On Tuesday, the RBA announced another increase in the cash rate, increasing it to 4.1%. This is the highest cash rate Australians have seen since 2012, and also signals the 12th rate rise in the past year! So, while this cash rate is unwelcome news for many Aussies with mortgages, it does mean if you’ve got money in a savings account – those interest rates could be working for you.
Hosts of Get Started Investing, Bryce and Alec, go through the 5 best savings accounts for June 2023, to help their audience supercharge their savings.
Youtube: The 5 best savings accounts in Australia for June 2023
5. Macquarie Savings Account 5.05%
The Macquarie Savings Account gives you bonus interest for the first 4 months you have the account, with no strings attached. You don’t have to lock in the money for any length of time, there’s no withdrawal notice period and there’s no monthly fees. Easy.
4. Rabobank High Interest Savings Account 5.15%
Another bank offering a very competitive variable interest rate of 5.15% p.a. for the first 4 months. It’s available on balances up to $250,000, and you do have to be a new customer opening your first Rabobank High Interest Savings Account.
3. Great Southern Bank Youth eSaver Account 5.25% (0-17 year olds only)
One for any younger Equity Mates out there – this is an online savings account for newborns through to 17 year olds. If you’ve a balance up to $5, 000 it will earn a highly competitive interest rate of 5.25%.
2. ING Savings Maximiser 5.25%
This is Bryce’s savings account of choice, and earns you 5.25% p.a. when you link this account to an ING Orange Everyday account. To earn the interest you must meet the following criteria each month: deposit at least $1,000; make 5+ card purchases; and grow the balance sitting in your Savings Maximiser account. You aren’t allowed to include the interest in this sum!
1. Bank of Queensland Future Saver 5.3% (14 – 35 year olds only)
In the Gold Medal position, the Bank of Queensland Future Saver account awards a huge 5.3% on balances up to $50,000. The snag is that you have to be between 14 – 35 years old, and meet the criteria for each month. That means you have to deposit $1000 a month and make 5 or more eligible purchases from your linked Bank of Queensland Everyday Account.
Note, this information is correct as of May 31 2023 and these accounts are ranked in order of highest interest paid, without qualifiers.