High Interest Savings Accounts

Rates and Fees verified correct on July 29th, 2015

Be honest, are you getting the interest rate that you deserve?

When you sign up for a savings account with a bank, you normally get two types of accounts. A transaction account, which is an account designed for maximum flexibility and accessibility. The second account, generally known as a high interest savings account (HISA), is an account designed for you to store your money. It's important to note that the interest rate for a HISA is a lot higher than what you'd normally find on a transaction account. This is because banks try to encourage you to save money through your HISA.

ING DIRECT Savings Maximiser

High Interest Savings Account Offer

Apply for ING DIRECT Savings Maximiser Account and receive a high interest rate of 3.50% p.a.. Plus no fees, no hidden catches and no minimum account balance

  • Maximum Rate: 3.50% p.a.
  • Standard Variable Rate: 2.25% p.a.
  • Bonus Rate: 1.25% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
Rates last updated July 29th, 2015
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Earn 3.50% p.a. when you open an Orange Everyday bank account and deposit $1,000+ into it each month e.g your salary.
3.50% 2.25% 1.25% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn an ongoing variable interest rate of 3.25% p.a. when you make a minimum monthly deposit of at least $200 (excludes interest) and don't withdraw. No monthly fees. Available on balances up to $250,000.
3.25% 0.01% 3.24% $0 $0 / $0 Open More
ANZ Online Saver
Access your funds 24/7, no minimum balance and earn up to 3.10% p.a. for 3 months. Online offer exclusive.
3.10% 2.00% 1.10% $0 $0 / $0 Open More
HSBC Serious Saver
Earn 2.75% p.a. variable interest rate for the first 4 months when you don't make a withdrawal. Applies on balances up to $1,000,000.
2.75% 2.10% 0.65% $0 $0 / $0 Open More
Westpac eSaver
Earn 3.11% p.a. variable rate for intro period 3 months with no minimum balance and no monthly service fee.
3.11% 1.75% 1.36% $0 $0 / $0 Open More
ANZ Progress Saver
Earn a high ongoing interest rate when you meet the minimum monthly deposit of $10. Interest calculated daily, paid monthly.
2.71% 0.01% 2.70% $0 $10 / $10 Open More
St.George Maxi Saver
Take advantage of a competitive interest rate to kick start your savings plan.
3.20% 1.50% 1.70% $0 $1 / $1 Open More
Bank of Melbourne Maxi Saver
Enjoy a high ongoing interest rate with no monthly account service fee.
3.20% 1.50% 1.70% $0 $0 / $1 Open More
Westpac Reward Saver
Enjoy bonus interest each month with Westpac Reward Saver Account if you make no withdrawals, and deposit at least $50.
2.50% 0.01% 2.49% $0 $0 / $0 Open More
BankSA Maxi Saver
Earn up to 3.20% p.a. and enjoy an introductory 3 month variable rate including a bonus 1.70% p.a. for new Maxi Saver customers.
3.20% 1.50% 1.70% $0 $1 / $0 Open More

High Interest Savings Accounts Tips

Fred Schebesta, co-founder at finder.com.au

What are the types of high interest savings accounts?

    • Online saving accounts.With the rapid growth in technology and online usage internet savings accounts have become extremely popular. One, they are simple and easy to open online and secondly having online access means consumers can shop round for the best rates. Internet savings accounts have very limited transactions available, so if you want to use BPAY, or make withdrawals, you would have to transfer funds across to your linked transaction account.

Click this link to read more about online savings accounts.

