Fact checked
Are you looking to grow your savings? Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings.
Rabobank High Interest Savings Account |
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Rabobank’s High Interest Savings Account helps grow your savings while offering flexibility and easy access to your money.More details |
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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Locking your savings away at a fixed rate can give you peace of mind over your earnings and give you a safe place to house your money. Finding the best secured rate will allow your funds to grow faster.
Savvy makes shopping around for a fixed rate easy by helping you compare accounts and the interest they earn. Read our detailed guide to learn how to get the highest interest and accelerate your savings.
A fixed interest rate is a valuation that remains unchanged over a set saving period. This means the rate your interest is calculated at is set in stone for a fixed savings term. Fixed rates are standard features on term deposits, where you choose to lock your money away for a set period, and aren’t offered on standard savings accounts.
People choose fixed rate savings accounts, such as term deposits, for a variety of reasons. The main reason is they can be low-risk and low-maintenance forms of investment. Having a locked interest rate gives your savings an extra layer of security and you’re more accurately able to predict your earnings. For instance, if interest rates are falling, you may choose to lock in a top rate to avoid further drops in the market.
Comparing term deposits and savings accounts highlight many stark differences between the two. Savings accounts come with a variable interest rate which can change in line with Australia’s cash rate, while term deposits have a fixed rate. Term deposits also have tougher restrictions on your money than savings accounts. You can only deposit or withdraw funds upon maturity or by providing your bank with 31-days written notice. Term deposits also come with fixed terms and can be expensive to open, with most banks requiring up to $5,000 to open an account. Interest on a savings account is calculated daily, while term deposits give you options of daily, monthly or annually.
When you’re comparing fixed rate savings accounts with Savvy, it’s wise to cast your eye over a range of different variables. Doing a quick comparison of these features can give your bank balance a major boost down the track. These variables include:
Interest
If you’re a long-term saver, the rate you lock in will be vital to the growth of your savings. The higher the rate, the better your return. For example, if you invested $30,000 in a term deposit earning 1.25% p.a. over two years, you’d reap up to $760 in interest. However, if you invested in an account earning interest at a rate of 2% p.a., you could earn up to $1,225 instead.
Break fees
Term deposits are generally low-cost savings options unless you want to tap into your funds. You’ve technically agreed with your financial institution to not touch your money for a set period, so if you do decide to access it at any time, you’re essentially breaking this agreement. You may incur a break fee of up to $30 if you apply to access your funds. These can vary from bank to bank, so it’s worth weighing up any charges before you open an account.
Account conditions
When you’re shopping around for the best fixed rate savings account, it’s important to consider minimum deposit requirements. Most term deposits for example require you to deposit between $1,000 and $5,000 to open an account. Comparing these accounts will allow you to find a minimum deposit requirement you can comfortably afford to make. You can also use Savvy’s handy budget planner to work out how to save up for a deposit.
Frequency of interest payments
How often your interest is paid into your account can make a huge difference to your savings balance. Interest compounds daily, monthly or annually, with the more frequent options providing you with a larger return. This is simply because the more frequently interest is added to your account, the more of it there is to compound. For example, if you had $100,000 invested in an account earning 2% p.a. for five years, you’d earn over $100 more in interest if it compounded daily rather than annually.
Term lengths
Your savings will grow faster the longer you let your money grow. Term deposits come with terms ranging from three months to five years, with different time frames having different interest rates. It’s important to remember that a longer length doesn’t always mean a better interest rate.
For example, you may earn a rate of 0.75% p.a. on a five-month term deposit but just 0.50% p.a. if you lock your money away for more than six months.
You won't have to pay a cent to compare savings accounts with us, so you can do so at any time you like.
There's no need for you to worry about visiting any banks, as you can compare accounts and open one online.
We're partnered with trusted financial institutions around Australia to bring more quality to your comparison.
Use our savings calculator to help you calculate how much you could save over a set timeframe based on different deposit sizes and frequencies.
Your savings can put in work for you. Crunch the numbers to see how much interest you could earn on top of your interest by compounding daily, monthly and annually.
It's crucial to have a clear idea of your monthly household budget to see where your money is going and where it could potentially be better spent.
If you're applying for a loan or need to know what your salary is for your tax return, you can use our annualisation calculator to work out what you'll earn this financial year.
Setting savings goals is important. With this tool, you can work out how much you'll need to deposit to reach your financial aims over a set timeframe.
Just as important as knowing how much to deposit is working out how long it'll take to reach your goals. This savings goal calculator can help you do just that.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
