Commonwealth Bank (CBA) revealed household card spending over last week eased to be 7.2% higher than a year ago. 

Online spending was down the most for the week after a strong lift in the previous, and growth in spending on both goods and services also fell. 

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

400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% 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 4.20%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.75% 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 $5 million) you will earn the ongoing variable rate of 4.20%
Disclosure
4001$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
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Sign up with code SWIPE20 to score $20 after 5 card purchases in your first 30 days. See terms on the app store
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure
010000$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
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Hi Saver

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver

      4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Online Saver

        001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Up Saver Account

          00$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Qsaver

            01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Bonus Saver Account

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

              Bonus Saver

                3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Maxi Saver

                  01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Bonus Saver Account

                    4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    Netsave Account

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

                      Growth Saver

                        400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Simple Saver

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

                          Virgin Money Boost Saver

                            020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            HomeME Savings Account (<$100k)

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

                              Online Savings - Premium Saver

                                0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                                mySaver

                                  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 July 9, 2025. View disclaimer.

                                  Important Information and Comparison Rate Warning

                                  CBA senior economist Kristina Clifton said the spike in COVID-19 cases in Victoria was negatively affecting overall card spending. 

                                  "The reimposition of restrictions in some parts of Victoria is impacting the headline numbers," Ms Clifton said. 

                                  "Spending momentum in Victoria has turned negative as the number of COVID-19 cases lifts sharply and restrictions are reimposed."

                                  Only the Northern Territory saw an uptick in card spending, with the Victorian pandemic outbreak potentially dampening sentiment in the rest of the nation. 

                                  cbaspendjul13

                                  Ms Clifton said spending in Victoria was lagging behind the national average for some of the categories most affected by restrictions and lockdowns. 

                                  "Spending on clothing and personal care is weaker in Victoria. Many businesses providing beauty and personal care services are required to close again in this state," she said. 

                                  "Victoria is also lagging behind on spending on recreation. Many entertainment venues have been forced to close again as stage 3 restrictions are reimposed.

                                  "Transport spending in Victoria is also lagging behind the national average. No doubt the tighter restrictions and lockdowns are having an impact on transport spend."

                                  CBA found education spending had been weak across the country, especially in Victoria, with the decision to delay the start of Term 3 meaning households may not have yet paid school fees. 

                                  Spending on food was growing at a similar pace nationwide, despite cafes and restaurants back to takeaway only in Victoria. 

                                  Victoria saw 177 new cases of COVID-19 yesterday, bringing the state's total to 3,967. 

                                  Concerns have mounted over a second wave in New South Wales (NSW) and Queensland, after 21 cases were linked to the Crossroads Hotel at Casula.

                                  The number of patrons allowed in pubs across in NSW is expected to be slashed, with bookings of more than 10 restricted, and larger venues limited to no more than 300 patrons.

                                  Queensland Premier Annastacia Palaszczuk this morning declared parts of New South Wales to be coronavirus hotspots.