Will saving rates go up in 2025?

It's very unlikely. The RAB has already cut the cash rate this year, and many savings account rates dropped as a result.

Are introductory rates worth it?

Introductory savings rates are often among the highest in the market, but they're only available for a short period of time. If you have a short term savings goal, or you're willing to move your money around every 4-6 months, then a high introductory savings rate could be worth considering.

Is ING Savings Maximiser the best savings account?

ING's savings account has been very popular ever since finance expert Scott Pape recommended it in his book The Barefoot Investor. At the time when the book was first written in 2016, ING's savings rate was the best in market. ING Savings Maximiser's rate today is 5.4% which remains one of the highest in market. However, ING's account does come with several conditions to earn that rate, which could be difficult to meet for some customers. In comparison, some other accounts with similar rates have very minimal conditions to meet. It also only pays bonus interest on balances up to $100,000, while many other accounts pay interest on larger balances up to $250,000.

Should I declare the interest earned on my tax return?

Any interest earned on your savings account is treated as income and should be declared when lodging your tax return. This will often already be pre-filled for you, as the ATO usually already has access to your annual bank statements.

What is a good interest rate for a savings account?

Currently, any savings rates above 4% are quite good (there are even a few rates above 5% still). Remember - a good savings rate is one that you can easily earn by meeting the account conditions. There's no point opting for the highest rate in the market if you can't meet the account conditions.

Home Authors Alison Banney

Alison Banney

Editorial Manager, Money

With over 10 years of experience writing about personal finance, Alison has written extensively for a range of financial institutions and publications including Westpac, Money Magazine, Financy, Australian Retirement Trust, Raiz Investments, and Yahoo Finance. Alison is frequently quoted in the media on topics related to superannuation and money management, including in SmartCompany, Financial Standard, Australian Broker News, Australian Business Journal, Super Review, 9Honey, SBS, Qudos Bank, and Inside Adviser. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle and has earned three ASIC RG146 certifications in superannuation, securities and managed investments, as well as general financial advice.

If you’re interested in a media interview with Alison, please reach out to our PR team at aupr@finder.com.

Expertise

Superannuation
Savings accounts, bank accounts and term deposits
Budgeting and money-saving hacks
Managing the cost of living

Experience

Certificate in Financial Advice, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Certificate in Securities and Managed Investments, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Certificate in Superannuation, which meets the requirements of ASIC Regulatory Guide 146 (RG146).
Panel member for Finder’s Inflation Masterclass
Panel member for Finder’s EOFY Money Masterclass
Annual Finder Innovation Awards judge for banking, investment and digital disruptor categories

Education

Bachelor of Communications: Journalism and Public Relations | Newcastle University | 2013-2015

Featured publications

Latest articles by Alison Banney

643 articles written by this author

Super Funds

Superannuation mistakes

Here are the 7 most common mistakes people make with their super, and how you can avoid them.

Alison Banney 15 April 2025

Savings Accounts

Savings accounts with no conditions

These savings accounts let you earn a decent ongoing interest rate on your cash with no annoying hoops to jump through.

Alison Banney 11 April 2025

Savings Accounts

Compare savings account interest rates

Compare savings accounts to find the right one for your situation.

Alison Banney 11 April 2025

News

Worried about your super? 4 things to check right now

Between the superannuation hacks and billions being wiped from the share market there's a lot going on with super right now. Here's how to stay on top of it.

Alison Banney 9 April 2025