With the Reserve bank of Australia dropping it's interest rate a few banks have been quick to drop their savings accounts interest rates, some haven't. You may be able to find a savings account that will give an ok rate of interest and hopefully beat inflation, the current inflation rate was recently reported as 1.3%.
The best interest rate currently available is 3.85% that's for a 4 month introductory period in the instant access savings accounts, followed by 3.8% for a regular savings account and then a low 3.5% for a 5 year fixed term!
Best interest rates for Instant Access Savings:
Compare best interest rates for savings accounts - Money | Saver Scene Australia
highest interest rates of 3.85%, 3.75% and 3.5%
Regular Savings accounts:
Regular Savings - high interest savings accounts - Money | Saver Scene Australia
highest interest rate of 3.8% when you deposit $200 each month.
Highest interest rates for term deposits:
Compare the best term deposit interest rates - Money | Saver Scene Australia
The best interest rate for term deposits is only 3.5% and you have to put your money away for 5 years!
If you want to know what your savings could be worth use the Compound interest calculator: Compare the best term deposit interest rates - Money | Saver Scene Australia
- hope this all helps with saving you money and getting the most out of your cash savings. Sorry I've not been able to update more, my generalised dystonia is really messing with me and my hands rarely work these days - Gav.