Banks offer 6% savings rates, but only to the young
Banks are offering 6 per cent savings rates, the highest in over a decade, but they restrict it to young savers.
Australian banks are offering savings rates as high as 6 per cent, a level not seen in more than a decade. Banks generally restrict their best rates to young people: one offers it only to those under 25, while another limits it to people aged 14 to 35.
Both accounts come with strict conditions: regular monthly deposits, withdrawal limits, and caps on how much you can hold. For everyone else, introductory rates apply only for a few months, or you need a high balance to qualify.
Savers have benefited as the Reserve Bank kept lifting rates, but borrowers have paid more in mortgage repayments.
- 6 per cent
- Top savings rate
- Well over a decade
- Time since last seen
- Under 25
- Age limit for one bank
- 14 to 35
- Age range for another bank
Why it mattersIf you are young, a 6 per cent savings rate means your money grows faster than it has in years. For older savers, conditions are tighter, so it pays to shop around.
AustraliaAustralian savers can earn returns not seen since before the GFC, but availability depends on age and which bank you use. Higher rates also mean banks compete harder for deposits.
✓ Claims checked against the source. checked 2 h ago
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