According to data from 800,000 users of personal finance app Pocketbook, Aussie savings have tripled in the past three years, and is up 116% in the last six months alone. 

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

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

Savings Maximiser (<$100k)

    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 $1,000 in the previous month
    • No account fees
    • Easy access to your money
    05001$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 $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$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 May 24, 2024. View disclaimer.

        Pocketbook's data shows Australians' monthly savings sat at $941 in July 2017. 

        In subsequent years, monthly savings:

        • Averaged $948 in July 2018 
        • Averaged $1,516 in July 2019 
        • Averaged $2,645 in July 2020

        Pktbk

        Image source: Pocketbook 

        The biggest jump came in 2020, between January and July, where monthly savings increased from $1,200 per month to $2,600 per month. 

        Savings spiked the most in April 2020, jumping 120% from a year earlier, when the full effects of COVID-19 shutdowns were felt by many Australians. 

        These figures are supported by the Australian Bureau of Statistics (ABS) data, which shows the household savings ratio skyrocketed from 2.5% to 19.8% over the June quarter. 

        Government support payments such as JobSeeker significantly contributed to this rise in Aussies saving money over spending, according to the ABS. 

        The rise in savings is despite the current unemployment rate is 6.9% (and a higher effective unemployment rate), with Australians stashing money away out of caution as a result of the pandemic's economic fallout. 

        Pocketbook Director Serdar Nurmammedov said the pandemic has created "never before seen" spending habits.

        "Preserved outgoings, coupled with ingoings reliant on government stimuli, mean it’s understandable that consumers are being extra cautious with their spending so they have enough money put away should the worst happen," Mr Nurmammedov said. 

        According to Pocketbook data, this increase in savings has occurred despite a 25% increase in 'bank spend' between June and July 2020 and 2019, indicating consumers are relying more on credit and overdrafts to get by.

        "It’s a positive sign that Aussies are being savvy with their finances and creating a buffer should they need to rely on this in the future," Mr Nurmammedov said. 

        "Our data indicates that these trends are set to continue post-pandemic as Aussies work to curb spending and preserve their savings.

        "As the government introduces more spending incentives and the job market picks back up we’re likely to see this frugalness lessen.

        "For now though, Aussies are understandably remaining cautious."

        [Read: Household deposits are up during the pandemic - are there any good interest rates?]

        What is Pocketbook? 

        Available on both iOS and Google PlayPocketbook syncs with your bank account (as long as you give it permission to do so), listing every spend you make and sorting it into categories. 

        Compare some of the other top-rated budgeting and savings apps in Australia