Compare Savings Accounts, Says RaboDirect
Only a few are aware of the advantage of the resources available on the Internet. There are a lot of options available today online for research, searching through for the net for the best deals. Customers today can compare savings accounts by various choices of brick-and-mortar banks and also a number of online banking services.
RaboDirect is one of those banks who have simplified savings for personal and business customers and have made investing in managed funds a whole lot more accessible and cheaper.
While comparing savings accounts the first most important thing to be considered is the rate of interest. Interest rates fluctuate with time and it gets hard to keep track of the changing rate. The various financial calculators offered by different financial web sites help you to calculate the rate of interest and easily predict your earnings from an investment.
Featured RaboDirect Savings Account
RaboDirect offer arguably the best savings account on the market today, with the RaboDirect High Interest Savings Account. One of the highest promo rates on the market, a great ongoing interest rate and no fees make this savings account a winner.
- Maximum Rate: 5.60%
- Standard Variable Rate: 4.85%
- Bonus Rate: 0.75%
- Monthly Account Fees: $0
- Minimum Balance: $0
- Minimum Deposit: $0
Comparison of High Interest Savings Accounts
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
 RaboDirect High Interest Savings Account | RaboDirect continues its competitive run in the savings account market. | 5.60% | 4.85% | 0.75% | $0 | $0 / $0 |
 
|
 UBank USaver | The UBank USaver is one of the most continually competitive savings accounts. | 5.51% | 4.91% | 0.60% | $0 | $0 / $0 |
|
 Virgin Saver Account | Enjoy a high introductory rate on accounts up to $250,000. | 4.75% | 4.75% | $0 | $0 / $0 |
| |
 Citibank Online Saver | One of the highest intro rates on the market! Take advantage of this offer now. | 5.70% | 4.25% | 1.45% | $0 | $0 / $0 |
|
 ANZ Online Saver | Access your funds 24/7, no minimum balance and earn a high rate. | 5.50% | 3.75% | 1.75% | $0 | $0 / $0 |
|
 Easy Street Bonus Saver Account | Enjoy zero fees and the ability to make unlimited deposits. | 5.61% | 0.01% | 5.60% | $0 | $0 / $0 |
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 St.George Maxi Saver | Enjoy this amazing rate from one of Australias number one banks. | 5.70% | 4.30% | 1.40% | $0 | $0 / $0 |
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 NAB iSaver | Open a savings account with one of Australias biggest banks. | 5.00% | 3.65% | 1.35% | $0 | $0 / $0 |
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RaboDirect experiment on Comparing Savings Accounts
According to RaboDirect Australians should transfer their spare funds from everyday transaction accounts into high interestsavings accounts.
The advice came as RaboDirect announced the result of its “money tree” experiment in which it adorned a tree in Sydney’s Fleet Park with $5 notes.
RaboDirect said: “The experiment was conducted to identify how Australians react to money they can see and touch, compared to the way they treat their actual savings, which often sit untouched in transaction accounts and low interest paying savings accounts that – quite incredibly – still have fees and charges.”
The bank said that after a slow start where bystanders ignored the cash or simply took pictures of it, the tree was stripped bare in less than three hours. The experiment came out with a clear picture portraying the current situation of a savings account for consumers.
According to RaboDirect, the experiment shows that Aussies should be looking to compare savings accounts and make more of their money. By comparing savings accounts they can save a large amount of money which will help them in making good investment of their money.
RaboDirect said this will be proved by their soon-to-be-released National Savings Survey, which reveals Australians are missing out on $4.7 billion in lost interest each year by failing to transfer surplus funds into online savings accounts.
The news comes after Reserve Bank assistant governor Malcolm Edey suggested that the current interest rate climate has made now a great time to save.
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.
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
RaboDirect High Interest Savings Account | Limited time offer. Enjoy a leading rate on your savings. | 5.60% | 4.85% | 0.75% | $0 | $0 / $0 |
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UBank USaver | High ongoing rate plus if you deposit $200 monthly you receive a bonus 0.60% p.a, taking this up to an even higher rate. Open online. | 5.51% | 4.91% | 0.60% | $0 | $0 / $0 |
|
 HSBC Serious Saver | Enjoy an introductory variable rate for 4 months for balances up to $1,000,000. Limited time only! | 5.55% | 4.25% | 1.30% | $0 | $0 / $0 |
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