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Rabobank High Interest Savings Account | |
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Maximum interest rate (p.a.) | 5.75% |
Base interest rate (p.a.) | 4.40% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
ME Bank HomeME Savings Account | |
Maximum interest rate (p.a.) | 5.55% |
Base interest rate (p.a.) | 0.55% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $100k |
Visit provider | |
MOVE Bank Growth Saver | |
Maximum interest rate (p.a.) | 5.50% |
Base interest rate (p.a.) | 0.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $25k |
Visit provider | |
Great Southern Bank Youth eSaver Account | |
Maximum interest rate (p.a.) | 5.50% |
Base interest rate (p.a.) | 5.50% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $5k |
Visit provider | |
ING Savings Maximiser | |
Maximum interest rate (p.a.) | 5.50% |
Base interest rate (p.a.) | 0.55% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $100k |
Visit provider | |
BOQ Future Saver Account | |
Maximum interest rate (p.a.) | 5.50% |
Base interest rate (p.a.) | 0.05% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $50k |
Visit provider | |
AMP Saver Account | |
Maximum interest rate (p.a.) | 5.40% |
Base interest rate (p.a.) | 1.20% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Macquarie Savings Account | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 4.75% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Bank of Melbourne Maxi Saver | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 1.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum |
Visit provider | |
BankSA Maxi Saver | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 1.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum |
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St.George Maxi Saver | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 1.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum |
Visit provider | |
Great Southern Bank Goal Saver Account | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 0.50% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $50k |
Visit provider | |
Virgin Money Boost Saver | |
Maximum interest rate (p.a.) | 5.35% |
Base interest rate (p.a.) | 0.05% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
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Border Bank U30 Super Charge Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 5.25% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $30k (Up to $10k across three accounts in total) |
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Police Bank U30 Super Charge Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 5.25% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $30k (Up to $10k across three accounts in total) |
Visit provider | |
Bank of Melbourne Incentive Saver | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 1.85% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
BankSA Incentive Saver | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 1.85% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
St.George Incentive Saver | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 1.85% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Credit Union SA Netsave Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 1.50% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum |
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Great Southern Bank Home Saver Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 0.50% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $100k |
Visit provider | |
Dnister Ukrainian Credit Co-operative Max Saver | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 0.40% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Bendigo Bank Reward Saver | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 0.30% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $100k |
Visit provider | |
RACQ Bank Bonus Saver Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 0.01% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $100k |
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IMB Reward Saver Account | |
Maximum interest rate (p.a.) | 5.25% |
Base interest rate (p.a.) | 0.00% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $1m |
Visit provider | |
Australian Unity Freedom Saver | |
Maximum interest rate (p.a.) | 5.20% |
Base interest rate (p.a.) | 5.20% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $50,000 |
Visit provider | |
Westpac Life (18-29) | |
Maximum interest rate (p.a.) | 5.20% |
Base interest rate (p.a.) | 2.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $30k |
Visit provider | |
HSBC Everyday Savings | |
Maximum interest rate (p.a.) | 5.15% |
Base interest rate (p.a.) | 3.30% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $1m |
