Savers rejoice! Your time to shine has come.
It has been a few lifetimes since we’ve spoken about savings accounts and making sure you’re getting a decent interest rate on your hard earned savings, but things are changing.
This is especially exciting for those of you that are hard at work saving up for a specific short term goal or wanting to get a little bonus on their emergency fund that’s been safely stored away.
In this episode we’ll be sharing:
- Some tips on making the most of your savings
- Why shopping around for a better interest rate matters (especially now)
- Some of the best interest rates around on savings accounts and term deposits
- Plus Owen’s thoughts on when it’s better to use a Term Deposit over an Offset Account
đź’° 5+ high interest savings accounts in Australia
Let’s have a look at some of the best rates around as of August 2022 for savings accounts and term deposits.
Please note that these rates change on a regular basis, so click on the hyperlinks below to find out the most up to date rates (none of these links are referral links and we have no commercial relationships with these financial institutions).
High interest savings accounts
- Macquarie: 2.25% p.a. up to $250,000 (3.10% p.a. 4-month introductory rate)
- ING: 3.10% p.a. up to $100,000 (multiple hurdles)
- uBank: 2.85% p.a. up to $250,000 (with a deposit hurdle)
- Australian Unity: 2.50% p.a. up to $500,000 (with a deposit hurdle)
- Suncorp: 2.40% p.a. (grow balance by $200 each month and make max 1 withdrawal)
- Up Money: 1.60% p.a. up to $1,000,000 (transaction hurdle) increasing to 2.10% on 1st September 2022
Special rates for younger savers
- BOQ: 3.50% p.a. up to $50,000 (with a few hurdles) for 14 – 35 year olds
- Westpac: 3.25% p.a. up to $30,000 (with a few hurdles) for 18 – 29 year olds
