6 best savings account rates to kickstart your 2023 savings goals
Are you looking to boost your savings in 2023? Check out these 6 savings accounts with interest rates above 4.0% p.a.
With savings rates on the rise throughout 2022, now is a great time to switch to a bank with a high interest rate.
Consider switching if your current savings rate isn't at least 4.0% p.a. and you're hoping to kickstart your 2023 savings goals.
Here are 6 savings accounts paying 4.0% p.a. or more
1.BoQ Future Saver
The Bank of Queensland (BoQ) Future Saver account pays 4.75% p.a. when you deposit at least $1,000 a month and make 5 purchases a month. You can earn this rate if you're aged 14–35 on balances up to $50,000.
2. ING Savings Maximiser
The ING Savings Maximiser account pays 4.55% p.a. when you link to an ING Orange Everyday bank account and do the following each month: deposit at least $1,000, make 5 or more purchases and grow your Savings Maximiser balance. This interest rate is available for balances up to $100,000.
3. Macquarie Savings Account
The Macquarie Savings Account pays 4.50% p.a. for the first 4 months after opening the account. After the 4-month introductory period, the interest rate drops down to 3.7% p.a. This rate is available for balances up to $250,000.
4. Rabobank High Interest Savings Account
The Rabobank High Interest Savings Account pays 4.50% p.a. for the first 4 months after opening the account. This rate is available for new customers only on balances up to $250,000. Once the 4-month introductory period has ended, the interest rate drops to 3.25% p.a. There are no deposit or withdrawal conditions.
5. Westpac Life
The Westpac Life account pays 4.35% p.a. each month you grow your balance and make 5 or more debit card purchases from your Westpac Choice account. This rate is available if you're between the ages of 18 and 29 and have a balance below $30,000.
6. Virgin Money Boost
The Virgin Money Boost account pays 4.30% p.a. for every month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make 5 or more transactions. You can earn this rate if you're aged 18–24 on balances up to $250,000.
You can also earn an additional 0.30% p.a. (up to a total of 4.60% p.a.) when you allow the optional Lock Saver Feature. This requires you to provide 32 days' notice to make a withdrawal.