High Rate Savings Account

You probably already know that a higher interest rate on your savings will earn you greater returns, but before you choose a high interest savings account make sure you are familiar with what constitutes a high rate on a savings account, and the best ways to maximise your interest rate for a super-healthy savings balance.

Current High Rate Savings Accounts

You can view the interest rates currently offered by Australian high interest savings accounts in the Savings Account Finder comparison table. Our comparison table shows you the top Australian savings accounts, and gives you and overview of their fees, minimum balance requirements and their interest rates.

More information about interest rates:

• Introductory interest rate. In the high interest savings account comparison table you will see a column for Introductory Rate and if you click on the header you can sort the listed savings accounts in order of the highest introductory rate. The introductory interest rate on these savings accounts is only going to apply to your savings for a limited time and you can see the terms and deadlines in the Account Details column where the expiry date of the promotional rate is listed, or the number of months the promotional rate applies to your account.
• Introductory period interest rate. This column tells you how much higher a savings account’s interest rate is than their standard rate. This allows you to see how much of a bonus you’re really being offered over the original price, just as you lift up the specials tags at the supermarket to see if the product really is on special.
• Standard variable interest rate. This is the interest rate which your savings will earn after the promotional period ends and it is important to compare savings accounts by both their promotional rates and their standard rates, so click on the Variable Rate header to sort the savings accounts listed in order of their standard interest rate.
• No promotional interest rate. Don’t automatically bypass a savings account which does not offer a bonus interest rate. If you have already sorted the savings accounts by their standard rates, you will see that the accounts which don’t offer a promotional rate, will instead offer a higher standard rate. This means that these accounts will reward you every day with a higher rate, rather than for just a few months.
• Conditional interest rate. You’ll notice that some promotional rates don’t run for a certain period, but instead are offered on certain conditions. For example, the Bankwest Smart eSaver offers a promotional interest rate of 6.00% with no expiry date, but only on months you make no withdrawals.

Top 3 High Rate Savings Account

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
Macquarie Bank Term Deposit	4.70%	5.60%	5.70%	6.00%	6.00%	6.25%			$10000
Suncorp eOptions flexiRates	4.25%	5.50%	5.70%	6.15%	6.35%		7.25%		$0

Learn About Savings Account Interest Rates

Now you know the interest rates on offer and how they are calculated, it is important to remember that choosing the savings account with the best interest rate is not simply choosing the account with the highest rate.

More information about savings accounts:

• Online savers are fee free. Only some remain so. High interest savings accounts need to be either linked to an existing personal account, or must be linked to a transaction account from the same provider, this is where your savings can attract fees which eat into your interest earnings. Make sure you check the number of internet transactions you are allowed each month to see whether you will be charged to contribute to your savings. Also make sure that the linked accounts available from the same provider have a low fee structure and offer free online transfers.
• More savings account conditions can mean bonus interest. Offering bonus interest only in months you make no withdrawals is a way to help you get serious about saving. Online savings accounts will offer you a range of ways to boost your interest, each designed to encourage deposits and discourage withdrawals.
• Higher interest on regular deposits. Rather than penalising you for withdrawals, you can choose a high interest savings account which offers you bonus interest when you make a designated number of deposits.
• Higher interest on higher deposits. Some savings accounts will also raise your interest rate if you make deposits over a certain amount each month, often this amount is as little as $100 a month.

Now you have compared the promotional and standard interest rates on some of the top Australian savings accounts, and you know what to look for when comparing the features and conditions of savings accounts read through the Savings Account Finder product reviews by clicking through the More link on the comparison tables, to find the savings account which best suits you; or search for a savings account by provider from the menu on the left. Once you’ve compared and chosen a savings account you can sign up using our secure links to the banks’ online application forms.