According to Australian Bureau of Statistics (ABS) data for the September quarter (which also confirmed a massive 3.3% increase in GDP), the household savings to income ratio remained elevated at 18.9%. 

This is a slight fall from 22.1% in the June quarter (the ABS initially cited a 19.8% savings ratio in that time). 

Need somewhere to store cash and earn interest? The table below features introductory and ongoing savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
*Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
*Rate varies on savings amount

Save Account (>$100,000)

  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
40501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.

Reward Saver (< $1M)

  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Goal Saver

    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Bonus Saver Account (Amounts < $250k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
      For customers aged 14-35 years
      For customers aged 14-35 years

      Future Saver Account ( < $50k)

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Boost Saver

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of July 22, 2024. View disclaimer.

          For context, the household savings ratio in the September 2019 quarter was just 4.8%, already much higher than the 2.5% recorded in the previous March quarter. 

          These consistent rises in saving were caused by a collapse in spending, as well as a surge in stimulus payments and social assistance benefits like JobSeeker and JobKeeper

          According to ABS Head of National Accounts Michael Smedes, this slight fall in household savings was driven by a rise in household spending, which increased by 7.9% on both goods and services. 

          That followed a 12.5% fall in the June quarter. 

          "Despite record quarterly growth in household spending, the level in )the) September quarter was 6.8% lower than that recorded in December Quarter 2019," Mr Smedes said. 

          Household consumption also increased in every state bar Victoria, with lockdowns restricting spending in the state. 

          "More stringent restrictions associated with the second lockdown resulted in a 9.8% fall through the year," the report said. 

          "Household spending declined 1.2% in (the) September quarter, driven by clothing and footwear, furnishings and recreation and culture.

          "Spending on food rose 6.6%, partly offsetting the fall, as households prepared for the second lockdown."

          With Victoria now out of lockdown after recording a month of zero cases, this should look a bit different in next quarter's data (October-December). 

          VicConsumption

          Australians stashed almost $10 billion extra into banks in October

          Despite the September quarter data showing a slight decrease in savings, the Australian Prudential Regulation Authority's (APRA) monthly deposit data shows Australians are still keen on flocking to the safety of bank accounts. 

          Over the past year, APRA's data shows Australians have stashed $119 billion into savings accounts and term deposits, and in October, household savings for all banks by $9.6 billion to $1.1 trillion.

          The big four banks, which hold around 80% of these deposits, recorded a 10.7% increase over the past 12 months to hit $813 billion in October. 

          According to APRA, this likely is due to "continued support from government stimulus and tax cuts".

          This is supported by recent data showing 57% of the 11 million Australians receiving their 'Stage two' personal income tax cuts planned to save it