Visit provider | |
Australian Unity Easy Saver Plus | |
Maximum interest rate (p.a.) | 5.10% |
Base interest rate (p.a.) | 4.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
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Bankwest Easy Saver | |
Maximum interest rate (p.a.) | 5.10% |
Base interest rate (p.a.) | 4.00% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $250k |
Visit provider | |
Commbank NetBank Saver | |
Maximum interest rate (p.a.) | 5.10% |
Base interest rate (p.a.) | 2.35% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
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Ubank High Interest Save Account | |
Maximum interest rate (p.a.) | 5.10% |
Base interest rate (p.a.) | 0.10% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $250k |
Visit provider | |
Northern Inland Credit Union | |
Maximum interest rate (p.a.) | 5.07% |
Base interest rate (p.a.) | 0.39% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k - $500k |
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Suncorp Growth Saver Account | |
Maximum interest rate (p.a.) | 5.05% |
Base interest rate (p.a.) | 0.35% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum |
Visit provider | |
Health Professionals Bank Mighty Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 5.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $20k |
Visit provider | |
Firefighters Mutual Bank Mighty Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 5.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $20k |
Visit provider | |
Rabobank Notice Saver Account (90 days) | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 5.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Teachers Mutual Bank | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 5.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $20k |
Visit provider | |
UniBank Mighty Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 5.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $20k |
Visit provider | |
Rabobank PremiumSaver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 2.50% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $250k |
Visit provider | |
Dnister Ukrainian Credit Co-operative iSaver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 2.20% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
First Option Bank Savings+Bonus account (S19) | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 2.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
NAB iSaver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 2.00% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $20m |
Visit provider | |
Westpac Life | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 2.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Auswide Bank Online Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.50% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Southern Cross Credit Union Star Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.25% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Bank of Us Save Up Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
BCU Bonus Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Newcastle Permanent Online Savings Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
P&N Bank Hi Saver Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 1.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
NAB Reward Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.35% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $50k |
Visit provider | |
Defence Bank Max eSaver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.10% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $1m |
Visit provider | |
Move Bank Bonus Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.10% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $250k |
Visit provider | |
BOQ Smart Saver Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.05% |
Conditions for bonus interest |
|
Maximum balance for top interest rate | $250k |
Visit provider | |
MyState Bank Bonus Saver Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.05% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $250k |
Visit provider | |
Easy Street Bonus Saver Account | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.01% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Hume Bank Reward Saver | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.01% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
QBank | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.01% |
Conditions for bonus interest |
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Maximum balance for top interest rate | $1m |
Visit provider | |
Horizon Bank | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Regional Australia Bank | |
Maximum interest rate (p.a.) | 5.00% |
Base interest rate (p.a.) | 0.00% |
