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Supercharge your savings with rates above 5.50% in September

Supercharge your savings with rates above 5.50% in September

06 Sep, 2023 - 3 min read

Supercharge your savings with rates above 5.50% in September

The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in September. 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 August, and once more this month, citing the need to review its efforts to alleviate the scourge of high inflation.

Despite September’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
ME Bank HomeME	5.65%	Up to $100,000
Rabobank High Interest Savings Account	5.60%	Up to $250,000
Macquarie Bank Savings Account	5.55%	Up to $25,000
Health Professionals Bank Target Saver	5.50%	No max
Hiver Target Saver	5.50%	No max
BOQ Future Saver (ages 14-35)	5.50%	Up to $50,000
MOVE Bank Growth Saver	5.50%	Up to $25,000
ING Savings Maximiser	5.50%	Up to $100,000
Teachers Mutual 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.

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.

Bonus Saver Account

Bonus interest with conditions
App banking
Online banking

Earn a competitive return on your nest egg with this savings account that also offers branch access and no ongoing fees.

Maximum rate p.a.

5.00%*

Base rate p.a.

0.05%

Supercharge your savings with rates above 5.50% in September

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