This comes as new research from NAB revealed nearly two-thirds of young Aussies have placed their savings in a high-interest account, compared to half of Australians aged over 30.

At the opposite end of the ladder, term deposits producing a guaranteed set income are four times more popular amongst Baby Boomers at 29%, compared to Gen Z at 7%. 

The preference of young Aussies to look for competitive high-interest savings accounts comes as 25% of those aged 18 to 29 aim to put savings towards a property purchase - more than any other age group.

NAB Personal Banking Executive Kylie Young said younger Australians overwhelmingly want to buy and invest in property with those trying to save larger deposits seeking more rewarding places to put their hard-earned money.

“Younger Australians are stepping up to the challenge and taking the opportunity to stash their cash in high interest savings accounts and grow their money,” Ms Young said.

“Gen Z want to secure their future, ensure their own financial wellbeing, and contend with rising living costs, and they’re choosing to put their money into high interest savings accounts.

“High interest savings accounts can be a safe, smart and stable way to manage your money, providing ready access to funds if they’re needed as well as a rewarding interest rate.”

Where to get the best returns for a high-interest savings account?

Based on Savings.com.au market research, four banks currently offer high-interest savings accounts with a rate of 5% or greater

Further, high-interest savings accounts to March 2023 are offering the greatest returns in almost 10 years, at an average rate of 4.20% p.a.


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Need somewhere to store cash and earn interest? The table below features 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
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      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

        Savings Maximiser (<$100k)

          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
          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          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
          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 29, 2024. View disclaimer.

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