To celebrate Sorted’s Money Month, Sharesies and Kernel have hiked their savings account interest rates for a promotional period.
What is Sharesies offering?
Sharesies has increased the interest rate for its Save account from 4.60% to 5.00% for the month of August.
The rate applies to the balance of the account for the period 31 July and 31 August 2024. To be eligible for the special rate, the balance of the account must increase during that period (the total deposited amount must be greater than the total withdrawn amount).
From 1 September the interest rate will return to the standard 4.60%, which still compares well with other savings accounts with similar features.
See the full Ts & Cs of the Sharesies Save promotion.
What is Kernel offering?
The Money Month interest rate boost offered by Kernel is even stronger than Sharesies, but the terms of the deal are a little less clear.
From 1 August, Kernel lifted the interest rate of its Smart Saver account to an impressive 5.25%. Prior to that, the rate stood at 4.80%.
However, while the Sharesies promotion ends on the last day of August, Kernel is being a little more coy, stating that the deal is for “a limited time only” and is subject to change.
This might mean customers could benefit from this higher interest rate for longer than the month of August alone, but there is currently no way of knowing.
Learn more about Kernel’s offering on its website.
Are the promotions worth it?
A single month of a higher interest rate isn’t going to result in a significant savings boost. But Sharesies’ and Kernel’s savings accounts fare well against the competition—even without the limited-time promotional interest rates.
While there are savings accounts out there with more impressive interest rates, they also include less flexibility. For example, Heartland Bank’s 90 Day Notice Saver currently offers an interest rate of 5.75%. But, as the name indicates, you must provide a notice period of 90 days before you can access your money.
Sharesies Save and Kernel Smart Saver accounts have no such requirements and neither has transaction or account fees.
Check out Banked’s savings account comparison to learn more about how these two offers stack up against the competition.
