Australians not getting the best deal from major banks
Australian savings deposit rates are the highest in any Western economy, hence saving money for your home deposit in an Australian bank account is not a bad idea. While stockmarkets languish, and economies stall and splutter along around the globe, cash in the bank returns a reasonable income in Australia.
Australians are generally short changing themselves by depositing funds with the Big 4 Banks. Some institutions that generally provide the best ongoing rates include UBank, RaboPlus, Arab Bank, ME Bank, FCCS Credit Union and Bank of Cyprus.
Examples of rates today, 12th October are;
*Rabo direct 6.51%
*Virgin Money 6.51%
The Big 4 banks have considerable focus on honeymoon short term high interest rates which expire after 6 or 12 months or only remain if certain conditions are met.
Be aware of minimum deposit requirements, including ongoing balance and regular deposit conditions in order to receive the quoted rate on offer. A lot of accounts require you to open and link to a second eligible account (with a poor interest or no interest rate available) for your transactions, eg ANZ and Westpac e-saver accounts.
It is important be aware of all the terms and conditions attached with opening up an account, and be clear of what you expect to achieve.
Given the competitive nature of the market right now, looking for deposits, there are several competitive products available in the market for your deposit, so now is no better time than ever before to review your savings options.