ING Savings Maximiser - 4.30% Rabobank High Interest Savings Account - 4.25% Macquarie Savings Account - 4.25% MoveBank Growth Saver Account - 4.25%
5 top high interest savings accounts in Australia*
Up to 4.55% p.a. To achieve this ongoing bonus rate, each month savers must deposit at least $1,000 into a linked ING Orange Everyday Account, make five settled purchases with a linked ING debit card and grow the savings account balance. Up to 4.50% p.a.
Savings account interest rates of Jana Small Finance Bank are effective from 15th November, 2022. On savings bank deposits of more than Rs. 1 lakh and upto Rs. 50 Crores, the bank is now offering an interest rate of 7.00%.
Term deposits let you invest for a set amount of time and get a fixed interest rate. They can be useful when saving for bigger items like a car or investing when you want to be certain about the interest you'll earn. If you want to save but might need quick access to your money, a savings account could be better.
Current RBA cash rate: 3.10%
The cash rate is Australia's official interest rate which is currently held at a target of 3.10% by the Reserve Bank of Australia (RBA).
What is the average Australian's savings account balance? The average Australian savings account balance varies depending on your age. According to a Westpac survey released in December 2021, the average customer has $22,020 in their savings account.
A competitive savings account will offer an interest rate of around 2% to 3% or more. A transaction account will usually have an interest rate between 0% and 1%. This means your savings will grow faster in a savings account. See how your money can grow with different interest rates.
Interest on $100,000
Even with a well-diversified portfolio and minimal living expenses, this amount is not high enough to provide for most people. Investing this amount in a low-risk investment like a savings account with a rate between 2% to 2.50% of interest each year would return $2,000 to $2,500.
Other high-yield options
Credit Karma is the newest entrant to the savings game, with a savings account with a 2.03% APY. Credit Karma does not charge any fees, and there's no minimum requirement to open. Like Betterment, it is partnering with banks that will hold savers' money.
ING Australia has well-known competitive interest rates on their savings accounts, as well as an easy-to-use app interface. However, given they are an online bank, depositing and withdrawing money can be a real challenge.
The list of Australia's most trusted brands for the latest quarter to June 2022 was announced today by research house Roy Morgan. In addition to being the most trusted bank in the country, Bendigo Bank was named as one of the most trusted brands in Australia with a Net Promoter Score (NPS) of 24.5.
Meet your everyday bank account. Easy access to your money everyday with no monthly account or overdrawn fees.
So, if you're buying a home for $300,000 you'll need at least $60,000 to cover a 20% deposit. You won't pay any LMI premiums, but you will need to be sure you have enough additional funds to cover the cost of any other fees and charges associated with the purchase.
So, to put that into an interest perspective, were you to put that $1 million AUD into a 3-month term deposit you would only earn 3% on it, which works out to A$30,000 per year. If however you picked a longer term, say a 24-month term deposit today, you will likely earn an interest of up to $46,000 per year on it!
Australia Deposit Rate: Bank Term Deposits: AUD 10000: Average Rate data was reported at 2.100 % pa in Dec 2022. This stayed constant from the previous number of 2.100 % pa for Nov 2022.