The Best High Interest Savings Accounts to Consider Right Now
Looking to maximise the interest potential on your savings?
Looking to maximise the interest potential on your savings?
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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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.
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:
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The bank posted unaudited cash earnings for the quarter of A$1.7 billion, down 2% on the average of its prior two quarters
National Australia Bank said that higher credit impairments against business loans contributed to a small fall in its unaudited December quarter cash earnings.
NAB , which is Australia’s second-largest bank by market capitalization, on Wednesday posted unaudited cash earnings for its fiscal first quarter of 1.74 billion Australian dollars, equivalent to about US$1.11 billion.
That was down 2% on the average of its prior two fiscal quarters. NAB did not give a year-earlier comparison.
The lender said that revenue grew by 3% compared with the average of its prior two fiscal quarters. Underlying profit growth of 4% over the same period was offset by higher credit impairment charges and income tax expenses, it added.
NAB, which posted an unaudited quarterly statutory profit of A$1.70 billion, said the A$267 million credit impairment charge included A$152 million of individually assessed charges. Those were mainly against Australian businesses and unsecured retail portfolios, it said.
The individual charges were up by 54% compared with a year earlier. NAB said that it had not altered its economic assumptions and scenario weightings.
“The economic outlook is improving but cost of living and interest rate challenges persisted,” Chief Executive Andrew Irvine said. “While most customers are proving resilient, we have maintained prudent balance sheet settings.”
NAB said it had seen a small decline in net interest margin due to funding costs, lending competition and deposits, partially offset by the benefit of higher interest rates.
On Tuesday, the Reserve Bank of Australia cut the country’s cash rate for the first time since 2020 but warned against expecting subsequent near-term cuts.
NAB is still targeting full fiscal-year productivity savings of more than A$400 million, and for operating expenses to grow by less than 4.5%, Irvine said.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.