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Do you dip into your savings? Some of the top-rated savings accounts in June 2024


While many Australians have been stashing money in the bank to take advantage of higher interest rates, others have been dipping into their savings to better manage cost of living pressures. Depending on your saving goals and financial situation, it could be worth comparing savings accounts to find out if an alternative option could better suit your needs.
According to data from the Australian Prudential Regulation Authority (APRA), Australians deposited $4.69 billion into term deposits, transaction accounts, mortgage offset accounts and savings accounts in April 2024. This brings the total amount saved from households $1.474 trillion – a new record high – and means household deposits have now risen by over $200 billion since the start of the rate hikes in April 2022.
However, according to the Australian Bureau of Statistics (ABS), Australian households only saved 0.9% of their income in the March 2024 quarter. This resulted in total savings remaining below 2.0% for the year, which hasn’t been seen since March quarter 2008.
This could be partially attributed to household spending also rising by 0.4% in the March quarter. This rise could itself be partially attributed to higher spending on essential services, with spending on electricity and gas rising 4.9%.
The best savings account options for managing your money may vary depending on your financial situation. If you’re able to make regular deposits and minimal withdrawals, you could be able to take advantage of conditional savings accounts with bonus interest rates. But if you’re likely to dip into your savings and may not be able to make regular deposits to grow your balance, a standard savings account with a high base interest rate could let you earn interest on your wealth while still offering some flexibility.
You could also consider putting some of your savings into a term deposit to earn a fixed amount of interest over a predetermined length of time. Because this money will be locked into the account, it’s harder to succumb to the temptation to spend your long-term savings. Plus, because the interest rate is fixed, you won’t need to worry about falling interest rates from affecting your future savings goals. Of course, this must be balanced against the fact that you won’t have the flexibility to easily access the money in a hurry if you really need it, and you’ll only earn simple interest, rather than compound interest, meaning it’s not as easily to build your wealth by earning interest on interest.
RateCity’s Real Time Ratings™ could help you compare savings account options, as they combine the cost and flexibility of different savings accounts and are updated regularly for accuracy. The top-rated savings accounts on RateCity’s Savings Account Leaderboards may also be eligible for a RateCity Gold Award.
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.
4.95%*
0.75%
*Grow your account balance by at least $250 (ex...

AMP Saver Account
- Bonus interest with conditions
- App banking
- Online banking
5.25%*
0.10%
*Make a minimum deposit of $200 and no withdraw...

Growth Saver Account
- 2024 Award Winner
- Bonus interest with conditions
- Online banking
5.40%*
0.05%
*Deposit at least $1000, make 5+ card purchases...

Savings Maximiser
- 2024 Award Winner
- Bonus interest with conditions
- App banking
- Online banking
- Linked account required
5.00%
intro 3 months then 4.90%*
1.60%
*Deposit at least $0.01 a month for customers u...

Incentive Saver Account
- 2024 Award Winner
- Special
- Bonus interest with conditions
- Intro offer rate
- App banking
- Online banking
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.
4.85%
4.85%
Not applicable

Freedom Saver
- App banking
- Online banking
- Linked account required
4.55%
4.55%
Not applicable

Simple Saver Account
- 2024 Award Winner
- App banking
- Online banking
4.35%
4.35%
Not applicable

MoneyMAX Account
- 2024 Award Winner
- App banking
- Online banking
5.10%
intro 4 months then 4.75%
4.75%
Not applicable

Macquarie Savings Account
- 2024 Award Winner
- Intro offer rate
- App banking
- Online banking
- Linked account required
4.50%
4.50%
Not applicable

Online Saver
- App banking
- Online banking
Compare savings accounts
4.75%
intro 5 months then 1.35%*
1.00%
*Available for new accounts opened online by ne...

eSaver
- Bonus interest with conditions
- Intro offer rate
- App banking
- Online banking
4.65%*
0.35%
*The closing account balance must be higher tha...

GoalSaver
- Bonus interest with conditions
- App banking
- Online banking
4.75%*
2.40%
*Grow your balance (excluding interest and bank...

Youthsaver Account
- Bonus interest with conditions
- App banking
- Online banking
4.90%
intro 5 months then 2.15%
2.15%
Not applicable

NetBank Saver
- Intro offer rate
- App banking
- Online banking
- Linked account required
Product database updated 07 Apr, 2025
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Promoted savings accounts

eSaver
Real Time Rating™
- Bonus interest with conditions
- Intro offer rate
- App banking
- Online banking
Maximum rate p.a.
4.75%
intro 5 months then 1.35%*
Base rate p.a.
1.00%

GoalSaver
Real Time Rating™
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
4.65%*
Base rate p.a.
0.35%

Youthsaver Account
Real Time Rating™
- Bonus interest with conditions
- App banking
- Online banking
Maximum rate p.a.
4.75%*
Base rate p.a.
2.40%

NetBank Saver
Real Time Rating™
- Intro offer rate
- App banking
- Online banking
- Linked account required
Maximum rate p.a.
4.90%
intro 5 months then 2.15%
Base rate p.a.
2.15%
Product data updated on 7 Apr 2025