Supercharge your savings with rates above 5.50% in July 2023

The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in July. There are several banks offering interest rates above 5.50%, although some conditions may apply to earn the highest rate. 

Australia’s central bank has raised rates twelve times since May 2022, pausing once in April 2023 to evaluate the economic landscape and again earlier this month to review its efforts to alleviate the headache of high inflation.

Despite the July pause, savings rates are at some of the highest levels seen in more than a decade. At the time of writing, RateCity lists four different banks offering ongoing rates of 5.50% or higher:

Source: RateCity.com.au data accurate as of 07/07/2023. Monthly conditions apply for max rate. Excludes kids savings accounts.

It’s sensible to consider more than just the maximum interest rate. Examine savings account fees, minimum and maximum balances and other features - such as introductory and bonus interest terms - to find an account that suits your financial goals.

Your savings are an essential safety net that can help you in emergencies, enjoy luxuries, and live a comfortable life when you’re no longer working. But working out how much savings you really need will depend on multiple factors.

There is no single best savings account as everyone’s needs are different. To get a better idea of which accounts may provide the most value for your money, you could consider comparing their Real Time Ratings™, to evaluate interest and flexibility scores.

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