
                            • Increasing the deposit limit for bonus interest from $200,000 to $250,000

                            ME extends bonus savings offering during COVID-19 

                            This week, ME announced it would be extending the bonus savings interest rate customers can earn for an additional month as a part of COVID-19 support measures.

                            For the month of June 2020, all eligible online savings accounts will automatically receive the bonus interest rate without needing to make tap & go purchases, a usual requirement to earn ME's maximum rate. 

                            “This measure will help bolster our customers’ savings and provide them financial certainty amid the COVID-19 pandemic," ME Group Executive Customer Banking Craig Ralston said. 

                            “Now more than ever, banking should be simple and stress free.”

                            Meanwhile, BOQ (which features in our list of highest non-introductory savings account rates) has waived the requirement for customers to make five eligible transactions until the end of August.

                            BOQ customers still need to deposit at least $1,000 per month to earn the maximum 1.85% p.a interest rate. 

                            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 16, 2024. View disclaimer.