High Interest Savings Accounts

Rates and Fees verified correct on January 27th, 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 4.00% p.a.. Plus no ING DIRECT fee, no hidden catches and no minimum account balance

  • Maximum Rate: 4.00% p.a.
  • Standard Variable Rate: 2.75% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
Rates last updated January 27th, 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 4.00% p.a. when you open an Orange Everyday Account and deposit at least $1,000 into it each month from an external bank account.
4.00% 2.75% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn an ongoing variable interest rate of 4.00% p.a. when you make a minimum monthly deposit of at least $200 and don't withdraw. No monthly fees. Available on balances up to $250k.
4.00% 0.01% $0 $0 / $0 Open More
HSBC Serious Saver
Earn 3.80% p.a. variable interest rate for the first 4 months when you don't make a withdrawal.
3.80% 2.70% 1.10% $0 $0 / $0 Open More
ME Bank Online Savings Account
Apply for the ME Bank Savings and Transaction account to receive a high interest rate. 5% cashback offer on transactions for the first 6 months.
4.10% 2.75% 1.35% $0 $0 / $0 Open More
ANZ Online Saver
Access your funds 24/7, no minimum balance and earn up to 3.50% p.a. Online offer exclusive.
3.50% 2.50% 1.00% $0 $0 / $0 Open More
Westpac eSaver
Earn 3.61% p.a. variable rate for intro period 3 months with no minimum balance and no monthly service fee.
3.61% 2.50% 1.11% $0 $0 / $0 Open More
ANZ Progress Saver
Earn a high ongoing interest rate when you meet the minimum monthly deposit. Interest calculated daily and paid monthly.
3.41% 0.01% 3.40% $0 $10 / $10 Open More
St.George Maxi Saver
Take advantage of a competitive interest rate to kick start your savings plan.
3.70% 2.25% 1.45% $0 $1 / $1 Open More
Bank of Melbourne Maxi Saver
Enjoy a high ongoing interest rate with no monthly account service fee.
3.70% 2.25% 1.45% $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.
3.40% 0.01% 3.39% $0 $0 / $0 Open More
Easy Street - Easy Savings Account
Earn a high interest rate of 2.75% p.a.. A high ongoing interest rate with no fixed term, no minimum balance and no fee.
2.75% 2.75% $0 $0 / $2 Open More
Easy Street Bonus Saver Account
Zero fee and a fantastic bonus rate when you deposit at least $50 a month in to your Bonus Saver Account.
3.70% 0.01% 3.69% $0 $0 / $0 Open More
ING DIRECT Business Optimiser
A business account with no hidden fees and it will also allow you to earn high interest on savings.
3.50% 2.75% 0.75% $0 $0 / $0 Open More
BankSA Maxi Saver
A low rate from one of the most trusted brands. No fees, no hidden catches, no minimum term or minimum balance.
3.70% 2.25% 1.45% $0 $0 / $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.

Read more on this topic

  • Compare High Interest Bank Accounts

    A high interest bank account will reward you for saving, but there may be some conditions you need to look out for in order to qualify. If you’re looking for a high interest bank account then you need to have a look at your financial situation and determine what product suits your spending and saving […]

  • Rewards Saving Accounts

    You can earn bonus interest by saving every month with these type of accounts, making it a very useful tool for your savings goals. If used correctly, you could make the most of your rewards savings account. Whether you’re saving for a special goal or setting up a child’s bank account there are many accounts […]

  • What is the real benefit for the consumer after the introductory period of a high interest savings account?

    For savers, high introductory rate savings accounts can seem like an offer too good to pass up. But don’t be fooled, once the honeymoon is over, these accounts can be more foe than friend. Savings accounts are a great way to make your money work for you. You’re given a return on the cash you […]

  • Offsetting Your Mortgage By Using a High Interest Savings Account

    Did you know your savings account could be the key to help you reduce mortgage balances faster than ever before? This doesn’t mean putting your money into a high interest savings account; it means using your savings account to save you even more in interest payments than you could possibly earn in interest.

