The Best High Interest Savings Accounts to Consider Right Now

In the grand scheme of modern investments—that is, how best to gain capital on your cashflow—high-interest savings accounts may take a back seat to other forms of investments, but those looking to grow their finances steadily over the course of each month really should pay close attention.

With interest rates on bank deposit accounts on the rise—currently presenting between 4 to 5.50 per cent, and higher, in some cases—the benefits of having and up-keeping a traditional savings account are a no brainer for the modern day customer.

In 2024, if you’re after the best high-interest savings account, it’s important to remember to compare interest rates, fees, terms, and conditions across the board, as different providers may suit your needs and preferences in different ways. Below, you will find everything you need to know about investing your time (and money) into high-interest savings accounts, and which bank may work best for your current circumstances.

But first…

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What Are High-Interest Savings Accounts?

In its simplest form, high-interest savings accounts are bank accounts that will reward you with interest on the amount of money you add into the account each month. The amount received is dependant on the annual interest rate. Of course, some accounts will pay interest with little to no conditions, while others may offer a better rate, but you’ll likely have to meet specific requirements.

What Are the Best High-Interest Savings Accounts in 2024?

The best high-interest savings accounts in Australia can vary depending on factors such as interest rates, account features, bonus promotions, and eligibility criteria. While we recommend each individual conduct their own research as to what the right savings product will be for your personal circumstances, here are some notable high-interest savings accounts to consider in March 2024:

1. Australian Unity

Freedom Saver Account
5.20% interest rate

2. Rabobank

High interest savings account
5.75% for the first four months

3. ANZ

ANZ Save Account (ANZ Plus)
4.90% interest rate

4. Macquarie Bank

Savings Account
5.35% for the first four months

5. ING

Savings Maximiser
5.50% interest rate when:
Deposit $1,000, make 5 purchases, and grow your account each month

6. MOVE Bank

Growth Saver
5.50% interest rate when:
Deposit $200 and make no withdrawals monthly

7. AMP Bank

AMP Saver Account
5.40% interest rate when:
Deposit $1,000 each month

8. ME Bank

HomeME Savings Account
5.55% interest rate when:
Deposit $2,000 into your SpendME account and grow your balance each month

Australian shares fell on Thursday as Wall Street weakness, rising oil and persistent rate concerns weighed on most of the market.

The S&P/ASX 200 declined 0.72 per cent to 8,702. The All Ordinaries lost 0.66 per cent to finish at 8,897. Mining stocks were hit particularly hard, while real estate also dragged on the index.

Energy was the notable exception, gaining more than one per cent as Brent crude traded above US$103 a barrel. Oil had moved higher amid uncertainty surrounding potential US diesel-export restrictions and broader geopolitical supply risks. The move supported energy producers but renewed concern about inflation inputs across transport and the wider economy.

Gold shares were weak even as spot bullion remained historically elevated. The All Ordinaries Gold index fell about 2.25 per cent, showing that equity performance can diverge from the commodity because of valuation, currency, operating and company-specific factors.

Zip was a prominent loser, falling 11.38 per cent after the company reported short sales after the previous close. Nine Entertainment also weakened after UBS analysts warned of near-term revenue challenges associated with its advertising-supported subscription tier.

Premier Investments led larger winners despite caution about the retail environment. Breville, in which Premier owns a significant stake, also appeared among leading movers. In the broader ASX 300 screen, Myer gained 11.43 per cent and MAAS Group rose 7.93 per cent, while Lotus Resources fell 10.53 per cent. These percentage moves should be checked against company announcements and trading liquidity before attributing causes.

The Australian dollar was broadly flat at US70.38 cents. Spot gold was around US$4,280 an ounce, Brent crude approximately US$103.08 a barrel and iron ore near US$96.90 a tonne late in the session.

The rate outlook remains the central domestic catalyst. Labour-market weakness has not eliminated the possibility of an RBA increase next week, leaving banks, listed property and other rate-sensitive sectors exposed to changing expectations.

Market dashboard

S&P/ASX 200: 8,702, down 0.72 per cent.

All Ordinaries: 8,897, down 0.66 per cent.

Best sector: Energy, up more than one per cent.

Weakest areas: Real estate and materials were the major drags; confirm final sector percentages before publication.

Material winner: Premier Investments led the large-company gainers. Confirm its final closing move from the ASX before publication.

Material loser: Zip, down 11.38 per cent.

ASX 300 percentage leader: Myer, up 11.43 per cent.

ASX 300 percentage laggard: Zip, down 11.38 per cent.

AUD/USD: Approximately US$0.7038, broadly flat.