    • Term deposits.These types of accounts have been around for a long time, and are fairly straightforward. You invest your money for a predetermined time at a given rate of interest and there it is supposed to stay until maturity. If you need to break the term you usually are charged penalty fees for doing so. The downside of this sort of investment is that you don't have any liquidity your money is locked away for the term. Admittedly if interest rates drop you gain because your interest level is fixed, but the reverse applies too, if interest rates rise you lose out. Term deposits can be taken out with banks, credit unions and other financial institutions. Interest varies but rates can be found that are similar to Internet savings accounts. The appeal to many people is the certainty, because the rates are fixed for the agreed term. Terms range from 1 month to a number of years. The fixed interest is paid into your account either monthly, quarterly or on maturity. Rates can vary dependent on how often the interest is paid, the size of your deposit, and whether the interest is compounded. If you decide to roll over or reinvest your deposit when it reaches maturity, you need to check the rate, as these can change and revert to a lower rate in some cases. Always make sure you read the product disclosure statement for your investment. Before taking out any term deposit confirm that the financial institution you select is an Authorised Deposit Taking Institution (ADI).

Click this link to learn more about term deposit accounts.

    • Cash management accounts.Some consumers prefer a dual account which has the capability to handle both transactions and savings. Now whilst these might be convenient because everything is all in the one place, to gain any benefit from a higher interest rate you need to have a few thousand dollars sitting in the account. Quite often you will see promotions stating no fees charged on these type of accounts, which is a form of saving; but reading the terms and conditions generally indicates that the no fee rule usually needs a substantial amount (around $5000) to open the account, or a reasonable size amount deposited each month. Dependent on your type of account or your balance some of the transaction or account-keeping fees can be waived; whilst other accounts allow for a certain amount of free transactions per month before charging a fee. To gain the benefit of a high interest return you generally need to keep your balance above a few thousand dollars.

Click this link to learn more about cash management accounts.

    • Traditional saving accounts.These have some appeal because of the occasional bonus rates and their liquidity, but that is being outweighed now by their lack of return on savings. In most cases the standard interest rates on these type of accounts are fairly low; and frequently fall short of the better term deposits, Internet savings accounts and cash management accounts even when bonuses are added. Plus there can be conditions to receiving the bonuses such as making regular monthly deposits or not making any withdrawals.

Click here to learn more about traditional savings accounts.

How to compare high interest savings accounts

  • Limited access.The purpose of having a high interest saving accounts is to separate your savings from your day-to-day spending money. Most high interest savings accounts therefore allow limited access to your savings through a very narrow range of transactions, and don't provide for transactions such as cheque payments, eftpos, debit cards and ATM withdrawals that are a feature of transaction accounts. With this in mind, you should look at bank fees on an account, and banking contact arrangements.
  • Online saving.If you are happy to do all your banking electronically you might choose an online savings account, but if you don't have easy internet access your choice is more limited. If you will be a low-maintenance customer, saving the bank overheads because you do all your banking online, you should be looking at savings accounts with low (or no) account fees.
  • Opening another account.Banks usually require high interest savings accounts to be linked to transaction accounts, so if you already have a transaction account, check whether a high interest savings account could be linked to your existing account, because not all banks allow their savings accounts to be linked with transaction accounts of other banks.
  • The types of interest rates.When comparing high interest savings accounts it's important to differentiate between the standard variable interest rate offered and any bonus interest offered for an introductory period. An introductory bonus offer can boost your savings impressively if you're saving for a short-term project and you will have reached your savings goal before the introductory offer expires; if a bonus offer expires long before you are likely to have reached your savings goal you also need to be comparing the standard rates of interest offered on different accounts.
  • Usability.While interest rates are very relevant criteria when choosing a savings account, the other features of the account are also important: if an account has a slightly higher interest rate but lacks a feature that you consider essential, you will need to balance the higher yield against the more favourable account feature for instance, could be comparing a fee-free account with an account that offers higher interest but charges account fees.

Click here to learn more about the best savings accounts.

How to apply for a high interest savings account

If you would like to apply for a high interest savings account that is featured on finder.com.au, please click on 'go to site' to be safely redirected to the application page. The application process should take around 10-15 minutes to complete, and you'll generally get an instant online response.

Linked account

In some cases you'll need to link your HISA with your everyday transaction account. Any funds to and from your HISA will need to go through your transaction account.

  • BSB and account number of an existing Australia transaction account, held in your name.
  • In some cases, you may need to open a transaction account with the same financial institution to be eligible for their HISA


  • Driver's Licence, Medicare Number, Passport, Australian Birth Certificate.
  • Your Tax File Number if you want to avoid paying withholding tax.


