5 savings accounts worth considering as interest rates go up

If you’re like me–a renter not looking to own any time soon–seeing home loan rates increase doesn’t seem that big of a deal. But recent RBA hikes - pushing the official rate up to 1.85% - can also positively affect savings accounts, which is always a big plus!

Interest rates on several savings accounts are going up, which means it might be prime time to get some money into an account to earn you some extra cash over the long term.

How are savings accounts looking?

In July, our database recorded more than 200 rate increases throughout all savings accounts! This is almost double the number increased from the month before.

Right now, the savings account averages in our database are as follows:

• 1.06% p.a. for ongoing base rates.
  
• 1.42% p.a. for only bonus rates.
  
• 1.56% p.a. for only introductory rates.

While those numbers aren’t high, there are several high interest savings accounts on offer that might be worth considering, too.

High interest rates accounts to consider

With high interest rate accounts, you can start building up some extra cash without working too hard. Especially as almost everything has grown more expensive due to the growing cost of living. 

Below are some savings accounts that have begun offering some of the highest interest rates in our database. Be mindful that some of these accounts come with age restrictions.

Fun fact! Many of these savings accounts have recently increased their interest rates and some by as much as 1.25% p.a.! If your current bank account isn’t offering rates as high as the ones below it might be worth considering changing banks to get a higher interest rate.

If those savings accounts don’t tickle your fancy, no need to worry. To make your savings account search easier, we have a page where we list some of the best savings accounts crowned winners by the Mozo Experts Choice Award^. Alternatively, you can start comparing savings accounts below until you find one that suits your savings needs.