Money reveals the Best Everyday Savings Accounts for 2023
Now is a great time to have excess cash in the bank and, as our winners demonstrate, a well-chosen everyday account can put you in front financially.
Everyday accounts, also known as transaction accounts, typically form the core of a personal financial toolkit. They are a parking spot for funds to pay bills, do the shopping and make everyday purchases, plus cover repayments on loans and credit cards.
The downside is that everyday accounts typically pay next to nothing in interest. However, our winners let account holders have their cake and eat it too - enjoying the functionality of an everyday account while earning a decent rate of interest.
In June 2022, Macquarie Bank announced that it would increase the interest rate on its transaction account. At the time of writing, it had increased to 3.20% interest, which is a lot higher than the return on some dedicated savings account.
Olivia McArdle, head of deposits and payments, says Macquarie wanted to transform what a bank account looked like to reward customers for banking with Macquarie.
"We saw an opportunity to transform what everyday banking looks like for Australians," says McArdle.
"It's time Australians earned interest on their everyday bank accounts. That's why we're now applying the higher ongoing savings account interest rate to our transaction accounts.
The concept of having to shuffle your money between separate online savings accounts just to earn competitive interest felt outdated and inefficient. We wanted to redesign the whole experience based around our customers' needs.
"We've also completely rethought and rebuilt the account-opening experience, and the feedback we've received from customers so far has been very positive. In as little as a minute, you can apply for an account, verify your identity, load your new debit card into your digital wallet and start saving or spending right away."
McArdle notes that in today's rapidly evolving interest rate environment, customers are focusing on the rates they receive on deposits.
"We know that there are hundreds of billions of dollars sitting in everyday transaction accounts across Australia earning close to 0% in interest. Importantly, we won't make customers jump through hoops to get the higher rate - there are no charges, fees or deposit conditions.
"Our focus is on making banking more seamless and intuitive, and that means empowering our customers to manage their money in a way that best suits them. Whether you want to keep funds in your easy-to-access transaction account or organise it into multiple savings accounts or buckets, we're giving customers the confidence to manage their money their way and still earn a great ongoing interest rate."
Get stories like this in our newsletters.