  • High Yield Money Market Savings Account

    The high yield money market savings accounts are a great way for people to invest using their own money. The high yield money market savings account offers a high interest rate so you can be sure that you will get a good return on your investment. Read this article to find out more.

  • High Yield Online Savings Account

    A high interest online savings account suits savers who have definite savings goals, want to receive interest on their accumulated savings, and prefer to use the internet for banking transactions. This article has described some of the main features of these accounts.

  • High Interest Online Savings Account

    All high interest online savings accounts may not be exactly what they claim to be and that is why any potential investor should check out the fine print thoroughly before diving straight into unchartered waters.

  • Best Flexible Savings Account

    The best flexible savings account is the one which knows your needs and spending style and flexes with you, rather than resisting your movements. It is also an account which allows you to be flexible, so if you sometimes pay your bills online, and other times you make a payment at the Post Office, a […]

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This page was last modified on 2 January 2015 at 11:20.

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Rates and fees mentioned in comments are correct at the time of publication.
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104 Responses to High Interest Savings Accounts

  1. 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.


  2. 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.


  3. 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,

  4. 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,

  5. 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.


  6. Default Gravatar
    YK | August 5, 2014

    Hi – how do you compare which banks give bonus interest rates e.g. CBA GoalSaver which is not listed in above comparison table. Thank you.

    • Staff
      Shirley | August 6, 2014

      Hi YK,

      You can checkout the interest rates through the CBA official website and compare them with the interest rates stated on this page.

      At the time of writing, you can earn up to 4% p.a. on the Goal Saver but this has conditions attached.


    • Default Gravatar
      D | January 2, 2015

      On term deposits is it more beneficial to me to have interest paid monthly, quarterly or yearly

    • Staff
      Marc | January 6, 2015

      Hi D nardi,
      thanks for the question.

      Unfortunately the answer to this will depend on you, your lifestyle and your investment strategy. Note that some institutions will offer lower interest rates when interest is paid monthly or quarterly as opposed to annually. I’d recommend contacting an institution you’re interested in to find out how different term deposit interest frequencies may affect you.

      I hope this helps,

  7. Default Gravatar
    Jim | August 2, 2014

    Hi. I have over $550,000 in a St George Incentive Saver Account and during the previous month (August) I inadvertently forgot to deposit the minimum amount of $1 to access the bonus interest rate. As a result, I only received a paltry $4.86 interest for the month. What chance would I have of lodging an appeal against this with St George Bank?
    Thanks for your advice,

    • Staff
      Marc | August 4, 2014

      Hi Jim,
      thanks for the question.

      I’d recommend contacting St George directly and perhaps explaining the situation, including why the regular deposit wasn’t made in time.

      I hope this helps,

  8. Default Gravatar
    Nathan | July 13, 2014

    Hi there – I was wondering who is offering the best savings rates (online saver or other) for funds held in a discretionary family trust?

    • Staff
      Marc | July 14, 2014

      Hi Nathan,
      thanks for the question.

      You can use the table on this page and sort the products on it using the interest rate to find out which one has the highest rates, and then contact the bank directly to find out if they are available with a family trust. In many cases a business savings product will need to be used for these accounts and also for SMSF savings accounts.


  9. Default Gravatar
    alison | July 12, 2014

    Can a SMSF utilise either the ANZ online saver or progress saver account?

    • Staff
      Marc | July 14, 2014

      Hi alison,
      thanks for the question.

      Neither of these accounts can be used for SMSFs. In general, an SMSF requires either a business savings account or a specially designed SMSF account. You can compare SMSF savings accounts here.


  10. Default Gravatar
    Damien | July 10, 2014


    I am interested in finding the best interest rate on either a 90 fixed term deposit or savings account for $360,000?

    • Staff
      Marc | July 11, 2014

      Hi Damien,
      thanks for the question.

      You can compare high interest savings accounts on this page, and sort them using the table above. If you wish to compare 90 day term deposit accounts please visit this page.

