- Home
- Savings Accounts
- News
- Saving or spending? Some of the top-rated savings accounts in August 2024
Saving or spending? Some of the top-rated savings accounts in August 2024


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.
5.10%*
tiered rates apply*
Not Applicable
*Deposit $500+ a month into your Ubank account ...

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 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
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
Fact Checked
Share this page
Get updates on the latest financial news and products
By continuing, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.
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%

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%

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%

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 7 Apr 2025
Latest savings accounts articles

Savings Accounts
01/12/24 . 5 min read
What is a cash management account and how is it different from a savings account?
Learn how Cash Management Accounts (CMAs) offer flexibility, transaction management, and interest earning, making them ideal for investors and SMSFs.

Vidhu Bajaj
Personal Finance Writer

How to prepare for and manage the rising cost of living

What's the difference between a savings account and a transaction account?

How much does the average Australian have in savings?
