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Grow your savings with rates above 5.5% in November

Peter Terlato avatar
Peter Terlato
- 3 min read
Grow your savings with rates above 5.5% in November

The Reserve Bank of Australia (RBA) lifted the cash rate to 4.35% in November. 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 thirteen times since May 2022, only pausing in April, July, August, September and October to evaluate the economic landscape.

Savings rates are at some of the highest levels in more than a decade. This means that there are several options for individuals looking to earn competitive interest on their savings.

At the time of writing, RateCity lists seven different banks offering ongoing rates of 5.50% or higher:

Bank

Highest Savings Interest Rate

Balance for max rate

Rabobank High Interest Savings Account

5.60%

Up to $250,000

Hiver Target Saver

5.50%

No max

MOVE Bank Growth Saver

5.50%

Up to $25,000

ING Savings Maximiser

5.50%

Up to $100,000

Firefighters Mutual Bank Target Saver

5.50%

No max

UniBank Target Saver

5.50%

No max

Health Professionals Bank Target Saver

5.50%

No max

Source: RateCity.com.au data accurate as of 06/09/20223. Monthly conditions may apply for max rate.

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.

However, it's worth noting that while some banks offer appealing interest rates, there may be specific conditions attached to earning the highest rate. These conditions could include maintaining a minimum balance in the savings account, linking the savings account to a transaction account, or making regular deposits.

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.

Compare savings accounts

Product database updated 27 May, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.