Some of the top-rated savings accounts in January 2024

Is 2024 the year you’ll finally buy that boat, go on that holiday, or organise that dream wedding? Whether you’ve already been growing your wealth, or you’re yet to start building your nest egg, it may be worth comparing savings accounts to make sure you’re getting the most value for your money.

Even though the Reserve Bank of Australia (RBA) board is taking a break from meeting in January 2024, it will return in February for the first of eight meetings this year to discuss if the national cash rate needs further adjustment. While many economists forecast that interest rates should stay on hold in February 2024, some have suggested that one more rate hike may be required to help ensure that Australia’s inflation falls towards the RBA’s target band at a fast enough rate.

Keep in mind that some economists are also predicting the RBA could cut the cash rate once or twice at some point in the second half of 2024. While many mortgage holders and other borrowers may welcome this news, savers and depositors could risk seeing their wealth growth stall if their savings account interest rates are affected by cash rate cuts.

Even if the RBA raises the cash rate in February 2024, there’s no guarantee that banks and other Authorised Deposit-taking Institutions (ADIs) will pass this hike on to their savings account customers or other depositors. For example, at the start of December 2023, RateCity found that just 40% of all savings accounts had seen their interest rates rise following the RBA’s last hike in November 2023.

Whether or not savings account interest rates change significantly over the year to come, there’s more to consider when comparing savings accounts than just the interest you could earn. There may also be fees to pay, special conditions to access the bonus interest rate, or special features and benefits that may be useful in your personal financial situation.

One quick way to get an idea of each savings account’s overall value is to look at their Real Time Ratings™ at RateCity, which combine each savings account’s interest and flexibility into a single simple star rating. As these ratings are regularly updated, you can get a better idea of how the value of different savings accounts may change, even as interest rates change. Some of the top-rated savings accounts in different categories can be found in RateCity’s Savings Account Leaderboards. Consistently top-ranking savings accounts may also become eligible for a RateCity Gold Award.

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

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