It’s another tough month for savers hoping to earn a high return on their savings account deposits, but there are still rates above 1 per cent available, if you’re willing to shop around.
RateCity research found that the average savings account rate has fallen to a low of 0.35 per cent. Even with a significant deposit, you’re still not going to see too great of a return with rates this low.
Since 1 January this year, RateCity also found that 62 providers have cut interest rates. However, right now there are 18 savings accounts and 21 kids savings accounts (age 18 or under) sitting at a rate above 1 per cent.
This is why savers with their nest eggs and rainy-day funds earning less than inflation may want to consider shopping around for a more competitive rate.
But how can Aussie savers still find a savings account rate above 1 per cent? This is where RateCity’s leaderboards come in. We’ve done the hard work for you by ranking some of the most competitive savings accounts in the marketplace for both adults and kids with our Real Time RatingsTMsystem.
Real Time RatingsTM results are calculated in real time, unlike other rating systems that grade their products once or twice a year. Each savings account is given a score out of five stars, based on interest earned and flexibility.
This means you’re getting up-to-date results, which is invaluable when more and more providers are cutting rates out-of-cycle with the Reserve Bank of Australia’s cash rate.
Top regular, or conditional, savings accounts
Enjoy a regular ongoing savings rate by meeting conditions set by the provider, such as depositing a certain amount into the account each month.
Company | Product Bonus Saver Account Real Time Rating™ Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 1.10%* % p.a | Base rate 0.05 % p.a | Maximum monthly interest $14 | Go to site | Bonus interest is paid when a customer has made an eligible deposit of $20 into the Bonus Saver account in the calendar month and made 5 eligible Visa card purchases on the linked Everyday or Glide account in the calendar month Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022 | |
Company | Product Savings Maximiser Real Time Rating™ Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 1.35%* % p.a | Base rate 0.05 % p.a | Maximum monthly interest $17 | Go to site | Customers must complete the following each month: 1. Deposit at least $1,000 from an external source; 2. Make 5+ settled card purchases; and 3. Grow the balance on the nominated Savings Maximiser account – i.e. make sure there’s more in the account at the end of the month (excluding interest) than there was at the end of the previous month. Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | |
Company | Product Save Account Real Time Rating™ Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 1.20%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $15 | Go to site | Deposit $200+ each month Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | |
Company | Product Online Savings Account Real Time Rating™ Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 0.80%* % p.a | Base rate 0.05 % p.a | Maximum monthly interest $10 | Go to site | To receive bonus interest, open an Online Savings Account and a ME Everyday Transaction Account and Tap & go™ at least four times a month and you could get bonus interest on savings balances up to $250,000. Winner of Best Savings Account Regular Savers, RateCity Gold Awards 2022 |
Top standard savings accounts
The set and forget type of savings account, compare introductory interest rates that revert to competitive base rates after a period of time.
Company | Product AMP Saver Account Real Time Rating™ Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 1.35%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $17 | Go to site | Earn an ongoing total bonus variable rate of up to 1.35% per annum which will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | |
Company | Product Macquarie Savings Account Real Time Rating™ Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022 | Maximum rate 1.50 % p.a intro 4 months then 1.00% | Base rate 1.00 % p.a | Maximum monthly interest $13 | Go to site | Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022 | |
Company | Product Online Saver Real Time Rating™ | Maximum rate 0.35 % p.a intro 4 months then 0.25% | Base rate 0.25 % p.a | Maximum monthly interest $3 | Go to site | ||
Company | Product MySavings account Real Time Rating™ Winner of Best Standard Savings Account, RateCity Gold Awards 2022 | Maximum rate 0.60 % p.a | Base rate 0.60 % p.a | Maximum monthly interest $8 | Go to site | Winner of Best Standard Savings Account, RateCity Gold Awards 2022 | |
Company | Product Volt Save Real Time Rating™ | Maximum rate 1.15 % p.a | Base rate 1.15 % p.a | Maximum monthly interest $15 | Go to site |
Top kids savings accounts
Just because it’s for your child doesn’t mean you shouldn’t still worry about the interest rate and fees charged by a kids savings account. View some of the most competitive options here.
Company | Product Mighty Saver Real Time Rating™ | Maximum rate 0.95%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $12 | Go to site | Deposit a minimum of $10 and make no withdrawals during the month | |
Company | Product Mighty Saver Real Time Rating™ | Maximum rate 0.95%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $12 | Go to site | Deposit a minimum of $10 and make no withdrawals during the month | |
Company | Product Mighty Saver Real Time Rating™ | Maximum rate 0.95%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $12 | Go to site | Deposit a minimum of $10 and make no withdrawals during the month | |
Company | Product Youth eSaver Real Time Rating™ Winner of Best Kids Savings Account, RateCity Gold Awards 2022 | Maximum rate 1.00 % p.a | Base rate 1.00 % p.a | Maximum monthly interest $19 | Go to site | Winner of Best Kids Savings Account, RateCity Gold Awards 2022 | |
Company | Product Mighty Saver Real Time Rating™ | Maximum rate 0.95%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $12 | Go to site | Deposit at least $10 a month and make no withdrawals during the month |
Top young adult savings accounts
Some providers are rewarding younger Australians with seriously competitive interest rates in an effort to help them get a better start in life. View some of the top-rated savings accounts for young adults.
Company | Product Smart Saver Account (Under 25) Real Time Rating™ | Maximum rate 1.00 % p.a | Base rate 1.00 % p.a | Maximum monthly interest $13 | Go to site | Cashback $20 bonus when you open a new Smart Saver Account for your child under 14 years using the campaign code "kids20". New customers <14 only. Account must be opened by 30 June 2022. T&Cs apply. | |
Company | Product Life Saver Real Time Rating™ Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022 | Maximum rate 1.00 % p.a | Base rate 1.00 % p.a | Maximum monthly interest $13 | Go to site | Winner of Best Savings Account Young Adults, Best Kids Savings Account, RateCity Gold Awards 2022 | |
Company | Product Life - 18 to 29 years old Real Time Rating™ Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022 | Maximum rate 2.00%* % p.a | Base rate 0.15 % p.a | Maximum monthly interest $26 | Go to site | Make 5+ debit card purchases on your Westpac Choice account and and grow your Westpac Life account balance each month. Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022 | |
Company | Product Save Account Real Time Rating™ Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 | Maximum rate 1.20%* % p.a | Base rate 0.10 % p.a | Maximum monthly interest $15 | Go to site | Deposit $200+ each month Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022 |