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.

Rates
Features
Conditions
Other
Provider
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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • 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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Use code EASY30 to score $30*
  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
Disclosure
Use code EASY30 to score $30*

Save Account

  • Use code EASY30 to score $30 after 5 card purchases in your first 30 days. See terms link on the app store*
  • Retrace your spending steps into categories with Spending Footprint.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Online Savings - Premium Saver

    More details
    Disclosure
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions. Grow your savings balance each month
    Disclosure

    Savings Maximiser

    • Deposit at least $1,000+ each month from an external source
    • Make 5 or more eligible transactions. Grow your savings balance each month
    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    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 January 3, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

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