  • You'll need to be 18 years old, or older. Please note that there are some exceptions and in some cases the minimum age goes down to 12 years old.
  • Your Tax File Number if you want to avoid paying withholding tax.
  • You have a residential address in Australia.
  • You are an Australian resident for tax purposes.

Account types

Here are some of the different types of account you can apply for on finder.com.au:

  • Personal
  • Account on behalf of another
  • DIY Super
  • Trust
  • Business

Frequently asked questions

Should I switch savings accounts?

In today's economy it is sensible to try and have some money put aside for that rainy day, holiday, or emergency; there is nothing worse than knowing you have no fallback position should something unexpected happen. It is in your own interests to find an account that suits your planned savings pattern and will give you the best return on your investment. Making regular savings, whether fortnightly or monthly, can only improve your financial position and it is simple these days to organise or set up direct deposits from your salary into your savings. You will be surprised at how quickly your savings can mount up when you have them in the right account, and they are working for you instead of the bank.

What are the common features of a HISA?

  • No minimum amount required to open account
  • Deposit or withdraw any amounts you choose
  • Interest is calculated on a daily basis and added to your account each month
  • No fees for account-keeping
  • No charge for direct debits and credit when available
  • Not available at all facilities

Can you tell me more about the optimum savings model?

The Optimum Savings ModelOpening the highest interest savings accounts may help increase the interest that you are earning. There are usually no fees when opening an account and no fees for transaction between your everyday transaction account and your high interest account. Although high interest savings accounts are all designed to encourage you save rather than spend money, there is a degree of variation in the ways different savings accounts help you to achieve this objective. When comparing high interest savings accounts, two of the most important features to be examined are customer service provision and, of course, interest rates.

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This page was last modified on 28 May 2015 at 14:01.

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117 Responses to High Interest Savings Accounts

  1. Default Gravatar
    cwhong | July 9, 2015

    would like to ask if a visiting tourist (less than 1 month) can open and maintaining a banking account in aussie…… i am Malaysian if that does matter. if can, i would like to open the account before going down under. any advise will be appreciated…..

    • Staff
      Belinda | July 10, 2015

      Hi Cwhong,

      Thanks for your enquiry.

      Depending on your visa type, it may be possible for you to open a bank account in Australia.

      On this page you can learn more about opening a bank account in Australia as a non-resident and compare different migration programs offered by certain lenders.

      It would be best to speak with the lender directly about their eligibility requirements for opening an account as a temporary tourist.


  2. Default Gravatar
    Debra | May 11, 2015

    Hello, why has the 4% savings interest reduced to 3.5% within 6 weeks?

    • Staff
      Marc | May 12, 2015

      Hi Debra,
      thanks for the question.

      Institutions can lower their rates in response to many factors. Sometimes they might also offer a bonus introductory rate for a number of months and then withdraw this rate.

      For more information, I recommend contacting your savings institution to find out why the rate was changed.

      I hope this helps,

  3. Default Gravatar
    Lilly | March 24, 2015

    Can I open a westpac reward saver account on behalf of my 15yr. old daughter?

    • Staff
      Shirley | March 24, 2015

      Hi Lily,

      Thanks for your question.

      Yes you can, though Westpac recommends that you apply at your local Westpac branch instead, rather than online.


  4. Default Gravatar
    MARK | February 27, 2015

    I need to know what the past 9 years of term deposit interest rates were. From 2007 – 2015 based on a deposit for $30,000

    • Staff
      Shirley | February 27, 2015

      Hi Mark,

      Thanks for your question.

      Unfortunately we only have records dating back to 2011. If you’d like, please see our historical term deposits page.


    • Default Gravatar
      MARK | March 2, 2015

      Thank you for your reply Shirley.

      have a great day:)

  5. Default Gravatar
    ethan | February 10, 2015

    I am a school student looking for the best interest rate for a deposit of 10000 over 5 years

    • Staff
      Shirley | February 10, 2015

      Hi Ethan,

      Thanks for your question.

