Which banks offer savings accounts above 5%?

au.investing.com/analysis/which-banks-offer-savings-accounts-above-5-200555658

By Jacob Cocciolone | Mar 23, 2023 17:14

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Not far removed from the first savings account to crack the 4% mark, savings accounts have climbed an additional 100 basis points to now offer rates of 5% p.a. or higher.

The continued growth of these accounts is reflected by monthly RBA deposit data, with the average savings interest rate reaching 3.95% p.a. to February 2023 - its highest level since 2013.

While other investment avenues may offer better returns (and more risk), for the average Aussie parking money in an account paying north of 5% p.a. in interest is better than a poke in the eye.

Plus bank accounts are backed by the government's $250,000 guarantee.

It’s important to note savings accounts offering 5.00% p.a. are typically provided by combining a base interest rate with an introductory rate or bonus rate that becomes applicable once specific conditions are met.

For example, a bank may offer a total savings account rate of 5.00% p.a. with a base interest rate of 3.75% p.a. and a bonus rate of 1.25% p.a. pending conditional approval.

Based on Savings.com.au’s market research, there are currently three banks offering savings accounts with a rate of 5% or higher, with the potential for others to follow in the coming months.

How to get a savings account rate over 5.00% p.a.

Below are some popular banks' savings accounts of 5% p.a. or greater, and the conditions on how to get there.

Bank of Queensland

Available for those aged 14-35; max balance $50,000; deposit minimum $1,000 per month; and make five completed card transactions per month.

ING

Max balance $100,000; grow balance every month; deposit minimum $1,000 per month; and make five completed card transactions per month.

Rabobank

Four-month introductory rate, reverting back to 3.75% p.a. after this period; Max balance $250,000.

There are also a couple of banks offering interest rates over 5.00% p.a. for juniors under 18 with low balance caps.

"Which banks offer savings accounts above 5%?" was originally published on Savings.com.au and was republished with permission.

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Central Banks

Interest Rates

Next Meeting

RBA

4.10%

Jul 04, 2023

BOE

4.50%

Jun 22, 2023

ECB

3.75%

Jun 15, 2023

FED

5.25%

Jun 14, 2023

SNB

1.50%

Jun 22, 2023

BOC

4.75%

Jul 12, 2023

RBNZ

5.50%

Jul 12, 2023

BOJ

-0.10%

Jun 16, 2023

CBR

7.50%

Jun 09, 2023

RBI

6.50%

Jun 08, 2023

PBOC

3.65%

BCB

13.75%

Jun 21, 2023

S&P/ASX 200	7,099.70	-18.30	-0.26%
ASX 200 Futures	7,133.0	+14.5	+0.20%
ASX All Ordinaries	7,288.30	-22.10	-0.30%
US 500	4,292.5	-1.4	-0.03%
Dow Jones	33,833.61	+168.59	+0.50%
China A50 Futures	12,534.0	+30.0	+0.24%
Dollar Index	103.290	-0.765	-0.74%

Crude Oil WTI	70.97	+0.04	+0.06%
Natural Gas	2.322	+0.005	+0.22%
Gold	1,980.55	+0.35	+0.02%
Silver	24.367	+0.004	+0.02%
Copper	3.7868	0.0000	0.00%
US Sugar #11	25.63	+1.13	+4.61%
US Coffee C	195.63	+10.23	+5.52%

Australia 10Y	3.959	-0.034	-0.85%
Australia 5Y	3.799	-0.029	-0.76%
New Zealand 10Y	4.549	-0.036	-0.80%
U.S. 10Y	3.717	+0.005	+0.14%
Japan 10Y	0.433	-0.004	-0.80%
China 10Y	2.723	+0.013	+0.46%
Singapore 10Y	2.999	+0.009	+0.30%

CSL	305.75	-3.11	-1.01%
Woolworths	37.540	+0.140	+0.37%
ANZ Holdings	22.680	-0.050	-0.22%
Commonwealth Bank Australia	95.890	+0.200	+0.21%
Telstra Group	4.320	-0.010	-0.23%
National Australia Bank	25.160	-0.140	-0.55%
BHP Group Ltd	44.130	+0.510	+1.17%

Which banks offer savings accounts above 5%?

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