BREAKING NEWS: RBA holds cash rate at 4.35% in June 2024Learn more
RateCity.com.au
  1. Home
  2. Savings Accounts
  3. News
  4. Supercharge your savings with rates above 5.50% in September

Supercharge your savings with rates above 5.50% in September

Peter Terlato avatar
Peter Terlato
- 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.

IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details
Rabobank Australia
High Interest Savings Account
  • Intro offer rate
  • Online banking

With an interest rate ranked in the top 20%, consider this savings account with no ongoing fees.

Maximum rate p.a.

5.75%

intro 4 months then 4.40%

Base rate p.a.

4.40%

More detailsclick for more details
Macquarie Bank Limited
Macquarie Savings Account
  • Intro offer rate
  • App banking
  • Online banking

Watch your savings grow with this competitive account offering no ongoing fees or minimum balance required.

Maximum rate p.a.

5.35%

intro 4 months then 4.75%

Base rate p.a.

4.75%

More detailsclick for more details

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.

IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details
IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details
IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details

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.

IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details
IMB Limited
Reward Saver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking

Avoid ongoing fees and earn a special introductory rate for the first four months when you sign up for this reward saver account and meet the conditions.

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

More detailsclick for more details
ubank
High Interest Save Account
  • Bonus interest with conditions
  • Online banking
  • Linked account required

Get help reaching your savings target by earning bonus interest when you deposit $200+ per month.

Maximum rate p.a.

5.10%*

Base rate p.a.

0.10%

More detailsclick for more details

Compare savings accounts

Product database updated 22 Jun, 2024

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

Promoted savings accounts

IMB Limited

Reward Saver

Real Time Rating™

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

Maximum rate p.a.

5.25%

intro 4 months then 3.25%*

Base rate p.a.

Not Applicable

MyState Bank Limited

Bonus Saver Account

Real Time Rating™

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking

Maximum rate p.a.

5.00%*

Base rate p.a.

0.05%

ING

Savings Maximiser

Real Time Rating™

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking

Maximum rate p.a.

5.50%*

Base rate p.a.

0.55%

Westpac Banking Corporation Ltd

Westpac Life - 18 to 29 years old

Real Time Rating™

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking

Maximum rate p.a.

5.20%*

Base rate p.a.

2.00%

product data updated on

Product data updated on 22 Jun 2024