Saving Money

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Most Australian’s have their pay and savings tucked away in their everyday transaction accounts - effectively lieing stagnant and not working at all for them.

Does it not make you furious to know that you could have potentially made a large profit from your everyday cash by utilising a high interest savings account?

Quick note to our readers, after trying multiple high interest accounts, we have concluded our research as to which high interest account is best, so without further discussion,  I bring to you the winner of best;

• High Interest Savings Account
• High Interest Savings Accounts
• High Interest Rate Savings Account

Rabo Plus Australia!

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 $500. You deposit it into your RaboPlus 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!

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.
  Rating: Excellent // More info.
• St.George Dragon Direct Savings 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 - Dragon Direct // Dragon 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.