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4 accounts paying 5% p.a. on your hard-earned savings

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With everything getting more (and more) expensive, if you're not getting a good return on your cash it's time to do something about it.

The cost of living seems to be on a never-ending upward spiral with everything getting more expensive.

Luckily, the interest rates that banks are paying on various deposit accounts have also been on an upward spiral over the past year with a few now offering 5% p.a. (or more).

Here's where you can get a good return on your money in the bank at the moment, and how to get it.

4 accounts paying 5% p.a

1. Rabobank High Interest Savings Account

The Rabobank High Interest Savings Account is currently offering 5% p.a. on balances up to $250,000. This rate is available for the first 4 months after opening the account, and there are no monthly deposit conditions or spend requirements to meet.

After the 4 month period the rate will drop down to the variable base rate, currently 3.75% p.a.

This account could suit you if you've got a short-term savings goal and don't want to worry about jumping through any hoops to get the bonus rate.

2. ING Savings Maximiser

The ING Savings Maximiser is currently offering 5% p.a. on balances up to $100,000. This rate is an ongoing bonus rate each month you meet the account conditions.

To get the 5% p.a. rate you need to: link the savings account to an ING Orange Everyday transaction account, deposit $1000 per month, make at least 5 debit card purchases per month and grow your savings balance (by any amount) each month.

If you don't meet the account conditions one month you'll only earn the variable base rate, currently 0.55% p.a.

3. BoQ Future Saver Account

The Bank of Queensland Future Saver Account is currently offering an ongoing bonus rate of 5.15% p.a., but there are a few catches.

Firstly, you need to be aged between 14-35. Secondly, it's only available on balances up to $50,000.

To earn the 5.15% p.a. bonus rate you need to link the account to a BoQ Everyday Transaction Account, deposit at least $1000 per month and make 5 purchases a month.

If you don't meet the conditions one month you'll earn the variable base rate, currently 0.05% p.a.

4. Judo Bank Term deposit

The Judo Bank term deposit is currently offering 5% p.a. on your cash when you lock it away in a 5-year term.

This rate is fixed, meaning it won't change for the life of the term, and is available for balances above $1000.

Once the money is in the account you can set-and-forget - there are no ongoing conditions to meet.

If you're already getting a decent return on your savings account or term deposit, check out these additional 50 ways to save money to help with the cost of living crisis.

Image: Getty Images

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