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6 best savings account rates to kickstart your 2023 savings goals

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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.

Interest rates on savings accounts and term deposits have risen significantly. If you want to kickstart your 2023 savings goals, now could be the perfect time to switch to an account with a higher interest rate.

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