Some of the top-rated savings accounts in December 2024

Have you started making savings plans for 2025? Whatever your personal finance goals, it’s important to make sure you’re using the right kind of savings account to help you achieve it.

The end of one year and the start of another is a traditional time to make plans and take first steps on new journeys. Though you don’t really need to wait for a particular point on the calendar to arrive - for example, you could start organising your personal finances at any time of the year. 

But if one of your goals for 2025 is to save more money, it’s important to consider how you want to do so. Regularly putting part of your pay aside can be a good start, but the right savings account could also allow you to earn interest on this wealth over the year, and potentially grow your savings faster in the future.

For example, a savings account that offers a high bonus interest rate may be able to help you reach those savings goals sooner, thanks to the interest you could earn on your savings. However you’ll want to be confident you can also comfortably fulfil the terms and conditions to receive this higher interest rate, or else you may enjoy far fewer benefits from one of these accounts.

But if it’s unlikely you’ll be able to make the necessary deposits or to get a higher bonus interest rate, you could consider using a standard savings account, where you’ll receive interest at a consistent rate regardless of how you use the account.

Depending on your savings goals and your financial situation, the savings account your current bank offers may not be up to the task, in which case it may be worth comparing some alternative options.  But it’s important to compare more than just the interest rates on savings accounts. With this in mind, RateCity’s Real Time Ratings™ combine the interest and flexibility of different savings accounts to help give you a better idea of their overall value. Some of the top-ranked savings accounts can be found on RateCity’s Savings Account Leaderboards and may become eligible for a RateCity Gold Award.

Compare savings accounts

Provider

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

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

4.65%*

0.35%

*The closing account balance must be higher tha...

GoalSaver

• Bonus interest with conditions
• App banking
• Online banking

1.50%

1.50%

Not applicable

55+ and Retired

• App banking
• Online banking

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