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Module 4: Save to win! Supercharge your savings 

Savings rates are above 5%, but most Australians are missing out.

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Why saving pays off

As part of your 5-minute budget, you already know how much you save each month.

Now it's time to put your savings to work by earning more interest.

The average Australian has $35,166 in savings according to Finder's Consumer Sentiment Tracker.

And right now, the most competitive savings accounts have rates of 5.5% or even higher. But the average savings rate in Finder's database is just 2.5%.

If you had $35,166 sitting in a savings account with a 2.5% rate you'd earn $889 in interest in 12 months.

But what if you put that money in a savings account with a 5.5% rate? You'd earn $1,983 in interest.

The average Australian can earn $1,094* more a year by switching to a better savings account.

Even if you don't have this much stashed away, there are still plenty of ways to make your savings work harder for you.

How to get more from your savings account

Savings accounts are pretty simple products: You put money in, you try not to take it out, you earn interest.

But a couple of quick tips will help you maximise the interest you earn and supercharge your savings.

  • Look for a higher interest rate. It's a no-brainer: the higher the better.
  • Make sure you can meet the account's conditions. To unlock the highest rates on a savings account you need to meet a few conditions each month.

Let's explore a quick example of a real savings account: The ING Savings Maximiser.

This is a savings account that offers a pretty high interest rate of 5.5% if you meet the conditions.

If you don't, you get the base rate. And that's just 0.55%.

These are the conditions you need to meet:

  • Deposit $1,000 in the account each month
  • Link the account to an ING Orange Everyday account
  • Make 5 Visa debit card purchases each month
  • Grow your balance each month

If you don't deposit $1,000 each month, make the 5 transactions and grow your balance, you'll only earn 0.55% interest on your savings.

That's a huge difference. As we calculated earlier, the average Australian's savings at 5.5% can earn $1,983 in interest in 12 months.

But if you never meet the conditions, that 0.55% rate only gives you $193 in interest over the same period.

Check out the savings accounts in the table below to see what kind of rate you can get and what conditions you need to meet.

1 - 15 of 185
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
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Showing 15 of 15 results

What should I look out for with a savings account?

There's really not much else to worry about with a savings account.

Fees can be an issue. But most savings accounts charge few if any fees on savings accounts.

And remember that savings accounts are designed for saving, not spending. If you want convenient payment options like a debit card or Apple/Google/Samsung Pay, you need a transaction account.

A final thing to look out for is savings accounts with very attractive introductory rates. These rates start high – often the highest on the market – but after a few months they drop by a fair bit. Even if you meet the conditions.

But these rates can still be very attractive, especially if you already have a large amount of money to put in the account.

*Based on average savings of $35,166, comparing average interest rate of 2.5% p.a. and top rate of 5.5% p.a. over 1 year.

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One Response

    Default Gravatar
    NeilMarch 1, 2024

    Thank you 😊

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