      You can sort through the interest rates in the blue table above by clicking on ‘interest rate (p.a.)’ – this automatically sort the interest rates in ascending order for you.

      Please note that age requirements may apply to some accounts.


  6. Default Gravatar
    chris | January 12, 2015

    I’m interested in opening a Savings Max + Orange ED a/c
    Q1.To register for Security Codes can I use my email?
    Q2.Please confirm there is no expiry date for this 4% offer eg after 4months (like most banks) and that it will only rise and fall with the Bank Rate.
    Q3.If $1000 is deposited in the Savings Max a/c each month must it be left to accumulate or can some of it be spent and the balance still attract 4% interest?

    • Staff
      Shirley | January 13, 2015

      Hi Chris,

      Thanks for your questions.

      You’ll be asked to register for a security code as part of the application process, via mail or after logging into your new account. Your security code will be sent to your mobile phone.

      The 4% p.a. interest rate is not an introductory rate and is currently ongoing as long as you’ve met the conditions.

      The $1,000 can be spent, your remaining balances at the end of the day will be used to calculate your interest.


    • Default Gravatar
      Sasi | July 22, 2015


      I have seen in one of your response, that 4% interest rate is provided and it is not an introduction offer. Could you please confirm which bank gives 4% interest on savings account.


    • Staff
      Belinda | July 22, 2015

      Hi Sasi,

      Thanks for your enquiry.

      The comment you’re referring to was in regards to the ING Direct Savings Maximiser and Orange Everyday accounts.

      You can read about the terms and interest offered with these accounts on this page.

      Currently, you can earn a maximum variable rate of 3.50%p.a. when you open an Orange Everyday Account and deposit at least $1 000 into it each month. Please note that interest rates are indicative and subject to change.


  7. Default Gravatar
    Ross | January 8, 2015

    Are term deposits set up by an executor of a deceased estate covered by the Australian Government Bank Guarantee.

    • Staff
      Shirley | January 13, 2015

      Hi Ross,

      Thanks for your question.

      Yes all term deposits held at an authorised deposit-taking institution in Australia are covered by the Government Guarantee.


  8. Default Gravatar
    Deb | November 28, 2014

    Which banks are the best for HIgh Interest accounts for deposits over $500,000?

    • Staff
      Shirley | December 1, 2014

      Hi Deb,

      Thanks for your question.

      Please note that we don’t recommend specific products, services or providers. If you’d like to find the highest interest rate in our comparison, please use the sorter buttons in the blue table above.

      You can confirm what amount the maximum variable applies to by clicking through to our reviews.

      All the best,

  9. Default Gravatar
    Meredith | October 24, 2014

    Do these interest rates apply to deceased estate trust accounts?

    • Staff
      Marc | October 27, 2014

      Hi Meredith,
      thanks for the question.

      Many banks will offer different interest rates and products for trust accounts, so I recommend contacting them directly to find out what their rates are for deceased estate trust accounts.

      I hope this helps,

  10. Default Gravatar
    diptanu | September 13, 2014

    list of top 15 banks giving high interest rate on FD

    • Staff
      Shirley | September 15, 2014

      Hi Diptanu,

      Thanks for your question.

      Please see this page for a comparison of term deposits.


Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Rates last updated July 29th, 2015
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
ING DIRECT Savings Maximiser
Earn 3.50% p.a. when you open an Orange Everyday bank account and deposit $1,000+ into it each month e.g your salary.
3.50% 2.25% 1.25% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn 3.25% p.a. every month when you deposit $200 (excludes interest) and make no withdrawals each month on balances up to $250,000. Available on balances up to $250,000.
3.25% 0.01% 3.24% $0 $0 / $0 Open More
ANZ Online Saver
Earn a great interest rate of up to 3.10% p.a. for 3 months with the ANZ Online Saver. Interest is calculated daily and paid monthly.
3.10% 2.00% 1.10% $0 $0 / $0 Open More
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal for balances of up to $1,000,000.
2.75% 2.10% 0.65% $0 $0 / $0 Open More
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