Many Australians are worried about their finances.
According to Toluna’s Global Consumer Barometer Study, 48% of Aussies are concerned about their financial security because of the pandemic, with 30% of women saying they are financially worse off.
One way to reduce the impact of inflation is to keep your money in a high interest savings account.
To help you save time in looking around for savings accounts with high interest rates, Really Simple Money compiled the list below.
Please take note that the highest interest rate in this list is 2%, which is still lower than the inflation rate. However, it is still way better than keeping your savings in a regular savings account that pays 0.15% p.a.
Australian Savings Account with High Interest Rates (as of April 2022)
1. Firstmac Term Deposit (up to 2.20% p.a.)
The minimum deposit is $5,000 while the maximum amount is $5 million.
You can select from a range of terms including a three-month term deposit, a six-month term deposit, a one-year term deposit and a two-year term deposit. You may arrange other terms with the bank upon your request.
Upon maturity you may close your term deposit or renew your principal or interest for the same or a new term based on your preference.
2. Westpac Life (up to 2% p.a.)
Westpac Life is available to depositors 18 to 29 years old, and designed to help you reach savings targets faster by earning bonus interest each month you save.
You can earn up to 2% p.a. variable interest if you meet the criteria for both Westpac Life variable interest and Spend&Save Bonus variable interest.
To qualify for bonus interest, you should deposit to your account and make certain that the account balance is higher at the end than the start of the month and keep the account balance above zero dollars. The interest rate is computed on the daily balance of the account and paid every last business day of the month.
3. Bank of Queensland Future Saver (up to 2% p.a.)
Bank of Queensland Future Saver is a high interest savings program available for depositors aged 14 to 35 years.
The account will help you earn 2% per year if your balance is at least $50,000. It has no monthly fees and you can earn bonus interest every month when you qualify. You just need to transfer at least $1,000 to your connected Everyday Account and complete five eligible transactions.
The bonus interest will be automatically transferred to your account the following month if you qualify for the Bonus Criteria.
Techies may find this savings account a bit exciting because it comes with personalised insights and goal tracking that can help you reach your savings goals sooner.
4. Australian Unity Kids Saver (2% p.a.)
This special savings account can help you earn up to 2% p.a. variable interest rate but only if you are 14 years old and under.
There is no minimum amount for account opening, but you can earn bonus interest if your balance is at least $20,000. Also, the base interest has no maximum balance.
Enrolling your kids in this savings program can help you teach them money management. They can earn rewards via bonus interest if they deposit a minimum of $5 per month and make no withdrawals during the month.
The interest is also calculated daily and credited to the account monthly.
5. AMP Term Deposit (up to 1.95% p.a)
AMP currently offers a term deposit program that will help you earn 1.95% per year for over $25,000 for a 12-month term.
The bank is not charging for account management, but if you decide to withdraw before maturity, you may need to pay a certain cost depending on the signed terms.
Disclaimer: The information presented in this article is for general information only. Don’t take this as professional advice from Really Simple Money.
Really Simple Money is not a financial adviser. You should consider seeking independent financial advice to check how the information here relates to your unique circumstances.
Really Simple Money is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article.