High interest savings accounts are a popular choice for many Australians looking to grow their savings in a safe and efficient manner. With inflation hitting the Australian economy protecting your savings with high interest should be considered.1 To view the best high interest savings accounts available right start an online search.
These Accounts Help Your Savings Grow
With interest rates being low in recent years, finding a savings account that offers a decent return has become increasingly important. The following article will provide an overview of some of the best high-interest savings accounts available in Australia, along with the benefits of using a high-interest savings account during inflation. Using a high-interest savings account during inflation can be a smart financial move, as it allows you to earn a higher return on your savings, helping to counteract the effects of inflation. Inflation is the general increase in prices for goods and services, which can erode the purchasing power of your savings over time. By earning a higher return on your savings through a high-interest savings account, you can help to preserve the purchasing power of your savings and maintain the value of your money over time.
The Best 5 High Interest Savings Account In Australia
ING Savings Maximiser2
The ING Savings Maximiser is one of the best high-interest savings accounts available in Australia, offering a competitive interest rate of 1.60% p.a. The account is also flexible, allowing for unlimited transactions and no minimum balance requirements. This makes it a great choice for those looking to save for a short-term goal or for those who prefer to have access to their savings without restrictions. Additionally, the account is also fully digital, allowing for easy management through the ING app.
UBank USaver Ultra3
Another great option for high-interest savings is the UBank USaver Ultra, which offers an interest rate of 1.60% p.a. This account also has no minimum balance requirements and allows for unlimited transactions, making it a flexible option for those looking to grow their savings. In addition, the account is also fully digital, offering easy management through the UBank app.
Bank Australia Elevate Account4
For those looking for a high-interest savings account with a focus on ethical and sustainable banking, the Bank Australia Elevate Account is a great option. The account offers an interest rate of 1.50% p.a. and has no minimum balance requirements, allowing for easy access to your savings. Additionally, Bank Australia is committed to ethical and sustainable banking practices, making it a great choice for those who prioritize these values.
Commonwealth Bank GoalSaver Account5
The Commonwealth Bank GoalSaver Account is another great option for high-interest savings, offering an interest rate of 1.50% p.a. This account also has no minimum balance requirements and allows for unlimited transactions, making it a flexible option for those looking to grow their savings. Additionally, the account also offers bonus interest for making regular deposits into the account, providing an additional incentive to save.
Westpac Life Account6
The Westpac Life Account is a high-interest savings account that offers an interest rate of 1.50% p.a. This account also has no minimum balance requirements and allows for unlimited transactions, making it a flexible option for those looking to grow their savings. Additionally, the account also offers a range of other benefits, including discounts on Westpac personal loans and credit cards.
Be Smart And Safe With Your Money
High-interest savings accounts are typically more secure than other investment options, as they are typically backed by government guarantees, offering protection for your savings.7 This makes them a great choice for those looking to grow their savings without taking on excessive risk.
Open Your high Interest Saving Account Today
The best high-interest savings accounts in Australia offer a combination of competitive interest rates, flexible access to your savings, and security for your funds. By considering the factors discussed above, you can find a high-interest savings account that meets your financial goals and provides peace of mind for your savings. To view the best high interest savings accounts available right start an online search.
See High Interest Savings Accounts
Reference:
- https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation
- https://www.ing.com.au/savings/savings-maximiser.html
- https://www.ubank.com.au/banking/savings-account
- https://www.bankaust.com.au/banking/savings-accounts
- https://www.commbank.com.au/banking/goal-saver.html
- https://www.westpac.com.au/personal-banking/bank-accounts/savings-accounts/life/
- https://moneysmart.gov.au/glossary/australian-government-guarantee-on-deposits
