Interest rates in Australia have finally moved up from the record lows of recent years, presenting more opportunities to find a decent earnings rate for your savings. With numerous accounts on the market, ranging from bonus rate savings accounts to fixed-term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.
That’s why each year, Vantage Financial’s team of money experts assess and compare every savings account, term deposit, and everyday bank account in our database to determine which ones offer Australians the best value. For our 2024 Vantage Financial Experts Choice Awards, we compared over 400 products from 91 banking providers.
So no matter whether you’re wanting to maximize your interest rate, enjoy fee-free everyday banking, or reach your savings goal faster, read on for our Editor’s round-up of some of the stand-out winners from the 2024 Awards.
Best Savings Accounts
Rabobank High-Interest Savings Account
5.75% p.a. for the first 4 months (4.40% p.a. ongoing)
If you are looking to kick-start your savings, this award-winning online savings account from Rabobank offers a high introductory rate of 5.75% p.a. for the first four months on balances up to $250k. The ongoing rate is still a competitive 4.40% p.a., with no minimum balance or deposit requirements. There are also no account fees, making it a hassle-free and fee-free saving option. This account is accessible only via online banking through the Rabobank app or internet banking.
ING Savings Maximiser
5.50% p.a. Maximum interest rate, No account-keeping fees
The ING Savings Maximiser’s 5.50% maximum interest rate is hard to beat. You can earn a high bonus rate of interest by making 5 card purchases on your linked ING transaction account, depositing at least $1,000, and growing your balance every calendar month. The maximum interest rate is available on balances up to $100,000, with no monthly account fees. If bonus interest conditions are not met, the standard variable rate of 0.55% p.a. will apply the following month.
Macquarie Savings Account
5.35% p.a. for the first 4 months (4.75% p.a. ongoing)
Awarded in the kick-starter and no-strings savings categories, the Macquarie Savings Account offers a competitive intro rate of 5.35% p.a. for the first four months on balances up to $250k, and a competitive ongoing rate of 4.75% p.a. There are zero account-keeping fees. Opening a Macquarie Transaction Account is required first, but once done, you can open as many linked Savings Accounts as you like using the Macquarie mobile banking app.
Westpac Life 18-29
Earn up to 5.20% p.a. on your savings (18-29 year olds only)
Designed to help boost the savings of young Australians between 18-29 years, the Westpac Life account offers a high interest rate of 5.20% p.a. on balances up to $30k. To earn the maximum rate, you need to grow your balance by making at least one deposit into the account each month and make at least 5 eligible purchases a month on your Westpac Choice debit card. If the criteria are not met, the interest rate drops to 2.00% p.a.
Best Term Deposits
Judo Term Deposit
5.25% p.a. for a 1-year term, plus 0.10% loyalty bonus on roll-overs, 5.20% p.a. for a 2-year term
Judo Bank offers a range of terms starting from three months up to five years, with a minimum investment of $1,000. Interest can be paid out at maturity or annually/monthly with slightly lower rates. They offer a 0.10% interest rate bonus on rollovers at maturity. Deposits up to $250k are backed by the Government deposit guarantee.
ING Term Deposit
5.05% p.a. for a 12-month term, Minimum opening deposit of $10,000
ING’s term deposit offers a competitive 5.05% p.a. rate for a 12-month term. You can choose to have your interest paid into a different bank once the account matures. Once your term matures, it automatically rolls over to a new term. A minimum deposit of $10,000 is required, with a maximum deposit limit of $5 million. Early withdrawals require a 31-day notice and result in a lower interest rate.
Best Bank Accounts
ING Orange Everyday
Zero ING international transaction fees, zero monthly fees, Rebates on domestic ATM transactions
ING’s Orange Everyday account offers 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees in Australia, and unlimited rebates on international transactions. It has zero monthly account fees. To access these benefits, deposit at least $1,000 from an external bank account and make at least 5 eligible purchases using your ING debit card each month.
HSBC Everyday Global
Holds up to 10 currencies in one account, 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
This fee-free account, awarded for Exceptional Everyday Account, combines everyday transaction features with international spending capabilities. By depositing AUD$2,000 or more into your HSBC Everyday Global Account before the last day of each calendar month, you could earn 2% cashback on tap and pay purchases under $100 (conditions apply). There are no monthly fees or ATM fees at most global locations, with unlimited fee-free transactions online, via EFTPOS, BPAY, or direct debits. Users can hold up to ten different currencies.
Suncorp Everyday Options
9 sub-accounts to help you spend, budget, and save, No account-keeping fees
This account lets you create up to nine sub-accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees, and offer unlimited withdrawals to and from the main account. There are no monthly account fees, and travellers won’t need to worry about overseas ATM fees or foreign exchange fees by Suncorp.
For personalized financial advice and to find the best savings options for your needs, contact Vantage Financial at 1800 595 500 or email info@vantagefinancial.com.au. Visit our website at vantagefinancial.com.au to get started today.
