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Expand your savings with rates above 5.50% in August
The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in August. There are several banks offering interest rates above 5.50%, although some conditions may apply to earn the highest rate.
Australia’s central bank has raised rates twelve times since May 2022, pausing once in April 2023 to evaluate the economic landscape, again in July and once more this month to review its efforts to alleviate the pain of high inflation.
Despite August’s pause, savings rates are at some of the highest levels in more than a decade. At the time of writing, RateCity lists nine different banks offering ongoing rates of 5.50% or higher:
Bank | Highest Savings Interest Rate | Balance for max rate |
5.65% | Up to $100,000 | |
Up to $25,000 | ||
5.50% | No max | |
5.50% | No max | |
Up to $100,000 | ||
5.50% | No max | |
5.50% | No max | |
Up to $50,000 | ||
5.50% | Up to $25,000 |
Source: RateCity.com.au data accurate as of 08/08/2023. Monthly conditions may apply for max rate. Excludes kids savings accounts.
It’s sensible to consider more than just the maximum interest rate. Examine savings account fees, minimum and maximum balances and other features - such as introductory and bonus interest terms - to find an account that suits your financial goals.
Your savings are an essential safety net that can help you in emergencies, enjoy luxuries, and live a comfortable life when you’re no longer working. But working out how much savings you really need will depend on multiple factors.
There is no single best savings account as everyone’s needs are different. To get a better idea of which accounts may provide the most value for your money, you could consider comparing their Real Time Ratings™, to evaluate interest and flexibility scores.
Check out these big bonus saver accounts
A savings account with a bonus interest rate operates like a regular high-interest savings account, except that in exchange for meeting specific conditions you’re awarded a bonus interest rate that can help you reach your savings goal sooner.
It’s worth noting that bonus rates are generally temporary, which means that after a specific period, the bonus rate will revert to a normal base rate. When you’re comparing bonus rate accounts, check what happens when the honeymoon period ends.
Discover savings accounts for $100k+ balances
Are you keen on maximising the interest you could earn on a balance of $100,000 or more? Compare high interest savings accounts to decide which option may offer the best bang for your big bucks.
Explore uncomplicated online savings accounts
Many Australians conduct all their banking transactions digitally these days. A number of banks offer online savings accounts as a way to pass on the reduced costs of having no physical branches. All services are performed in-app, online or over the phone.
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Product database updated 02 May, 2024
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