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Will you grow your wealth this year? Some of the top-rated savings accounts in February 2024

Mark Bristow avatar
Mark Bristow
- 3 min read
Will you grow your wealth this year? Some of the top-rated savings accounts in February 2024

Australia’s inflation may be falling faster than previously predicted, which could make it easier for savers to grow their wealth. However, it’s important to consider more than just interest rates when comparing savings account options.

The Australian Bureau of Statistics (ABS) found that in the December 2023 quarter, inflation rose by just 0.6% - the smallest quarterly rise since the March 2021 quarter. On an annual basis, inflation was at 4.1%, which is significantly lower than the peak recorded in December 2022.

Lower inflation means it’s easier to find and compare savings accounts that offer interest rates higher than inflation. This will let your money preserve more of its purchasing power, keeping your savings from effectively going backwards.

But before you go and open a new high-interest savings account, remember that there are other factors to keep in mind. For example, some high-interest savings accounts only offer their maximum rates for a limited introductory period, while others require you to fulfil specific terms and conditions to qualify for the higher bonus rate. You may also need to pay fees or other charges, which could offset some of the value that some savings accounts offer. Some high-interest savings accounts also have age restrictions; for example, the First Option Bank Kids Bonus Saver account is only open to savers aged under 18.

It's also worth keeping in mind that some economists are forecasting that the Reserve Bank of Australia (RBA) could end up cutting the cash rate later in 2024. If these rate cuts are passed on to savers, this could potentially affect your saving plans.

To help you get a better idea of the overall value offered by different savings accounts, consider comparing RateCity’s Real Time Ratings™. These star ratings combine the interest and flexibility offered by different savings accounts, and are frequently updated so you can be confident in their accuracy. Some of the top-rated savings accounts in different categories are ranked on RateCity’s Savings Account Leaderboards, with some of these top-rated savings accounts becoming eligible for the RateCity Gold Awards.

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.

Maximum rate condition

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

5.50%*

0.01%

*Min $1K monthly deposit, no withdrawals

Teachers Mutual Bank Limited
Target Saver
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

5.50%*

0.01%

*Min $1K monthly deposit, no withdrawals

Firefighters Mutual Bank
Target Saver
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

5.50%*

0.01%

*Min $1K monthly deposit, no withdrawals

UniBank
Target Saver
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

5.50%*

0.01%

*Min $1K monthly deposit, no withdrawals

Health Professionals Bank
Target Saver
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

Some of the top-rated standard savings accounts

The top-rated savings accounts suitable for savers who want complete freedom while still earning interest. Assumes a balance of $10,000 at any given time. Excludes kids' and pensioners' accounts, as well as accounts that offer bonus interest if certain terms and conditions are met each month.

Maximum rate condition

4.85%

4.85%

Not applicable

Bank of Queensland
Simple Saver Account
  • 2024 Award Winner
  • App banking
  • Online banking

4.75%

4.75%

Not applicable

Unity Bank Limited
MoneyMAX Account
  • 2024 Award Winner
  • App banking
  • Online banking

5.20%

5.20%

Not applicable

Australian Unity Limited
Freedom Saver
  • App banking
  • Online banking
  • Linked account required

5.50%

intro 4 months then 4.75%

4.75%

Not applicable

Macquarie Bank Limited
Macquarie Savings Account
  • 2024 Award Winner
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

5.00%

intro 4 months then 2.40%

2.40%

Not applicable

Summerland Bank
iSave Online
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

Some of the top-rated kids savings account

The top-rated savings accounts for the little savers. Assumes monthly deposits of $50 from age five to 17 inclusive.

Maximum rate condition

5.00%*

-

*Grow your balance by at least $10 and make no ...

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

0.85%*

0.05%

*Deposit at least $5 per month without making a...

  • Special
  • Bonus interest with conditions
  • App banking
  • Online banking

5.00%*

2.60%

*Grow your balance (excluding interest and bank...

Commonwealth Bank of Australia
Youthsaver Account
  • Bonus interest with conditions
  • App banking
  • Online banking

5.00%*

2.00%

*End the month with a higher balance and ensure...

Westpac Banking Corporation Ltd
Bump Account
  • 2024 Award Winner
  • Cashback
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

0.01%

0.01%

Not applicable

Australian Mutual Bank Ltd
Young Saver Account
  • 2024 Award Winner
  • App banking
  • Online banking

Compare savings accounts

Maximum rate condition

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 26 Feb, 2024

This article was reviewed by Public Relations Manager Eden Radford before it was published as part of RateCity's Fact Check process.

Promoted savings accounts

First Option Credit Union Limited

Kids Bonus Saver < 18

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

*Deposit at least $5 per month without making a withdrawal
Special
Deposit a minimum of $5 per month (pocket money!) without making a withdrawal and earn bonus interest up to 5.55% p.a. on balances up to $5,555.
  ~ Ends in about 1 month

Maximum rate p.a.

0.85%*

Base rate p.a.

0.05%

ubank

High Interest Save Account

Real Time Rating™

  • Bonus interest with conditions

  • Online banking

  • Linked account required

*Deposit $200+ a month into your Spend or Save accounts (external deposits only)

Maximum rate p.a.

5.10%*

Base rate p.a.

0.10%

Westpac Banking Corporation Ltd

Westpac Life - 18 to 29 years old

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

  • Linked account required

2024 Award Winner
*Make a deposit and make 5+ purchases on your Westpac Choice account each month

Maximum rate p.a.

5.20%*

Base rate p.a.

2.00%

ING

Savings Maximiser

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

  • Linked account required

2024 Award Winner
*Deposit at least $1000, make 5+ card purchases and grow your account's balance

Maximum rate p.a.

5.50%*

Base rate p.a.

0.55%

product data updated on

Product data updated on 26 Feb 2024