Save for new year buys with some of the best savings accounts in December 2022

Although interest rate hikes are hurting mortgage holders, it’s generally positive news for savers hoping to grow their funds into the new year.

The Reserve Bank of Australia (RBA) have instituted eight cash rate hikes this year, and while not all banks have increased their savings products in line with each interest rate rise, a number of banks are offering rates above 4 per cent.

Are you searching for a savings account to grow your money in the hopes of making a few new year purchases? Perhaps you’re looking to renovate your property, buy a new electric car, take a summer vacation or invest in green funds. 

Don’t forget to look at more than just the maximum interest rate. Compare savings account interest rates, fees and other features - such as bonus interest terms - to find an account that suits your financial goals.

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.

Some of the best bonus saver accounts

A savings account with a bonus interest rate operates like a regular high-interest savings account, except that in exchange for meeting specific conditions you’re awarded a bonus interest rate that can help you reach your savings goal sooner.

It’s worth noting that bonus rates are generally temporary, which means that after a specific period, the bonus rate will revert to a normal base rate. When you’re comparing bonus rate accounts, check what happens when the honeymoon period ends.

Some of the best savings accounts for balances over $100k

Are you keen on maximising the interest you could earn on a balance of $100,000 or more? Compare high interest savings accounts to decide which option may offer the best bang for your big bucks.

Some of the best online savings accounts

Many Australians conduct all their banking transactions digitally these days. A number of banks offer online savings accounts as a way to pass on the reduced costs of having no physical branches. All services are performed in-app, online or over the phone.

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