MOVE Bank has taken the crown in offering the highest ongoing interest rate on a savings account out of any other market participants. 

The customer-owned bank’s Growth Saver account now boasts a 5.70% per annum (p.a.) interest rate, effective immediately.

While that still leaves it 5 basis points below the market leader – Rabobank’s High Interest Savings Account offers a 5.75% p.a. introductory rate – MOVE Bank's maximum rate will stick around for longer than four months.

The 5.70% p.a. promised by MOVE Bank’s Growth Saver account is available on balances of up to $25,000.

Account holders must deposit at least $200 and make no withdrawals each month in order to realise the bonus rate.

If they fail to do so, they will realise the base rate of 0.10% p.a. 

It’s a similar story with many of the highest rate savings accounts on the market.

ME Bank’s HomeME and ING’s Savings Maximiser each demand depositors meet certain conditions to realise their respective maximum rates of 5.55% p.a. and 5.50% p.a.

On the other hand, Australian Unity recently bolstered the interest rate offered on its unconditional Freedom Saver account to 5.50% p.a., making it the highest rate account of its type.  

Looking for more of the market's leading savings account interest rates? Check out the chart below.

Rates
Features
Conditions
Other
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
More details
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

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
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
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

More details
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 May 5, 2024. View disclaimer.

Savings account fanatics might be overjoyed to find all the above rates are officially inflation-beating.

The most recent quarterly Consumer Price Index (CPI) read revealed inflation lifted 5.4% over the 12 months to the September quarter. 

The more volatile monthly CPI read, released earlier this week, found inflation rose just 4.9% over the year to October.

That led some experts to suggest the cash-eating measure could drop below 4% by the end of the year.

Image by wirestock via freepik.