Some of the highest savings account introductory rates for new customers

Is your current savings account struggling to keep up with the latest cash rate hikes? You may be able to nab a competitive savings account interest rate just by making yourself a new customer. 

The Reserve Bank of Australia (RBA) has hiked the cash rate multiple times since May 2022, with three of the four big banks predicting it will now peak at 4.10% this year. However, not every savings account has had its interest rates rise in tandem with the RBA cash rate. 

In a time when rising inflation levels are putting significant pressure on the household budgets of millions of Australians, you literally cannot afford to be complacent about your savings account. 

As a general rule of thumb, experts recommend that you choose a savings account with an interest rate above the annual rate of inflation, so that your savings do not depreciate in value. Considering headline inflation rose to a high of 7.8 per cent last quarter, it is impossible to find a savings account with interest above this figure in Australia. 

This is why it’s never been more important to find and compare competitive savings account options, so that your humble savings can do their best to battle the rising cost of living. It may be worthwhile comparing some of the competitive rates available to new customers. 

Simple Saver Account

• App banking
• Online banking

Maximum rate p.a.

4.85%

Base rate p.a.

4.85%

More details

FeaturedAustralian Credit Licence: 244616 BOQ terms and conditions

High introductory rates on savings accounts

There are two popular savings account options in Australia: conditional savers and introductory savers.  

Conditional savings accounts may be able to offer you a high savings rate on an ongoing basis, but you will typically need to meet strict criteria to do so. This can include making minimum deposits into the account each month, making no withdrawals, making eligible transactions on a linked bank account and much more. 

These conditions can be challenging to meet, especially if you’re the type of person who likes to dip into their savings when needed. And if you do not meet conditions, you’ll likely only earn the accounts base rate, which could be below 1%. This can be especially challenging for Australians who are:

• Planning on extended travel
• Working overseas 
• Paying for an ongoing project, like a wedding or a renovation

You may not be able to keep up with the conditions of their savings accounts. If this does not sound like your thing, you may want to consider if an introductory rate savings account is a better fit for you. 

Introductory savings accounts will offer new customers a highly competitive rate, typically for a fixed introductory period of a few months, that may then revert to a lower ongoing rate. However, there are generally no conditions that need to be met to earn either interest rate. Meaning, you can set and forget your savings, dip into them whenever you need, and not have to jump through any hoops set by the provider to qualify to earn interest on your savings.  

This can be a competitive strategy for savers looking to boost their savings for a short-term goal, such as for a new car or a holiday. All you need to do to earn the higher introductory rate is become a new customer. 

At the time of writing, these are the highest introductory rates offered on savings accounts on the RateCity database. 

Highest introductory rate savings accounts

Source: RateCity.com.au. Data accurate as of 06/03/2023.

Keep in mind that there is more to a savings account than the interest rate offered, and you’ll also want to consider factors like the fees charged and the customer service and accessibility offered by the lender. For example, if you prefer to bank face-to-face in a branch, you may prefer a big bank saver than one based entirely online. 

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