      I hope this helps,

  11. Default Gravatar
    Jennah | July 8, 2014

    I’m looking for the highest interest earning account I can find for my elderly pensioner parents to put up to $250,000 into, that can deposit the interest earned monthly into their bank account to supplement their pension whilst not touching the principal or adding to it (because they are not earning an income).
    Would appreciate your help, thanks.

    • Staff
      Marc | July 8, 2014

      Hi Jennah,
      thanks for the question.

      You can sort out the accounts on this page to show those with the highest interest rate by clicking the ‘interest rate’ at the top of the table. This will sort out accounts by interest rate. Most of the savings accounts here require you to link them to a transaction account, so they might be able to set up automatic transfer of whatever amount they choose to get sent to their transaction account each week, fortnight or month, and then have these funds moved to the bank account they regularly use.

      Let me know if I can help in any other way with this.


  12. Default Gravatar
    Adrian | June 15, 2014

    Hey guys
    This is really helpful for a young guy starting to get smart with money so thank you. Just have a quick question about the process. Once you close an account and in the future you open up another account with the same bank will the bonus interest start again? Can the bank stop you with this process?


    • Staff
      Marc | June 16, 2014

      Hi Adrian,
      thanks for the question, and I’m glad you’ve found our site useful!

      This will usually depend on the institution, and the terms and conditions they have for their accounts. More often than not banks will not give their bonus interest offers to those who have held an account before, so I’d recommend calling them first before opening an account if you’re not sure.

      I hope this helps,

  13. Default Gravatar
    Michael | June 8, 2014

    When investing in a five year fixed term, when do I have to include the interest I receive into my tax return. I’ve heard it is every year or is it on maturity.

    • Staff
      Shirley | June 10, 2014

      Hi Michael,

      Thanks for your question.

      Unfortunately we cannot comment on tax implications. Please speak to your trusted accountant about this, or browse through the ATO website.


  14. Default Gravatar
    Mark | March 26, 2014

    Referring to the infographic ‘the optimum savings model’, if you close your account and then open a new one several months later, do the institutions recognise you as bringing new funds or do they deny the bonus interest as you are a churning customer?

    • Staff
      Marc | March 27, 2014

      Hi Mark,
      thanks for the great question!

      This will depend on the institution, with many as you say only offering the bonus rates to new customers who haven’t held an account before. The great thing is that there are a huge amount of accounts in the market so you can always be sure to find one which will offer a bonus rate, whether offered for a number of months as is the focus of this discussion, or which is an ongoing rate.

      I hope this helps,

  15. Default Gravatar
    | March 9, 2014

    Is there any kind of risk involved that I can loose all my money if that company or bank go broke..
    because like rabo direct and ING they don’t have any branches and its all online…
    If that happens will I get my money back.. if yes… then how and from where..?

    • Staff
      Marc | March 10, 2014

      Hi Peter,
      thanks for the question.

      Most of these institutions, ING Direct and Rabo Direct included, are protected by the government guarantee, which protects balances of up to $250,000 per customer per institution. This means if the worst was to happen balances up to this amount would be guaranteed by the government. I’ve emailed you a link to the guarantee scheme website for more information.


  16. Default Gravatar
    adrian | March 4, 2014

    At you rate of 4.5 per cent
    What would the interest be over a month, on 300.000 only getting 820 now don’t think its right.

    • Staff
      Marc | March 5, 2014

      Hi Adrian,
      thanks for the question.

      You can use our savings calculator to work out how much interest you should be earning for different balances. Just enter in your details into the calculator and click on ‘workings’ to see the interest you’d earn each month.

      I hope this helps,

  17. Default Gravatar
    Sunshine | January 28, 2014

    Can a person open up an account with these savings accounts, if they don’t live in Australia? I live in the U.S.A?

    If so, how, can I go about it? Thank you.

    • Staff
      Shirley | January 28, 2014

      Hi Sunshine,

      Thanks for your comment.

      Unfortunately most of these accounts require an Australian Citizenship or Permanent Residency. You may want to have a look at our ‘Big Four’ banks – Commonwealth Bank, ANZ, Westpac and NAB.


