The best places to compare interest rates on savings accounts

Nov 08, 2019
Here's a rundown of some of the most simple and helpful comparison tools and how they work. Source: Getty

Saving money is no easy feat, especially when unpaid bills start piling up – so you want to make sure you’re earning a decent interest rate on the cash you do have squirrelled away. In fact, switching to a savings account with a higher interest rate could make you hundreds of dollars per year.

But, given the number of different savings accounts out there, finding the right one for you can be challenging and, at times, overwhelming. The good news is there are some really useful online comparison tools available that can help you find the best high-interest account for your hard-earned savings.

Whether you’re looking to open a new savings account, or aren’t sure that your money is earning interest at the best rate possible, here’s a rundown of some of the most simple and helpful comparison tools and how they work.

Canstar

It can be hard to sift through all the different savings accounts offered by Australian banks, but comparison websites like Canstar make it easier to find out what works best for you.

Canstar has a handy Compare Savings Accounts tool that allows you to compare interest rates for different types of savings accounts from more than 80 institutions. All you have to do is answer a few easy questions about your financial situation from a drop down box and click compare. You’ll then be redirected to a new page which lists the best high-interest accounts for you.

Even better, Canstar regularly posts informative stories on who is offering the highest interest savings accounts. Read more here.

Finder

With Finder you can compare interest rates and use their savings calculator to find the best savings account for you. The best part is, it allows you to compare up to four providers at one time. Another cool thing about Finder is that it allows you to see how much you could earn with their savings calculator.

The comparison website also explains what a savings account is, interest rates in depth, how to compare savings accounts and how to apply for a savings account online. Alternatively, if you rather talk to someone from Finder you can fill out this form here and someone will respond back to you.

RateCity

The free RateCity tool allows you to compare interest rates, fees, features and more from over 70 banks across Australia side-by-side, using a range of filters. These filters help narrow down your search based on your financial needs.

Alternatively, you can give RateCity a quick call on 1300 001 153 if you have any further questions.

Mozo

If you’re after a high-interest savings account, Mozo has got you covered. The online comparison site compares more than 200 savings accounts from 60 banks to help you find the best account for you. Take a look through their handy comparison table, or use their search tool to compare savings accounts from a range of different banks and institutions.

Go to the bank

On the other hand, you can also visit your provider or other banking branches in person to discuss your options. It could even be a matter of just ringing your current provider and asking ‘can you confirm I’m on the best savings account plan’.

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.

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