Sally Tindall

Some banks do the right thing, other banks less so.

And really, there should be a rule in place where the banks have to notify you towards the end of the month

to tell you if you're not going to meet those monthly conditions?

It does depend on what type of savings account you have or a term deposit.

I would say as a highly competitive person myself, I would say with a no-strings-attached account.

you want to be aiming for about 4.5%.

Now, you have to shop around to get that kind of rate, but we are seeing an increase in competition in this space because Macquarie has been the market leader in this space, no frills accounts, and they're offering a rate of 4.75% after that March cash rate hike.

But AMP has upped the ante in recent months.

It's now offering an ongoing rate of 4.85%.

Easy Street also offering a rate of 4.80%.

So you can see there's a little bit of choice there for the highest ongoing savings rate with absolutely no monthly strings attached.

They always have some sort of strings.

There's balance caps and things like that to navigate.

But you can get that kind of ongoing rate that's above 4.5%.

Now, if you're willing to jump through the hoops, right, you can get a rate, an ongoing savings rate as high as 5.4%, but you will need to meet certain monthly terms and conditions.

There's balance caps involved and all the rest of it.

And then the highest ongoing savings rate in the land, which this will probably floor you a little bit because you're not expecting me to tell you who it's from, 5.5% is from Westpac.

No, you didn't expect that.

But there's, again, yet another caveat, which is it's only for people aged 18 to 34 years old.

You can see how they're going after that young adult market.