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Some of the top-rated savings accounts in October 2023
The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in October 2023 for the fourth month in a row. While it’s not yet certain if the cash rate has peaked, there are several banks offering savings accounts with interest rates that may be able to help you beat inflation.
The RBA’s 12 cash rate hikes since May 2022 were intended in part to combat the scourge of high inflation. The most recent monthly inflation stats saw inflation uptick to 5.20%, though the RBA will likely want to see the quarterly inflation figures to be released at the end of the month before it will decide whether to hike the cash rate again this year, as NAB is predicting.
Why is this relevant to savers? Well, if the interest rate on your savings account is less than the inflation rate, you risk seeing your money going backwards. If the RBA’s rate hikes do help to push inflation down, it could become easier to make real progress towards your saving goals with the help of a high interest savings account.
At the time of writing, there are 9 different savings accounts on the RateCity database with ongoing interest rates of 5.50% or higher (excluding kids accounts):
Product | Provider | Max Rate | Base Rate |
ME Bank | 5.65 | 0.55 | |
Firefighters Mutual Bank | 5.5 | 0.01 | |
Health Professionals Bank | 5.5 | 0.01 | |
Hiver | 5.5 | 0.01 | |
Unibank | 5.5 | 0.01 | |
Teachers Mutual Bank | 5.5 | 0.01 | |
Bank of Queensland | 5.5 | 0.05 | |
MOVE Bank | 5.5 | 0.1 | |
ING | 5.5 | 0.55 |
Source: RateCity.com.au data accurate as of 30/09/2023. Monthly conditions may apply for max rate.
But before you go switching banks, remember that it’s important to consider more than just the interest rate on offer from a savings account. Comparing the features and benefits of different options may help you to work out which savings accounts may best suit your needs and financial goals. To simplify this process, you could compare savings accounts based on their Real Time Ratings™, which combine their interest and flexibility into a single star rating, which is regularly updated to more accurately indicate their overall value.
Some of the top-rated regular savers accounts
The top-rated savings accounts suitable for the everyday saver. Assumes a $10,000 starting balance and monthly deposits of $600. Excludes kids' and pensioners' accounts.
Some of the top-rated savings accounts for young adults
The top-rated savings accounts suitable for young adult everyday saver. Assumes a $2,000 starting balance and monthly deposits of $400. Excludes kids' and pensioners' accounts.
Some of the top-rated kids savings accounts
The top-rated savings accounts for the little savers. Assumes monthly deposits of $50 from age five to 17 inclusive.
Compare savings accounts
5.00%*
0.05%
*Deposit $20+ & make 5 purchases on a linked Ev...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.25%
intro 4 months then 3.25%*
Not Applicable
*Deposit at least $50 and make and no withdrawa...
- Bonus interest with conditions
- Intro offer rate
- App banking
- Online banking
5.20%*
2.00%
*Make a deposit and make 5+ purchases on your W...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.50%*
0.55%
*Deposit at least $1000, make 5+ card purchases...
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
Product database updated 29 Apr, 2024
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