Some of the top-rated savings accounts in October 2023

The Reserve Bank of Australia (RBA) held the cash rate at 4.10% in October 2023 for the fourth month in a row. While it’s not yet certain if the cash rate has peaked, there are several banks offering savings accounts with interest rates that may be able to help you beat inflation.

The RBA’s 12 cash rate hikes since May 2022 were intended in part to combat the scourge of high inflation. The most recent monthly inflation stats saw inflation uptick to 5.20%, though the RBA will likely want to see the quarterly inflation figures to be released at the end of the month before it will decide whether to hike the cash rate again this year, as NAB is predicting.

Why is this relevant to savers? Well, if the interest rate on your savings account is less than the inflation rate, you risk seeing your money going backwards. If the RBA’s rate hikes do help to push inflation down, it could become easier to make real progress towards your saving goals with the help of a high interest savings account.

At the time of writing, there are 9 different savings accounts on the RateCity database with ongoing interest rates of 5.50% or higher (excluding kids accounts):

Source: RateCity.com.au data accurate as of 30/09/2023. Monthly conditions may apply for max rate.

But before you go switching banks, remember that it’s important to consider more than just the interest rate on offer from a savings account. Comparing the features and benefits of different options may help you to work out which savings accounts may best suit your needs and financial goals. To simplify this process, you could compare savings accounts based on their Real Time Ratings™, which combine their interest and flexibility into a single star rating, which is regularly updated to more accurately indicate their overall value.

Compare savings accounts