  18. Default Gravatar
    jill | January 21, 2014

    I want to know what the highest online [or other] interest rate account would be for $536,000 .

    They seem to be set top at $250,000?

    It will be in a personal name

    I am happy with a first 4/5 month additional bonus

    • Staff
      Shirley | January 22, 2014

      Hi Jill,

      Thanks for your comment.

      Bankwest, HSBC, ANZ and Westpac offer HISAs for balances over $250,000 – you may want to compare their accounts.


  19. Default Gravatar
    Les | November 28, 2013

    Can this type of account be used for monies held by a deceased estate managed by two executors

    • Staff
      Shirley | November 28, 2013

      Hi Les,

      Thanks for your comment.

      Most of these accounts can only be opened for personal use, but some allow you to open them as a trust or on the behalf of a deceased estate.
      You’ll need to compare the accounts to find the one that best suits you.


  20. Default Gravatar
    Robert | September 22, 2013

    Is there any saving accounts that have compound interest.

    • Staff
      Shirley | September 23, 2013

      Hi Robert,

      Thanks for your comment.

      The interest on all of these accounts are compounded, unless stated otherwise; it is standard for high interest savings accounts.

      Hope this helps,

  21. Default Gravatar
    fiona | September 12, 2013

    Im looking at opening joint account with high interest but i still want to deposit into it

    What bank would you recommend & what specific account

    • Staff
      Shirley | September 12, 2013

      Hi Fiona,

      Thanks for your comment.

      A lot of the high interest accounts on this page allow joint accounts. The best bank account for you will depend on your personal and financial situation. Please have a read of our guide to help you determine the best bank account for you.

      Hope this helps,

  22. Default Gravatar
    jayden | August 21, 2013

    I’m a year 9 student who is interested in opening an account . I will be working 8 hour a week and will be paid $14 per hour.I have $250 to deposit . I am planning to get $6000 for a car in year 12.
    Is this a suitable account for my requirements?

    • Staff
      Shirley | August 21, 2013

      Hi Jayden,

      Thanks for your comment.

      Since you’re in year 9 I’m assuming that your age is about 15. A lot of these accounts have an age minimum of 16 years and over, please see this page for accounts that are suitable for those under 16. After you’ve reached the minimum age for these high interest saving accounts you can then switch.

      Hope this helps,

  23. Default Gravatar
    Margaret | August 19, 2013

    I have an online I saver with NAB. Each 4 months I ring them and it goes once again on bonus rate.
    Why not mention NAB?;

    • Staff
      Shirley | August 19, 2013

      Hi Margaret,

      Thanks for your comment.

      We aim to provide a comparison of all services and we cover a wide range of products, providers and services in the market.


  24. Default Gravatar
    anthony | August 8, 2013

    is there a high interest account that will pay mre if i leave $10000 in it

    • Staff
      Shirley | August 8, 2013

      Hi Anthony,

      Thanks for your comment.

      Yes, all of our high interest saving accounts will pay you interest as long as you meet the terms and conditions.


  25. Default Gravatar
    JOHN | July 21, 2013

    Is there an account you can put in child’s name.
    Notice Rabo’s min. age 16?

    Want to invest $1000 for grand son turning 1 and let compound interest grow balance.



    • Staff
      Shirley | July 23, 2013

      Hi John,

      Thanks for your comment.

      You may want to open the account as a trust for your grandchild. Alternatively, you may want to read our page about kids savings accounts.

      Hope this helps,

  26. Default Gravatar
    Robyn | July 16, 2013

    What is the point of posting these rates when they are out of date. If you can get me 4-55 at St George I’ll take it, all they are offering me is 4%

    • Staff
      Shirley | July 16, 2013

      Hi Robyn,

      Thanks for your comment.

      The rates for the St.George Maxi Saver are current to date, as they currently match those on the St.George website.

      You’ll be eligible for the bonus variable interest rate, given that you meet the eligibility criteria to open the account.