Conditions for bonus interest |
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Maximum balance for top interest rate |
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Visit provider |
Maximum interest rate (p.a.) | Base interest rate (p.a.) | Conditions for bonus interest | Maximum balance for top interest rate | Visit provider | |
---|---|---|---|---|---|
Rabobank High Interest Savings Account | 5.75% | 4.40% |
| $250k | |
ME Bank HomeME Savings Account | 5.55% | 0.55% |
| $100k | |
MOVE Bank Growth Saver | 5.50% | 0.10% |
| $25k | |
Great Southern Bank Youth eSaver Account | 5.50% | 5.50% |
| $5k | |
ING Savings Maximiser | 5.50% | 0.55% |
| $100k | |
BOQ Future Saver Account | 5.50% | 0.05% |
| $50k | |
AMP Saver Account | 5.40% | 1.20% |
| $250k | |
Macquarie Savings Account | 5.35% | 4.75% |
| $250k | |
Bank of Melbourne Maxi Saver | 5.35% | 1.10% |
| No maximum | |
BankSA Maxi Saver | 5.35% | 1.10% |
| No maximum | |
St.George Maxi Saver | 5.35% | 1.10% |
| No maximum | |
Great Southern Bank Goal Saver Account | 5.35% | 0.50% |
| $50k | |
Virgin Money Boost Saver | 5.35% | 0.05% |
| $250k | |
Border Bank U30 Super Charge Account | 5.25% | 5.25% |
| $30k (Up to $10k across three accounts in total) | |
Police Bank U30 Super Charge Account | 5.25% | 5.25% |
| $30k (Up to $10k across three accounts in total) | |
Bank of Melbourne Incentive Saver | 5.25% | 1.85% |
| $250k | |
BankSA Incentive Saver | 5.25% | 1.85% |
| $250k | |
St.George Incentive Saver | 5.25% | 1.85% |
| $250k | |
Credit Union SA Netsave Account | 5.25% | 1.50% |
| No maximum | |
Great Southern Bank Home Saver Account | 5.25% | 0.50% |
| $100k | |
Dnister Ukrainian Credit Co-operative Max Saver | 5.25% | 0.40% |
| $250k | |
Bendigo Bank Reward Saver | 5.25% | 0.30% |
| $100k | |
RACQ Bank Bonus Saver Account | 5.25% | 0.01% |
| $100k | |
IMB Reward Saver Account | 5.25% | 0.00% |
| $1m | |
Australian Unity Freedom Saver | 5.20% | 5.20% |
| $50,000 | |
Westpac Life (18-29) | 5.20% | 2.00% |
| $30k | |
HSBC Everyday Savings | 5.15% | 3.30% |
| $1m | |
Australian Unity Easy Saver Plus | 5.10% | 4.10% |
| No maximum listed | |
Bankwest Easy Saver | 5.10% | 4.00% |
| $250k | |
Commbank NetBank Saver | 5.10% | 2.35% |
| No maximum listed | |
Ubank High Interest Save Account | 5.10% | 0.10% |
| $250k | |
Northern Inland Credit Union | 5.07% | 0.39% |
| $250k - $500k | |
Suncorp Growth Saver Account | 5.05% | 0.35% |
| No maximum | |
Health Professionals Bank Mighty Saver | 5.00% | 5.00% |
| $20k | |
Firefighters Mutual Bank Mighty Saver | 5.00% | 5.00% |
| $20k | |
Rabobank Notice Saver Account (90 days) | 5.00% | 5.00% |
| $250k | |
Teachers Mutual Bank | 5.00% | 5.00% |
| $20k | |
UniBank Mighty Saver | 5.00% | 5.00% |
| $20k | |
Rabobank PremiumSaver | 5.00% | 2.50% |
| $250k | |
Dnister Ukrainian Credit Co-operative iSaver | 5.00% | 2.20% |
| No maximum listed | |
First Option Bank Savings+Bonus account (S19) | 5.00% | 2.00% |
| $250k | |
NAB iSaver | 5.00% | 2.00% |
| $20m | |
Westpac Life | 5.00% | 2.00% |
| No maximum listed | |
Auswide Bank Online Saver | 5.00% | 1.50% |
| No maximum listed | |
Southern Cross Credit Union Star Saver | 5.00% | 1.25% |
| No maximum listed | |
Bank of Us Save Up Account | 5.00% | 1.00% |
| No maximum listed | |
BCU Bonus Saver | 5.00% | 1.00% |
| No maximum listed | |
Newcastle Permanent Online Savings Account | 5.00% | 1.00% |
| No maximum listed | |
P&N Bank Hi Saver Account | 5.00% | 1.00% |
| No maximum listed | |
NAB Reward Saver | 5.00% | 0.35% |
| $50k | |
Defence Bank Max eSaver | 5.00% | 0.10% |
| $1m | |
Move Bank Bonus Saver | 5.00% | 0.10% |
| $250k | |
BOQ Smart Saver Account | 5.00% | 0.05% |
| $250k | |
MyState Bank Bonus Saver Account | 5.00% | 0.05% |
| $250k | |
Easy Street Bonus Saver Account | 5.00% | 0.01% |
| No maximum listed | |
Hume Bank Reward Saver | 5.00% | 0.01% |
| No maximum listed | |
QBank | 5.00% | 0.01% |
| $1m | |
Horizon Bank | 5.00% | 0.00% |
| No maximum listed | |
Regional Australia Bank | 5.00% | 0.00% |
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Australian Unity Freedom Saver | |
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Interest rate | 5.20% p.a. |
Maximum balance for top interest rate | $50k |
Visit provider | |
ANZ Save Account (ANZ Plus) | |
Interest rate | 4.90% p.a. |
Maximum balance for top interest rate | $250k |
Visit provider | |
BOQ Simple Saver | |
Interest rate | 4.85% p.a. |
Maximum balance for top interest rate | $5m |
Visit provider | |
Macquarie Bank Savings Account | |
Interest rate | 4.75% p.a. |
Maximum balance for top interest rate | $1m |
Visit provider | |
Unity Bank MoneyMAX Account | |
Interest rate | 4.75% p.a. |
Maximum balance for top interest rate | No maximum listed |
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Macquarie Bank Cash Management Account | |
