The commentary says old-school online savings accounts now pay at most 5.5% after four rate rises this year, while many banks offer conditional bonus accounts whose base rates are tiny. RACQ's Bonus Saver pays 6.01% only if you deposit at least $100 and make no debit transactions each month, with a base rate of 0.01% and just 3.75% on balances above $99,999. Bank of Queensland's Future Saver can pay up to 6.05% for 14 to 35-year-olds, while ING's Savings Booster offers a 2.5% base rate and 3.15% boost rate with easier conditions. Many "sugar hit" offers last only three or four months, so the fine print matters. The article also notes the Australian government scheme covers only up to $250,000 per institution.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on brisbanetimes.com.au ↗
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