  27. Default Gravatar
    Rebecca | July 11, 2013

    I am just wondering if you have any information on the best high interest savings accounts for babies and children. I am looking for something which provides high interest earning, which I can contribute to each week or month without penalty… it seems to be a bit of a minefield of small print.

    • Staff
      Shirley | July 11, 2013

      Hi Rebecca,

      Thanks for your comment.

      This page may be help with your decision.
      Please let me know if you need anymore help.


  28. Default Gravatar
    Aileen | July 8, 2013

    Can I open a new account with the same bank once the honeymoon period is over and the interest reverts to normal, or do I have to go to a different online bank?

    • Staff
      Shirley | July 8, 2013

      Hi Aileen,

      Thanks for your comment.

      Usually the bonus variable interest rate applies to new customers, so you would need to switch to a new high interest savings account and close the previous one after your funds have been transferred. Please note that online banks aren’t the only ones that provide bonus variable rates, regular banks do so as well.


  29. Default Gravatar
    bas | May 28, 2013

    what is the diff between rate per a and on going rate

    • Staff
      Marc | May 28, 2013

      Hello Bas,
      thanks for the question!

      All of the rates here are followed by ‘p.a’. which means per annum, or simply put ‘each year’. This just shows the annual percentage interest rate you’ll receive on an account. An ‘ongoing rate’ will also have a ‘p.a.’ which follows it. An ongoing rate usually refers to a rate which continues on indefinitely. In some cases this may be a bonus ongoing rate which will continue if certain conditions are met, such as making no withdrawals in a month. It’s important to remember all interest rates will have a p.a. after them, but not all rates will be ongoing.

      I hope this helps,

  30. Default Gravatar
    | May 20, 2013

    Can I put money in my Every Day Orange A/c and get 4.75% ( variable + bonus ) I have got approx 260,000.00 that I like to bring in

    • Staff
      Shirley | May 21, 2013

      Hi Indar,

      Thanks for your comment.

      You can transfer money from your Everyday Orange Account into the RaboDirect HISA. If you want to open this account, please click ‘open’ on this page and follow the prompts.


  31. Default Gravatar
    GEORGE | May 18, 2013

    Do you still qualify for the government $250k bank guarantee per account if you have two separate joint accounts with one organization or do you need to operate two separate in different names?

    • Staff
      Shirley | May 21, 2013

      Hi George,

      Thanks for your comment.

      You will need to operate the two accounts in separate names to qualify for the Government Guarantee. The Guarantee covers one person per institution of up to $250,000.


  32. Default Gravatar
    Hema | May 13, 2013

    Right now the RAMS website shows 5.01% variable interest and is the highest of all that has been mentioned on your comparison chart but still hasn’t been listed.

    Please explain.

    • Staff
      Shirley | May 14, 2013

      Hi Hema,

      Thanks for your comment.

      RAMS has just done their budget for the month, and will be featured again on savingsaccountfinder.com.au shortly.


  33. Default Gravatar
    Gareth | May 3, 2013

    why aren’t ubank on this?

  34. Default Gravatar
    Rafet | April 29, 2013

    Can I open up HISA at different banks that offer better interest when my bonus for say 4 months or 6 months is over?

    • Staff
      Shirley | April 30, 2013

      Hi Rafet,

      Thanks for your comment.

      This is definitely possible. Please ensure that you remember to close your accounts as you go. Please keep in mind that many financial institutions only offer bonus interest to new customers who haven’t held an account before.


  35. Default Gravatar
    Nigel | April 27, 2013

    I’m curious as to why you have the RAMS saver account described on the left under a link but it isn’t included in any of your comparison lists that I can find. Perhaps I’m not looking at the right list? Or maybe its just that good that it can’t be compared with any others?

    • Staff
      Shirley | April 30, 2013

      Hi Nigel,

      Thanks for your comment.

      RAMS has just done their budget for the month, and will be featured again on savingsaccountfinder.com.au shortly.


