- Home
- Savings Accounts
- News
- Save for new year buys with some of the best savings accounts in December 2022
Save for new year buys with some of the best savings accounts in December 2022
Although interest rate hikes are hurting mortgage holders, it’s generally positive news for savers hoping to grow their funds into the new year.
The Reserve Bank of Australia (RBA) have instituted eight cash rate hikes this year, and while not all banks have increased their savings products in line with each interest rate rise, a number of banks are offering rates above 4 per cent.
Are you searching for a savings account to grow your money in the hopes of making a few new year purchases? Perhaps you’re looking to renovate your property, buy a new electric car, take a summer vacation or invest in green funds.
Don’t forget to look at more than just the maximum interest rate. Compare savings account interest rates, fees and other features - such as bonus interest terms - to find an account that suits your financial goals.
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.
Some of the best 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.
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
4.75%*
1.75%
*End the month with a higher balance and ensure...
Bump Account
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
3.75%*
0.01%
*Make a single deposit of $10 or more and no wi...
Progress Saver
- Bonus interest with conditions
- App banking
- Online banking
4.65%*
0.35%
*The closing account balance must be higher tha...
GoalSaver
- Bonus interest with conditions
- App banking
- Online banking
Some of the best savings accounts for balances over $100k
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.
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
4.75%*
1.75%
*End the month with a higher balance and ensure...
Bump Account
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
4.65%*
0.35%
*The closing account balance must be higher tha...
GoalSaver
- Bonus interest with conditions
- App banking
- Online banking
4.75%*
2.40%
*Grow your balance (excluding interest and bank...
Youthsaver Account
- Bonus interest with conditions
- App banking
- Online banking
Some of the best 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.
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
4.75%*
1.75%
*End the month with a higher balance and ensure...
Bump Account
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
3.75%*
0.01%
*Make a single deposit of $10 or more and no wi...
Progress Saver
- Bonus interest with conditions
- App banking
- Online banking
1.15%
1.15%
Not applicable
Online Saver
- App banking
- Online banking
- Linked account required
Disclaimer
This article is over two years old, last updated on December 6, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
Compare savings accounts
4.75%*
1.75%
*End the month with a higher balance and ensure...
Bump Account
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
4.65%
0.10%
Not applicable
Reward Saver
- App banking
- Online banking
4.90%
intro 4 months then 1.75%
1.75%
Not applicable
iSaver
- Intro offer rate
- App banking
- Online banking
- Linked account required
5.00%*
0.40%
*Make a deposit and make 5+ purchases on your W...
Westpac Life - 18 to 29 years old
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
Product database updated 20 May, 2025
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
Life
Real Time Rating™
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
Maximum rate p.a.
4.75%*
Base rate p.a.
0.40%
Bump Account
Real Time Rating™
- 2024 Award Winner
- Cashback
- Bonus interest with conditions
- App banking
Maximum rate p.a.
4.75%*
Base rate p.a.
1.75%
Progress Saver
Real Time Rating™
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
3.75%*
Base rate p.a.
0.01%
Online Saver
Real Time Rating™
- App banking
- Online banking
- Linked account required
Maximum rate p.a.
1.15%
Base rate p.a.
1.15%
Product data updated on 20 May 2025
Latest savings accounts articles
Savings Accounts
01/12/24 . 5 min read
What is a cash management account and how is it different from a savings account?
Learn how Cash Management Accounts (CMAs) offer flexibility, transaction management, and interest earning, making them ideal for investors and SMSFs.
Vidhu Bajaj
Personal Finance Writer
How to prepare for and manage the rising cost of living
What's the difference between a savings account and a transaction account?
How much does the average Australian have in savings?
