- Home
- Savings Accounts
- News
- Top rated savings accounts and term deposits revealed: RateCity Gold Award winners
Top rated savings accounts and term deposits revealed: RateCity Gold Award winners
Are you shopping around for a new savings option, or just curious how your current savings account or term deposit stacks up to market leaders? RateCity has revealed the winners of the fourth annual RateCity Gold Awards in its Savings Accounts and Term Deposit categories.
In a time when high inflation levels and rising mortgage costs are putting significant pressure on the household budgets of millions of Australians, ensuring you have a competitive place to store your nest egg is crucial.
Luckily the winners of the Savings Accounts and Term Deposit Gold Award categories have been revealed. Australians looking for a worthwhile place to keep their savings can now consider these winning options if they’re looking to switch providers.
Paul Marshall, CEO at RateCity, said: “As millions of Australians feel the pinch of consecutive rate rises and other cost-of-living pressures, RateCity has once again taken the hard work out of financial comparison.”
“We want to make sure that Australians keep more of their hard-earned money in their pockets this year, and the 2023 class of RateCity Gold Awards winners for Savings Accounts helps them do exactly that,” said Mr Marshall.
Westpac Life - 18 to 29 years old
- Bonus interest with conditions
- App banking
- Online banking
Accelerate your savings with this competitive interest rate savings account available to savers aged 18 to 29.
5.20%*
2.00%
RateCity Gold Award Winning Savings Accounts
For the full list of winners, or for information on the RateCity Gold Awards, view our Savings Account Awards page.
Best Standard Savings Account Winners
Provider | Savings account | Real Time Rating™ |
Macquarie Savings Account | 4.30 / 5 | |
ANZ Save Savings Account | 3.85 / 5 | |
High Interest Savings Account | 3.84 / 5 | |
Online Saver | 3.73 / 5 | |
Freedom Saver | 3.71 / 5 |
Best Savings Account Regular Savers Winners
Provider | Savings account | Real Time Rating™ |
Savings Maximiser | 4.66 / 5 | |
Virgin Money Boost Saver | 4.48 / 5 | |
Incentive Saver Account | 4.37 / 5 | |
Incentive Saver Account | 4.37 / 5 | |
Incentive Saver Account | 4.37 / 5 |
Best Savings Account Young Adults Winners
Provider | Savings account | Real Time Rating™ |
Future Saver Account (Under 35) | 4.76 / 5 | |
Savings Maximiser | 4.66 / 5 | |
Life - 18 to 29 years old | 4.58 / 5 | |
Growth Saver Account | 4.54 / 5 | |
Virgin Money Boost Saver | 4.50 / 5 |
Best Kids Savings Account Winners
Provider | Savings account | Real Time Rating™ |
Young Saver Account | 4.46 / 5 | |
Youth eSaver | 4.17 / 5 | |
Young Saver Account | 4.16 / 5 |
RateCity Gold Award Winning Term Deposits
Note that these winners are based on term deposit balances of $50,000. For the full list of winners, or for information on the RateCity Gold Awards, view our Term Deposit Awards page.
Best 12 Month Term Deposit Winners
Provider | Term deposit - 12 months | Real Time Rating™ |
Personal Term Deposit (At Maturity) | 4.80 / 5 | |
Term Deposit | 4.74 / 5 | |
Term Deposit | 4.73 / 5 | |
Term Deposit | 4.66 / 5 | |
Term Deposit Special | 4.63 / 5 |
Best 6 month Term Deposit Winners
Provider | Term deposit – 6 months | Real Time Rating™ |
Personal Term Deposit (At Maturity) | 4.85 / 5 | |
Term Deposit | 4.79 / 5 | |
Investment Plus | 4.69 / 5 | |
Term Deposit | 4.62 / 5 | |
Term Deposit | 4.57 / 5 |
How the RateCity Gold Awards winners are chosen
The RateCity Gold Awards celebrate the leading and most competitive financial products in Australia. The Awards were established in 2020 as a way to identify the best-in-market products and lenders for Australian consumers. The Award categories highlight the banks, lenders and credit unions that offer consistently competitive products to Australian consumers.
The RateCity Gold Awards winners are those that consistently receive high scores in Real Time Ratings™.
RateCity’s own Real Time Ratings™ is a unique ranking system which grades every product and lender in our database out of five, based on cost and flexibility features. These scores are recalculated daily, capturing product changes as they happen - unlike other ratings systems which may be based on data captured once or twice a year.
RateCity averages the daily Real Time Ratings™ scores over a six-month period. Products with the highest average score are awarded Gold. The top 10% in each category are awarded a RateCity Gold Award.
Term Deposit
- 3 months
- Automatic maturity rollover
- Joint application available
This RateCity Award winner was one of the top-rated 12-month term deposits of 2020.
4.75%
for 3 months
$25,000
Compare savings accounts
5.00%*
0.05%
*Deposit $20+ & make 5 purchases on a linked Ev...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.20%*
2.00%
*Make a deposit and make 5+ purchases on your W...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.50%*
0.55%
*Deposit at least $1000, make 5+ card purchases...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
Product database updated 10 May, 2024
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
Promoted savings accounts
Bonus Saver Account
Real Time Rating™
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
5.00%*
Base rate p.a.
0.05%
Westpac Life - 18 to 29 years old
Real Time Rating™
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
5.20%*
Base rate p.a.
2.00%
Savings Maximiser
Real Time Rating™
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
5.50%*
Base rate p.a.
0.55%
Progress Saver
Real Time Rating™
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
4.25%*
Base rate p.a.
0.01%
Product data updated on 10 May 2024