Interest rate | 4.65% p.a. |
Maximum balance for top interest rate | $2m |
Visit provider | |
Goldfields Money Cash Management Account | |
Interest rate | 4.55% p.a. |
Maximum balance for top interest rate | No maximum listed |
Visit provider | |
nabtrade High Interest Account | |
Interest rate | 4.50% p.a. |
Maximum balance for top interest rate | $1m |
Visit provider | |
MOVE Bank Online Saver | |
Interest rate | 4.40% p.a. |
Maximum balance for top interest rate | $5m |
Visit provider | |
Rabobank Australia High Interest Savings Account | |
Interest rate | 4.40% p.a. |
Maximum balance for top interest rate | $250k |
Visit provider | |
Qudos Bank Qsaver | |
Interest rate | 4.35% p.a. |
Maximum balance for top interest rate | No maximum listed (higher rate of 4.45% p.a. applies to balance of $500k & over) |
Visit provider | |
Bank of Sydney BoS Saver | |
Interest rate | 4.25% p.a. |
Maximum balance for top interest rate | $5m |
Visit provider | |
Great Southern Bank eSaver Flexi | |
Interest rate | 4.20% p.a. |
Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Australian Unity Easy Saver Plus | |
Interest rate | 4.10% p.a. |
Maximum balance for top interest rate | No maximum listed |
Visit provider | |
Bankwest Easy Saver | |
Interest rate | 4.00% p.a. |
Maximum balance for top interest rate | $250k |
Visit provider |
Interest rate | Maximum balance for top interest rate | Visit provider | |
---|---|---|---|
Australian Unity Freedom Saver | 5.20% p.a. | $50k | |
ANZ Save Account (ANZ Plus) | 4.90% p.a. | $250k | |
BOQ Simple Saver | 4.85% p.a. | $5m | |
Macquarie Bank Savings Account | 4.75% p.a. | $1m | |
Unity Bank MoneyMAX Account | 4.75% p.a. | No maximum listed | |
Macquarie Bank Cash Management Account | 4.65% p.a. | $2m | |
Goldfields Money Cash Management Account | 4.55% p.a. | No maximum listed | |
nabtrade High Interest Account | 4.50% p.a. | $1m | |
MOVE Bank Online Saver | 4.40% p.a. | $5m | |
Rabobank Australia High Interest Savings Account | 4.40% p.a. | $250k | |
Qudos Bank Qsaver | 4.35% p.a. | No maximum listed (higher rate of 4.45% p.a. applies to balance of $500k & over) | |
Bank of Sydney BoS Saver | 4.25% p.a. | $5m | |
Great Southern Bank eSaver Flexi | 4.20% p.a. | No maximum listed | |
Australian Unity Easy Saver Plus | 4.10% p.a. | No maximum listed | |
Bankwest Easy Saver | 4.00% p.a. | $250k |
To get the highest interest rate on your savings each month, you often need to meet specific conditions. For example, you may need to deposit a minimum amount, make no withdrawals, and make transactions on a linked everyday account.
Unless you’re happy to switch regularly to chase the best savings rate, you may be better off with an account offering a high ongoing interest rate. A lot of high interest savings accounts start off with a high rate but revert to a much lower rate after 3-6 months.
As well as the conditions for getting the top rate of interest, there can be other restrictions. For example, some accounts have an upper or lower age limit.
Something else to watch for is limits on the balance the top rate of interest will apply to. For example, you might get the best rate on your balance up to $50k but a much lower rate on amounts above that.
Is the account provider an ‘authorised deposit-taking institution’? Only these ADIs are covered by the Government’s Financial Claims Scheme which protects your deposits up to a total value of $250,000 per institution.
Some savings accounts offer handy tools, like savings trackers, the ability to set up multiple savings ‘buckets’ with different names and automatic reminders so you don’t miss out on the bonus interest.
While most savings accounts in Australia don't charge ongoing fees, some may charge 'ancillary' fees, like fees for requesting statements or making in-person withdrawals at a branch.
As someone saving for a home deposit, it’s all about the rate for me. But also the conditions to get that rate. For example, with ING I have to make 5 transactions on the linked transaction account and have to deposit at least $1,000 each month. Nice and simple. Basically, I just want the best rate, without having to jump through hoops to get it.
Megan Birot, Money.com.au Senior Finance Journalist
High interest savings accounts offer savers the ability to earn interest on money they deposit into the account. You can make an initial deposit when you open the account and then regular deposits to grow your savings.
Most high interest savings accounts have different interest rates that apply depending on how the account is used. To get the best savings rate, there’s usually more to it than just depositing money and waiting for compound interest to work its magic. Here are the main types of interest that may apply to a high-interest rate savings account.
