Savings accounts to combat the tide of inflation

Person is opening up a savings account at the bank

If you’ve been parking some funds in your bank account, your focus might be to grow your savings.

Whether your goal is to save up for a home deposit, a car, or to simply build an emergency fund, it’s important that your money doesn’t devalue over time. 

So to avoid this happening, the idea is to find a savings account with a higher interest rate than Australia’s inflation level. While this may be difficult to achieve at present, there are some savings providers in the market with competitive bonus rates. Let’s check them out.

Savings accounts

Bank of Queensland - Future Saver Account (14-35 years old)
  • Maximum interest rate of 5.50% p.a. (T&Cs apply)
  • No account fees
  • Maximum interest rate when you save up to $50,000
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Want to earn interest at a rate of 5.50% p.a.? By signing up to a Future Saver Account with Bank of Queensland, you’ll get an Everyday Account that comes with it. So younger Aussies may receive this high interest rate by making 5 eligible transactions and monthly deposits of $1,000 or more into their linked Everyday Account. Take advantage of these impressive rates when you save up to $50,000 and enjoy zero account maintenance fees. Plus, members between the ages of 14 and 17 may benefit from the maximum interest rate without meeting the bonus criteria. Just be aware that for other Aussies, interest is at 0.05% p.a. if you don’t meet the eligibility criteria.

ING - Savings Maximiser
  • Maximum interest rate of 5.50% p.a. (T&Cs apply)
  • Maximum interest rate when you save up to $100,000
  • No account fees
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While ING’s Savings Maximiser has a low base interest rate of 0.55% p.a., there’s a whopping 4.95% p.a. bonus rate in store for members who meet certain requirements like having a linked ING Orange Everyday bank account. With no account fees and an ongoing bonus rate when you save up to $100,000, this competitive offer may be worth considering. However, if your balance is higher than $100,000, any interest earned over that figure will revert back to the base rate of 0.55% p.a. Members will also need to make at least five settled eligible card purchases (T&Cs apply), have a balance higher than the previous month (excluding interest), and deposit $1,000 from an external source each month to access this bonus rate. 

Firefighters Mutual Bank - Target Saver
  • Maximum interest rate of 5.50% p.a. (T&Cs apply)
  • No account fees
  • Unlimited free transactions
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Having no account fees, and a base interest rate of 0.10% p.a. with a maximum rate of 5.50% p.a. makes the Firefighters Mutual Bank’s Target Saver a competitive savings account. To receive the maximum rate, members will need to make no withdrawals and deposit $1,000 each month while keeping the account balance in the green. There is an unlimited number of free transactions, but withdrawing may mean losing out on the bonus rate which means members will only earn the base interest rate of 0.01% p.a. 

MOVE Bank - Growth Saver
  • Maximum interest rate when you save up to $25,000 (T&Cs apply)
  • Minimum monthly deposit of $200
  • No monthly fees
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Not planning to make withdrawals anytime soon? Then you may be eligible for the bonus rate of MOVE Bank’s Growth Saver. It comes with a competitive interest rate of up to 5.50% p.a. when you deposit a minimum of $200 each month. There are no monthly fees and members may benefit from the bonus interest with balances up to $25,000. However, do keep in mind that if you don’t meet the eligibility criteria, the base interest rate of 0.1% will apply.  

Want more options? 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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