The highest savings account rates in December 2023
1. ME HomeME Savings Account:
5.55% p.a. The best high interest savings account rate but conditions can be hard to meet. You must make a minimum monthly deposit of $2000 and have a higher closing balance at the end of the month.
2. Rabobank High Interest Savings Account:
5.6% p.a. The best savings intro rate account. It only applies for the first 4 months. After that it reverts to a rate of 4.2%. There are no deposit or withdrawal conditions. Rate available on balances below $250,000.
The highest ongoing savings account rate in December 2023
1. ING Savings Maximiser:
5.5% p.a. ongoing. The ING Savings Maximiser is the best overall savings account. You must make a minimum monthly deposit of $1,000, 5 eligible transactions and grow your nominated Savings Maximiser balance (excluding interest) each month. It's available on balances below $250,000.
Could you be on a better rate?
As of November 2023 many savings accounts are now offering over 5.00% p.a. – some are even offering 5.65% p.a. And these rates may get even higher after the November cash rate increase. If you are not happy with your rate, now is the time to switch. Look for an account with a good ongoing rate to suit your savings plans.
*rates correct as of 17 October 2023.