  36. Default Gravatar
    Geoff | April 16, 2013

    Tell me about Ubank’s online savings please

  37. Default Gravatar
    Carolyn | April 15, 2013

    Hi, I have a savings account with bendigo bank but I have never earns interest. I am trying to save for my first home but I also refuse to have online banking accounts, what is the best savings account for me please.?

  38. Default Gravatar
    Patrick | March 28, 2013

    I was just a bit confused about the ING saving maximiser. What will be the interest rate of that account after the 4 month variable rate?

    • Staff
      Adrian | March 28, 2013

      Hi Patrick,

      Base interest rate will be the maximum interest rate after the introductory rate expires.

      To be eligible to earn to the bonus interest rate, $200 per month needs to be deposited into the account.

      All the best, Adrian.

  39. Default Gravatar
    Robyn | February 6, 2013

    Would a high interest saving account be better than a term deposit account

    • Staff
      Adrian | February 6, 2013

      Hi Robyn.

      There are pros and cons to each.

      Term deposits have an interest rate locked in which is good if the interest rate goes down. But they are also inaccessible if you want to withdraw money.

      Online savings accounts tend to have slightly higher interest rates than term deposits. Interest compounds monthly as opposed to yearly for term deposits. And withdrawals are allowed. Interest rates on online savings accounts are variable, so they can go up or down.

      I hope this helps you.

  40. Default Gravatar
    | February 4, 2013

    You have suggested to open an account that have a high interest bonus period and put money in their until the end of the bonus period
    Then close the account down and move the money into another account (different bank ) that offered a high interest bonus until the bonus period ended and then do it again
    Realistically can this be done
    How many accounts can 1 open and close in a set period of time ?
    I would have thought there would be a minimum time a bank account can be open for

    • Staff
      Adrian | February 4, 2013

      Hi Neville. You can rate chase, by changing from account to account (for introductory interest rate accounts). Or, easier still, if you can meet the conditions of a high ongoing interest rate account (often with a minimum deposit per month).

      Banks see an open, inactive account with no balance as a cost to them with no benefit, that is why there are no penalties to close accounts.

      I know of no limits to the amount of online savings accounts that can be opened.

      Cheers, Adrian

  41. Default Gravatar
    kerry | January 8, 2013

    Would a high interest saving account be better than a long term deposit because the interest rates are low?

    • Staff
      Adrian | January 8, 2013

      Hi Kerry. Thanks for your question.

      As a pretty general observation, the interest rates do tend to be higher for variable interest online saver accounts than fixed term deposits for the top products on our comparison tables.

      However, if there are more cuts to the RBA cash rate this year, locking in a term deposit now wouldn’t seem so bad. Although, term deposits pay interest yearly, which reduces compound interest. As opposed to savings accounts which compound interest monthly.

      All the best.

  42. Default Gravatar
    Tanya | December 27, 2012


    I am looking for a high interest savings account for my children. I noticed these accounts say the account holder must be over 18. Have you got any suggestions please.

    Thank you!

    • Staff
      Adrian | January 2, 2013

      Hi Tanya. Other websites do comparisons of kids savings accounts which may be useful to you. From my memory, Westpac, ME Bank and some of the credit unions had some competitive interest rates.
      All the best with your search.

  43. Default Gravatar
    George | December 25, 2012

    Please explain to me how come and in the page
    “High Interest Savings Account Comparison” I see an advertised rate of 5.17% on RAMS and when I click the link to open an account I see the rate as 4.82%.

    • Staff
      Adrian | January 2, 2013

      Hi George. Thanks for your question. It is possible that your browser is storing an old version of our website. Please press ‘Ctrl’ + ‘F5′ to refresh your browsers stored files (cache).

      Does this work?

  44. Default Gravatar
    Alexis | December 20, 2012

    Why is Ubank no longer showing in these lists? Their high interest savings account rate is 4.66% on their site.

  45. Default Gravatar
    Hema | December 17, 2012

    RAMS is cheating people by make offers which have high interest rates and as soon as a customer deposits money, they decrease the interest rate.

    Your link & RAMS both should be reported to the media for misleading and misguiding people.

