Score rates above 5% with some of the best savings accounts in March 2023

Although mortgage holders are taking a battering, the highest interest savings accounts are now above 5 per cent, with Bank of Queensland offering a conditional rate of 5.15 per cent to some customers.

While this is good news for savers, it’s important to note that the new rate is exclusive to customers aged 14 to 35 years with a Future Saver account on balances up to $50,000. The highest interest rate among savings accounts for all adults is Virgin Money’s Boost Saver at 4.85 per cent on balances up to $250,000.

At the time of writing, RateCity lists six banks offering ongoing rates of 4.75 per cent or more for all adults:

Source: RateCity savings accounts data 09/03/2023

It’s sensible 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 $100k+ balances

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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