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I would invest $5,000 in these growth shares

With interest rates unlikely to improve until late next year at the earliest, if I had $5,000 sitting in a bank account I would consider investing it in some of Australia’s top growth shares.

After all, the potential returns on offer from these shares are vastly greater than those of savings accounts or term deposits.

The three top growth shares listed below are the ones I would consider buying this week:

Cochlear Limited (ASX: COH)

Although this hearing solutions company’s shares have been on fire over the last 12 months, I wouldn’t let this put you off considering a buy and hold investment. While they may be fully valued now, in five years I expect its shares to be notably higher. Especially if Australia’s ageing population leads to increased demand for its industry-leading products. In addition to this, with its products being sold in over 100 countries across the world, Cochlear is likely to benefit from the ageing populations trend globally.

Macquarie Telecom Group Ltd (ASX: MAQ)

Although the word “telecom” appears in this company’s name, don’t let that fool you into thinking that Macquarie Telecom is another Telstra Corporation Ltd (ASX: TLS). Thanks to the company’s focus on the cloud computing boom, it is a company on the rise. In fact, its Cloud Services business has been growing so quickly it is now the company’s biggest segment in respect to earnings. In the first-half the segment grew its EBITDA by 38% to $13.4 million, meaning it accounted for 59.5% of total half-year EBITDA. With the seismic shift to the cloud continuing to accelerate, I expect it to deliver similarly strong full-year growth.

Megaport Ltd (ASX: MP1)

Another company that looks likely to benefit greatly from the cloud computing boom is Megaport. It is a provider of elasticity connectivity and network services, which essentially means that it uses software to streamline the internet connection between its customers’ data centres and major cloud service providers. On Thursday the company provided a global update which revealed growth in every major metric. One highlight is the number of data centres it operates in. This grew to 221 at the end of June, up almost 40% on the prior corresponding period, leading customer numbers to increase by the same rate.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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