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Saving or spending? Some of the top-rated savings accounts in August 2024

Mark Bristow avatar
Mark Bristow
- 3 min read
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If you recently dipped into your savings to splurge on end of financial year sales, you may not be alone. But new data indicates that Australians could soon be putting more money back into the bank again to help manage the high cost of living.

The latest monthly banking statistics from the Australian Prudential Regulation Authority (APRA) show that money deposited into Authorised Deposit-taking Institutions (ADIs) fell by $11.5 billion over the past month of June 2024. This was the first drop in household deposits recorded this year, and only the second recorded since the start of the rate hikes in 2022.

But it’s important to remember that Australian households still have a lot of money in the bank. Across term deposits, transaction accounts, mortgage offset accounts and savings accounts with ADIs, Australian households have deposited $1.47 trillion in total - $98.59 billion more than the same time a year ago, and almost $200 billion higher than it was in the month before the rate hikes began.

Does this mean that Australian households are under pressure, and being forced to rely on their savings to make ends meet? Not necessarily. According to RateCity research, dips in household deposits aren’t uncommon around June, due in part to the end of the financial year being a popular time to buy big ticket items. Deposits also often increase in July, thanks to money from tax returns.

Of course, every household is different, and may have different needs when it comes to their savings account. While it’s important to find a savings account with a good interest rate, especially if you want to try to earn more interest than inflation and keep your money from going backwards, that’s not all there is to it. You may want to check the terms and conditions required to qualify for an account’s bonus interest rate, or if there are any fees you’ll need to pay that could risk eating into your savings.

One quick and simple way to help compare savings accounts is to check Real Time Ratings™ at RateCity. These simple star ratings combine the interest and flexibility of each savings account, to better reflect their overall value. And because these ratings are regularly updated, you can be more confident in their overall accuracy. Some of the top-rated savings accounts are ranked on RateCity’s Savings Account Leaderboards, and may become eligible for a RateCity Gold Award.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

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.

Maximum rate condition

5.10%*

tiered rates apply*

Not Applicable

*Deposit $500+ a month into your Ubank account ...

ubank
High Interest Save Account
  • Bonus interest with conditions
  • Online banking
  • Linked account required

4.95%*

0.75%

*Grow your account balance by at least $250 (ex...

AMP Bank Limited
AMP Saver Account
  • Bonus interest with conditions
  • App banking
  • Online banking

5.25%*

0.10%

*Make a minimum deposit of $200 and no withdraw...

Railways Credit Union Limited T/A MOVE Bk
Growth Saver Account
  • 2024 Award Winner
  • Bonus interest with conditions
  • Online banking

5.40%*

0.05%

*Deposit at least $1000, make 5+ card purchases...

ING
Savings Maximiser
  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

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.

Maximum rate condition

4.85%

4.85%

Not applicable

Australian Unity Limited
Freedom Saver
  • App banking
  • Online banking
  • Linked account required

4.55%

4.55%

Not applicable

Bank of Queensland
Simple Saver Account
  • 2024 Award Winner
  • App banking
  • Online banking

4.35%

4.35%

Not applicable

Unity Bank Limited
MoneyMAX Account
  • 2024 Award Winner
  • App banking
  • Online banking

5.10%

intro 4 months then 4.75%

4.75%

Not applicable

Macquarie Bank Limited
Macquarie Savings Account
  • 2024 Award Winner
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

4.50%

4.50%

Not applicable

Bank Orange
Online Saver
  • App banking
  • Online banking

Compare savings accounts

Maximum rate condition

4.75%

intro 5 months then 1.35%*

1.00%

*Available for new accounts opened online by ne...

Westpac Banking Corporation Ltd
eSaver
  • Bonus interest with conditions
  • Intro offer rate
  • App banking
  • Online banking

4.65%*

0.35%

*The closing account balance must be higher tha...

Commonwealth Bank of Australia
GoalSaver
  • Bonus interest with conditions
  • App banking
  • Online banking

4.75%*

2.40%

*Grow your balance (excluding interest and bank...

Commonwealth Bank of Australia
Youthsaver Account
  • Bonus interest with conditions
  • App banking
  • Online banking

4.90%

intro 5 months then 2.15%

2.15%

Not applicable

Commonwealth Bank of Australia
NetBank Saver
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

Product database updated 07 Apr, 2025

Promoted savings accounts

Westpac Banking Corporation Ltd

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%

Westpac Banking Corporation Ltd

Life

Real Time Rating™

  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

Maximum rate p.a.

4.75%*

Base rate p.a.

1.60%

Westpac Banking Corporation Ltd

Bump Account

Real Time Rating™

  • 2024 Award Winner
  • Cashback
  • Bonus interest with conditions
  • App banking

Maximum rate p.a.

4.75%*

Base rate p.a.

1.75%

ANZ Banking Group Limited

Progress Saver

Real Time Rating™

  • Bonus interest with conditions
  • App banking
  • Online banking

Maximum rate p.a.

3.75%*

Base rate p.a.

0.01%

product data updated on

Product data updated on 7 Apr 2025