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.

Maximum rate p.a.

5.00%*

Base rate p.a.

0.40%

More details

FeaturedAustralian Credit Licence: 233714 Westpac terms and conditions

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

Best Savings Account Regular Savers Winners

Best Savings Account Young Adults Winners

Best Kids Savings Account Winners

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

Best 6 month Term Deposit Winners 

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.

Interest rate

4.35%

for 3 months

Min deposit

$25,000

More details

FeaturedAustralian Credit Licence: 234517 AMP Bank terms and conditions

Compare savings accounts

Provider

Real Time Rating™Maximum rate p.a.Base rate p.a.Maximum rate condition

4.75%

intro 5 months then 1.35%*

1.00%

*Available for new accounts opened online by ne...

eSaver

• Bonus interest with conditions
• Intro offer rate
• App banking
• Online banking

4.75%*

0.40%

*Ensure your account balance is higher at the e...

Life

• Bonus interest with conditions
• App banking
• Online banking
• Linked account required

1.65%

1.65%

Not applicable

Pensioner Advantage

• App banking
• Online banking

1.60%

1.60%

Not applicable

Pensioner Security Account

• App banking
• Online banking

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