Get a High Interest Bank Account

Most Australian’s have their pay and savings tucked away in their everyday transaction accounts – which means they are missing out on valuable interest earned that would greatly help you reach your goal of saving more money.

Did you know that by using the right high interest savings account, you could effectively save a lot more money and earn money on top of your initial investment and its monthly interest?

High Interest Accounts

Why use a High Interest Savings Account?

Using a high interest savings account allows your money to earn higher than normal interest rates on your cash. Earning interest on your money can be an effective method of increasing your overall savings sum while utilising your unused money to make you more money!

I have created an example of why high interest savings account are beneficial for your overall finance scheme;

Without a High Interest Account

Imagine you had $5000. You put it into your everyday normal account and dont touch it for 12months to allow you to save some money up for a TV you wish to buy. All of a sudden, 12 months is up – you have exactly $5000 in your account still.

With a High Interest Account

You have $5000. You deposit it into your High Interest Account that has some of Australia’s highest interest rates and you let it sit for 12months. All of a sudden, 12 months is up – you now have $5416.39 in the account from your high interest earnings. That means you made $416.39 from an interest rate of say 7-8% over 12months – easy money if you ask me! Note: The interest rates above are for examples only.

Compare High Interest Accounts

I have personally held a number of different high interest accounts over the past 5 years so have a good understanding of which ones are better than the others.

RaboPlus High Interest Savings

Is the latest company to enter the high interest market – and I must say that there rates are amazingly high and I have been enjoying the greatest returns on my money in many years. They have fantastic customer service and you link the account directly with your normal account, eg; St.George Freedom account. More info.

St.George Direct Saver Account

Is still one of my favorite accounts. I have 4 of them connected to my St.George Freedom account – this lets me have different high interest savings for different purposes. Eg; Tax, Car Savings, Investment Savings etc. The interest is not as high as RaboPlus – but at the same time is very good.

• Rating: Very Good // More info.

• Ing Direct High Interest Savings were the market leader for a number of years, pioneering the high interest savings market with their ’savings maximiser’ product – but like many people are saying, they have recently become complacent and are now longer as competitive as many other providers.
  Rating: Average // More info.
• Suncorp Everyday Options Sub Account originnaly appealed to me as I have shares in Suncorp Metway – but after a few months of use, I realised that they had a great online system, but the interest rates were not high enough compared to that of other providers, so I closed this account.
  Rating: Average // More info.

Selection of High Interest Accounts

I have gathered together all the websites of the different high interest savings account so you can see for yourself which is best.

• RaboPlus Savings Account // RaboPlus High Interest – Apply Now!

• St.George – Direct Saver // Direct Saver – Apply Now!

• Suncorp Metway // Everyday Options Sub Account – Apply Now!

• ING Direct // Savings Maximiser – Apply Now!

I previously discussed Raboplus accounts here for more information.

Related Posts

• Macquarie Bank High Interest Account

  Macquarie Bank have just released a new account, it is called the Macquarie Cash XL. A simple to use, online savings account that earns you quite a high interest rate on your balance.
  Offering no minimum initial investment or ongoing balance plus earn full interest on every dollar in your account calculated daily, paid monthly. [...]

• High Interest Savings with RaboPlus

  Want to earn Australia’s highest interest on a savings account ever? RaboPlus has the answer you are looking for! Raboplus has come out with one of Australia’s leading high interest bank accounts.
  They are very similar to ING except they are a lot easier to use and highly recommended. I have had no issues or problems [...]

• Sticky: Top 6 savings accounts to make you money

  There are a lot of high interest savings accounts on the market – some better then others, the problem however is trying to sift through the sea of savings accounts on offer and choosing the right one for your requirements.
  Some savings accounts will offer introductory rates to incentivise you to join them, while others will consistently remain [...]

• Customer Review of St.George Bank

  As a customer of St.George Bank for around 15 years – I figured it would be interesting to write an article about the changes I have seen, the support I have received and the different areas I believe that St.George have both excelled and declined in over the last few years.
  Like any business or [...]

• Australias got a new bank

  Suncorp Metway, Australia’s newest retail and business bank is emerging to be quite a contender.

  They offer low interest credit cards, business banking solutions, loans, everyday transaction accounts and more.
  What makes them blog worthy? They have the best high interest savings account in Australia, one of the lowest credit card rates also and to top it [...]