The highest term deposit and savings account rates after the final RBA meeting for 2022

The Reserve Bank of Australia has hiked the cash rate for the last time in 2022. So, which savings accounts and term deposits are offering the highest rates to help your nest egg grow in 2023? 

While rising interest rates are causing financial stress to millions of mortgage holders, savers are coming out on top as rates climb above 4%.

If you’re shopping around for a new savings account, or your term deposit period is reaching maturity, it’s worthwhile comparing your options to ensure you’re getting the best deal for your goals and needs.

Highest rates on savings accounts

Future Saver Account (Under 35)

• Bonus interest with conditions
• Linked account required

Young adults can enjoy one of the most competitive interest rates on a savings account for their nest eggs.

Maximum rate p.a.

5.50%*

Base rate p.a.

0.05%

More details

FeaturedAustralian Credit Licence: 244616 BOQ terms and conditions

At the time of writing, these are the highest interest rates Australians can earn on savings accounts, assuming all conditions are met.

Source: RateCity.com.au. Data accurate as of 05/12/22. Monthly conditions apply for max rate.

For savings accounts available to all adults, the most competitive rate on our database comes from ING’s Savings Maximiser at 4.30%.

Source: RateCity.com.au. Data accurate as of 05/12/22. Monthly conditions apply for max rate.

Savings account providers are trying to help young Australians achieve their savings goals in a higher cost-of-living environment. The highest rate on the RateCity database is reserved for those aged 14-35 from Bank of Queensland. The Future Saver account offers a generous 4.35%, ideal for helping young Australians save up for their first car or a home deposit.

Keep in mind that to qualify for these highest rates, you’ll likely need to meet some conditions set by the provider, such as making a minimum deposit each month or not withdrawing funds. Check the requirements of these accounts before you consider applying to ensure you can meet them.

Highest rates on term deposits

Personal Term Deposit (At Maturity)

• 3 months
• Automatic maturity rollover
• Joint application available

Be rewarded for your saving, thanks to a bonus 0.10% loyalty bonus when you roll over your term deposit.

Interest rate

5.00%

for 3 months

Min deposit

$1,000

More details

FeaturedAustralian Credit Licence: 501091 Judo Bank terms and conditions

At the time of writing, these are the highest interest rates Australians can earn on term deposits with a balance of $50,000, over various fixed term periods.

Source: RateCity.com.au. Data accurate as of 05/12/22. Based on a $50,000 balance.

These are the highest term deposit rates on the RateCity database for 1-, 2-, and 3-year fixed term deposits, for savers with a balance of $50,000. 

When you compare these products to term deposit rates offered only one year ago, it’s clear that savers are benefiting from a rising-rate environment. For example, last year, Judo Bank’s 3-year term deposit came with a rate of only 1.15%, and now it sits at 4.70%. This is an increase of 3.55 percentage points in only 12 months.

As the new year rolls in, now is the perfect time to take stock of where you’re keeping your savings, and if more competitive options are available to you.

Compare term deposits

Provider

Real Time Rating™Min depositInterest rateMaximum rate

$1,000

5.15%

for 6 months

5.15%

for 6 months

More details

Personal Term Deposit (At Maturity)

• Promoted
• 2024 Award Winner
• 6 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$1,000

3.40%

for 3 months

4.40%

for 12 months

More details

Term Deposit

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Interest payment to other institution

$1,000

2.70%

for 3 months

4.20%

for 24 months

More details

Term Deposit

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by phone

$1,000

2.10%

for 3 months

2.90%

for 24 months

More details

Term Deposits

• Promoted
• 3 months
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$5,000

1.20%

for 1 month

4.45%

for 9 months

Term Deposit

• 1 month
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

$5,000

1.25%

for 1 month

4.75%

for 8 months

Term Deposit

• 1 month
• Automatic maturity rollover
• Joint application available
• Maturity alert by email

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