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5+ high interest savings accounts in August 2024 (and how to choose)

In this episode, we’re sharing some tips on making the most of your savings and some of the best interest rates available on savings accounts.

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It has been a while since we’ve discussed savings accounts and ensuring you’re getting a decent interest rate on your hard-earned savings.

But savers rejoice! Your time to shine has come.

This is especially exciting for those of you who are hard at work saving up for a specific short-term goal or wanting to get a little bonus on your emergency fund that’s been safely stored away.

In this podcast, Kate & Owen share some tips on making the most of your savings, why shopping around for a better interest rate matters (especially now) and some of the best interest rates around on savings accounts and term deposits.

This episode was recorded on the 16th of August 2024.

Kate’s tips for getting the most out of your savings

  • Keep an eye on your savings rates – banks like to change things, especially with interests rates going every which way at the moment. This is a great opportunity to make some extra $$$ on your hard earned savings.
  • Beware of the enticing honeymoon rates – they suck you in with a great rate for a few months and then drop it right down (assuming you’ll forget). Either be prepared to switch again after a few months or pick a lower rate that’ll be more consistent over the long term.
  • Be mindful of hurdles on savings accounts like deposit $1,000 per month or make 5 purchases. Consider whether you normally meet these hurdles or not, you don’t want to make your life harder! 

💰 5+ high interest savings accounts in Australia

Let’s have a look at some of the best rates around as of August 2024 for savings accounts and term deposits. We’re excluding the accounts with honeymoon rates that only last for a short-period of time (e.g. 4 months).

Data was collected on the 16th of August 2024.

Please note that these rates change regularly, so click on the hyperlinks below to find out the most up-to-date rates (none of these links are referral links, and we have no commercial relationships with these financial institutions).

🤑 High interest savings accounts

Check out this helpful spreadsheet detailing all Aussie bank interest rates: Accounts Leaderboard by techt.

🎈Special rates for younger savers

Podcast resources

Don't look down for great deals 👇

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The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

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