    • Staff
      Adrian | December 17, 2012

      Hi Hema. Thanks for your comment. I fully appreciate how crucial it is to customers to display the correct interest rates for savings account products. That is why we publish new interest rate information as soon as we have it on hand and also notified customers of Friday’s interest rate reduction ahead of time on our website, so new customers would have the fullest information about the future of their savings.

      So to recap, our page displayed the scheduled interest rate reduction. Interest rates for this product are correct at present as we have also corrected the headline rate.

      Given the recent RBA interest rate cuts, many savings accounts have had their interest rates revised downward. It is an unfortunate development for those who have paid off their mortgages and fortunate for those who haven’t.

      Thanks for your help.

  46. Default Gravatar
    Isaac | November 29, 2012

    Which bank accounts can be used for family trust? Is there a comparison table?

    • Staff
      Adrian | November 30, 2012

      Hi Isaac. This is the business savings account section of our page. It one of the areas of our website which needs an expansion — but the account listed can be used for a trust. Just for your information, as you may already be aware, personal savings accounts won’t work for a family trust. Business accounts or products with a family trust option are the go.
      I hope this saves you some time in your search.

  47. Default Gravatar
    Jenny | November 24, 2012

    Is there such a thing as an account you open for a deposit on a home which the Government contributes to. How do you open this account and what qualifications do you require.

    • Staff
      Adrian | November 26, 2012

      Hi Jenny. This is our explanation of First Home Saver Accounts (FHSA). We don’t compare FHSA on our website, but the APRA website lists the banks which offer the accounts.
      Thanks for your question.

  48. Default Gravatar
    Mel | November 12, 2012

    The application process to open a Bankwest Telenet Savings account, states that the application cannot be completed without a tax file number. However, other savings account applications allow you to select a tax exemption code i.e. aged pensioner etc. Is there a way to open the bankwest account without a tax file number? Called bankwest customer service but they didn’t know. Thanks for your help.

  49. Default Gravatar
    Jennifer | October 15, 2012

    Can an international student open either a rams saver account or UBank USaver account?

    • Staff
      Adrian | October 16, 2012

      Hi Jennifer. Thanks for your question. You need to be an Australian resident for both these accounts.
      I hope this helps.

  50. Default Gravatar
    Rajesh | September 23, 2012

    I want to know if i deposit 10,00000 for 3 years, what will i get monthly.

    • Staff
      Adrian | September 24, 2012

      Hi Rajesh,
      Please use this calculator for a rough projection. Please plug in some of the interest rates from the featured savings accounts.
      Thanks for your question.

  51. Default Gravatar
    Tina | September 21, 2012

    1. Can you open a RAMS Saver account for a super fund?
    2. what causes the variable rate to change by?

    • Staff
      Adrian | September 24, 2012

      Hi Tina. RAMS Saver accounts cannot be opened for a super fund or trust.

      A variable interest rate fluctuates broadly with an individual bank’s funding costs (including administration & marketing costs, profit margin — if any, and how much the bank paid to borrow the money to lend to you which often includes domestic and international borrowings from central banks and companies) and a strategic response to the interest rates of their competitors.

      Thanks for your question.

    • Default Gravatar
      Roger | October 26, 2012

      I asked rams that question today and they said no

    • Staff
      Adrian | October 29, 2012

      Hi Roger. What question did you ask RAMS?
      Thanks, Adrian

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 January 27th, 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 4.00% p.a. when you open an Orange Everyday Account and deposit at least $1,000 into it each month from an external bank account.
4.00% 2.75% $0 $0 / $0 Open More
Bankwest Hero Saver
Earn 4.00% p.a. every month when you deposit $200 and make no withdrawals each month on balances up to $250,000. Available on balances up to $250k.
4.00% 0.01% $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.
3.80% 2.70% 1.10% $0 $0 / $0 Open More
ME Bank Online Savings Account
Earn 4.10% p.a. for 4 months on balances up to $250,000 when linked to a ME Bank Transaction Account. Plus no monthly account-keeping fees.
4.10% 2.75% 1.35% $0 $0 / $0 Open More
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