This is the standard variable interest rate that applies by default to money saved in the account. It’s usually a relatively low rate. This rate sometimes depends on the balance of the account. For example, a higher rate may apply to the balance up until a point, and then a lower rate kicks in, or vice versa.
With a high interest savings account, the bulk of the interest usually comes via the bonus rate that kicks in if you meet the eligibility criteria. This rate is also usually variable, meaning your bank could change it at any time.
Some accounts offer extra interest (at a fixed rate) for the first few months only, as an incentive to get savers to sign up.
These accounts offer a higher rate of interest or ‘bonus’ interest if the account holder meets certain criteria each month. These accounts often have a fairly meagre base interest rate if the bonus interest isn’t applied.
If you’re looking for a consistent rate of interest, you might prefer a standard savings account that doesn’t rely on you jumping through hoops to qualify. Some accounts just offer a base rate of interest that applies regardless of how you use the account.
Junior saver accounts typically offer high interest rates but only to young people (e.g. under 18 years old). It’s usually a requirement that a parent or guardian opens the account on the child’s behalf and is listed as a signatory on the account to make transactions.
Some savings accounts are aimed at people saving for a deposit for a first home. In reality this is essentially a marketing tactic to appeal to first home buyers. Apart from the name, the account itself will likely be no different to any other kind of savings account.
These accounts are designed for people who are saving for retirement through a self-managed super fund (SMSF) and are looking to earn interest on their money. Functionally, they are very similar to standard savings accounts.
High interest savings account
Offset account
High interest savings account
A savings account is one of the most straightforward financial products to apply for. You can usually apply online in a few minutes.
The only slight complication is that a lot of providers require you to have or apply for a transaction account first.
To open a savings account, you’ll generally need to:
In many cases, to earn the highest interest rate on a savings account you may need to deposit a minimum amount each month, have a linked transaction account and make no withdrawals (or ensure the balance grows each month). There may also be a maximum balance you can earn the highest interest rate on.
This depends on the savings account, and in many cases there won’t be a maximum. But many high interest savings accounts only pay the top interest rate up to a limit, e.g. up to $250,000. This is the largest amount that can be guaranteed for an individual at any one bank under the Government’s Financial Claims Scheme.
Most banks will allow you to hold more than that amount in a savings account. But any money above that amount won’t be guaranteed by the government if the bank goes bust.
The highest interest savings accounts aren’t all necessarily offered by online banks, although online providers do tend to offer more competitive rates overall. In reality, virtually all ‘traditional’ banks will also have an online application process and you may not need to go into a branch at any stage as a savings customer.
At the time of writing Rabobank offers the highest maximum savings rate of 5.75% p.a. on balances up to $250,000. This top rate of interest is only available as an introductory offer for the first four months, after which the standard rate for 4.40% p.a. applies.
The savings account with the highest base interest rate is Australian Unity's Freedom Saver account which offers 5.20% p.a. on balances up to $50k.
Generally, yes. Money in a high interest savings account is guaranteed by the Australian Government’s Financial Claim Scheme, up to a value of $250,000 per person per bank. If you have more than $250,000 in savings, you could spread your savings across multiple providers covered by the scheme to ensure you are protected.
The following providers are authorised deposit-taking institutions whose savings accounts are covered by the government’s Financial Claims Scheme.
Interest on savings accounts is calculated daily based on the current balance of your account using this formula:
Daily interest = Account balance X interest rate ÷ 365
For example: $10,000 X 0.05 (5%) ÷ 365 = $1.37
If the balance on that account remained the same during a 31-day month, the total interest earned that month would be: $1.37 X 31 = $42.47
There’s generally no limit on how many savings accounts you can have across multiple providers. However, to keep things manageable, it may be best to limit it to one or a couple of accounts. One strategy could be to have one account with a high bonus interest rate (even if it has conditions attached), but to also have some savings in an account that offers a relatively high base interest rate.
That way if you miss out on the bonus interest, you will still be earning some interest via the base rate.
If you have more than $250,000 in savings, you may choose to spread your savings across multiple providers, as your deposits are only guaranteed by the government up to $250,000 with any one provider.