Some of the top-rated savings accounts in April 2024

How long will you be able to make the most of the interest on your savings account? With economists forecasting interest rate cuts later in the year, the days of making maximum interest returns on your wealth may be numbered. There are a few different savings strategies you could consider, which could better suit some household budgets than others.

Keep in mind that it’s not guaranteed interest rates will fall later this year. In fact, the RBA governor has declined to rule anything in or out when it comes to monetary policy. It’s possible that if inflation doesn’t fall towards the RBA’s target band in a timely manner, the RBA could choose to hike the national cash rate again to encourage it to get back on schedule. If this was to happen, it could allow savers to grow their interest faster if the banks were to pass the cash rate hike on as higher savings account interest rates.

If you want to invest your money in a savings account, you may want to look for an option that can help you to maximise your interest and grow your wealth, even if rates are falling. For example, conditional savings accounts that offer higher bonus interest rates when you make regular deposits could be helpful if you know you can comfortably fulfil the deposit requirements as part of our everyday household budget.

Even if you don’t have a specific savings goal, but would still like to earn some interest while maintaining access to your money, a standard savings account could potentially help. Even if the interest rates aren’t as high as the maximum bonus interest rates on some conditional savings accounts, you won’t need to stress about meeting terms and conditions to receive the interest from a standard savings account.

While you could also consider a term deposit to invest your savings, it’s important to remember that you won’t have easy access to your money during the deposit term – you’ll likely need to provide at least a month’s notice in advance to withdraw the cash. Also, many term deposits earn simple interest, rather than compound interest, so you may not have the opportunity to earn interest on your interest and further grow your wealth. Term deposits can be very useful under the right circumstances, but consider your needs before making any changes to how you deposit your savings.

To help you quickly get a better idea of the potential value offered by different savings accounts you could compare their Real Time Ratings™. These star ratings combine the interest and flexibility of each savings account, and are updated regularly so you can be more confident in their accuracy when the market is changing. The top-rated savings accounts in different categories are ranked on RateCity’s savings account leaderboards to help further speed your search, and the consistently top-ranked accounts become eligible for a RateCity Gold Award.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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