💰 Top 5 high interest savings accounts in 2022
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What are the current interest rates for savings accounts?
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You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes. Savers rejoice. Kate Campbell, welcome to this episode of the Australian Finance Podcast.
It is wonderful to be back, Owen, and a wonderful time for savers as well.
Yes, it is. Interest rates are up. That's good for savers, bad for mortgage holders or property owners like us. Has your interest rate gone up?
I don't think so, not in the last month, but it did go up before that.
Yeah, interest rates are definitely up.
Yeah, but also interest rates are up on savings accounts at the moment and interest from listeners is also up. We've had a few questions for the first time since we probably started the podcast back at the beginning of 2019. it's very interesting to watch the trends of what people are asking us via Instagram DMs, in our Facebook community, all over the place, because it often shows where people are interested in at the moment. And so there hadn't been any questions about savings accounts and interest rates there for a long time. And now we're suddenly starting to see people wondering where should they put their savings to get the most out of them? Where should they be putting their house savings account?
Where should they put their emergency fund? So in this episode, we're going to break down some tips on getting the most out of your savings because you can get a little bit more out of it now if you are mindful why it's important to shop around for a better interest rate on your savings accounts. Some of the best savings accounts around at the moment because they've got good interest rates and maybe some good features. We've done a little bit of research there and also some term deposits if that's up your alley and maybe the difference between both of them. And some of Owen's thoughts on when it's better to use a term deposit over an offset account.
All right. So there's a lot for us to get through, Kate. Let's just start off with straight up. How do you get the most out of your savings account?
Yeah, the first thing is being mindful where you're putting your everyday spending and your savings. And when I say everyday spending, most of us, I'd say everyone has a transaction account, a spending account where they're paying for their coffees, they're paying for their groceries, they're maybe making online purchases from, and generally that doesn't have any interest rate. You're not getting any return on your money there.
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Sounds like good money advice... But is it?