4 savings accounts higher than inflation right now

Man looks at his phone and smiles as he opens up a savings account that's currently higher than inflation

Have you felt the pinch while paying up at the grocery checkout counter lately, surprised that the cost of your usual weekly shop has gone up?

Well, this might have something to do with inflation. In the September 2023 quarter, the Annual Consumer Price Index (CPI) inflation was 5.4%, keeping the cost-of-living high.

This is why it’s important to have a good savings account with an interest rate that’s above the rate of inflation - or at least matches it, so that your money doesn’t devalue over time. 

With that in mind, let’s review 4 savings accounts higher than the rate of inflation right now.

Savings accounts to beat inflation

Macquarie - Savings Account
  • ^2023 Mozo Experts Choice Award winner
  • 4-month introductory rate of 5.50% p.a. (then reverts to an ongoing rate of 4.75% p.a.)
  • No monthly fees or deposit conditions

Being an award winner in the ^2023 Mozo Experts Choice Awards makes Macquarie’s Savings Account a competitive offer indeed. While this welcome rate offer is only available on your first savings account, savers can enjoy a 4-month introductory fixed rate that’s as high as 5.50% p.a. when you save any amount up to $250,000 and have a linked Macquarie Transaction Account. Once this 4-month period ends, your rate will revert to 4.75% p.a. on balances up to $1 million. There are no monthly fees or withdrawal penalties, but bear in mind that if your balance is over $1 million, your ongoing rate will drop to 3.35% p.a. 

ING - Savings Maximiser
  • ^2023 Mozo Experts Choice Award winner
  • Enjoy interest up to 5.50% p.a. (Standard variable rate of 0.55% p.a. and an additional variable rate of 4.95% p.a. if you’re eligible)
  • No account fees
Find out more

Savers with a balance of up to $100,000 may want to consider ING’s Savings Maximiser. As an award winner in the ^2023 Mozo Experts Choice Awards, this competitive offer allows you to earn up to 5.50% p.a. when you deposit at least $1,000 from an external source, make 5 settled transactions (T&Cs apply), and grow your balance (excluding interest) each calendar month with your linked Orange Everyday account. While meeting these criteria means the additional bonus rate will apply the following calendar month, keep in mind that your rate will revert to 0.55% p.a. if conditions aren’t met. 

Rabobank - High Interest Savings Account
  • ^2023 Mozo Experts Choice Award winner
  • 4-month introductory rate of 5.75% p.a. (then reverts to an ongoing rate of 4.40% p.a.)
  • Interest paid monthly

With a competitive welcome rate available to new personal customers taking out their first savings account, Rabobank’s High Interest Savings Account has an impressive 4-month introductory rate of 5.75% p.a. on balances up to $250,000. It has a relatively high ongoing variable base rate of 4.40% p.a. and no monthly account fees, so it’s no wonder this savings account took out an award in the ^2023 Mozo Experts Choice Awards. Just be aware that if your balance is above $250,000, the interest rate will drop to 3.40% p.a. 

MOVE Bank - Growth Saver
  • ^2023 Mozo Experts Choice Award winner
  • Maximum interest rate of 5.70% p.a. for balances up to $25,000.
  • No monthly fees
Find out more

While MOVE Bank’s Growth Saver has a minimum ongoing rate of 0.10% p.a., you could receive up to 5.70% p.a. when you meet certain conditions. The eligibility criteria includes making deposits of $200 and no withdrawals each month for balances under $25,000. A winner in the ^2023 Mozo Experts Choice Awards, MOVE Bank’s Growth Saver also comes with no monthly fees and access to 24/7 online banking. 

Want more options? Why not compare savings accounts or check out some of the best savings accounts that our experts at Mozo have tracked this month. 

^See information about the Mozo Experts Choice Savings Account Awards

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