Compare High Savings Interest Bearing Accounts

Rates and Fees verified correct on July 31st, 2015

Earning interest on your savings is an incentive for you to save even more.

This is because using a high interest savings account and depositing your savings is easy when you open an online account, you'll really feel like you're doing nothing while your savings are growing.

Accounts today earn interest in many different ways. Some will earn an ongoing interest rate irrespective of the amount you deposit or withdraw each month, while others will give you bonus interest rates for making regular deposits and no withdrawals. Other accounts will grant you a limited time bonus rate of interest as a sign up incentive.

Interest rates on savings accounts are fluid because you are enjoying both the flexibility of an online savings account coupled with the ability for the interest rates to rise as the Reserve Bank of Australia increases the official cash rate. However, by comparing the ways banks calculate and pay interest rates on your savings account, you can ensure you are earning the maximum rate, no matter what.

How to find a savings account which earns interest

Not all accounts will award you with 'high' interest rates. Therefore, you need to choose an account which has been specifically designed to be interest bearing , that is, one which will earn you interest on your savings. To find the best interest bearing savings account there are a few things to keep in mind:

  • Compare high interest online savings accounts. These are the accounts which will earn you interest, as opposed to everyday transaction accounts which simply allow you access to your funds at an ATM or by using EFTPOS.
  • Choose an account which will reward you with interest and bonus interest for the way you save. With some high interest savings accounts, you're able to earn even more interest if you meet the bonus criteria. Depending on the bank and the savings account you may earn more interest for making regular deposits, for making deposits to a certain value, or when you don't make withdrawals from your account. If you think you can follow any of these simple savings plans then you can choose a high interest savings account which offers you even higher interest earning capabilities.
  • Choose a savings account which aligns with your savings goal amount and deadline. The type of goal you are saving for can affect the high interest savings account you choose because some accounts will require a minimum balance for you to earn interest, and others will require notice before you can withdraw funds. Think about your goal and what you want to do with your savings before opening an account.

Comparison of interest bearing savings accounts

Rates last updated July 31st, 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 a high ongoing variable rate of 3.25% p.a. when you make a minimum monthly deposit of $200 (excludes interest) and don't withdraw. Available on balances up to $250,000.
3.25% 0.01% 3.24% $0 $0 / $0 Open More
ANZ Online Saver
Take advantage of this bonus rate of 3.10% p.a. for 3 months. Exclusive online offer from ANZ.
3.10% 2.00% 1.10% $0 $0 / $0 Open More
HSBC Serious Saver
Earn up to 2.75% p.a. for 4 months if you don't make a withdrawal for balances of up to $1,000,000. A good way to start your savings.
2.75% 2.10% 0.65% $0 $0 / $0 Open More
Westpac eSaver
Earn 3.11% p.a. variable rate for 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
Achieve your savings goal by making a minimum monthly deposit of $10 and earn a high ongoing interest rate.
2.71% 0.01% 2.70% $0 $10 / $10 Open More
St.George Maxi Saver
A competitive variable rate and no fees from one of the Australian most popular banks
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 fees.
3.20% 1.50% 1.70% $0 $0 / $1 Open More
Westpac Reward Saver
Enjoy bonus interest each month if you make no withdrawals, and deposit at least $50.
2.50% 0.01% 2.49% $0 $0 / $0 Open More
HSBC Flexi Saver Account
A flexible savings account with online and branch access.Loyalty bonus when you make the minimum monthly deposit.
2.50% 2.00% 0.50% $0 $0 / $0 Open More
BankSA Maxi Saver
An extremely competitive rate from one of the most trusted brands. No fees, no hidden catches, no minimum term or minimum balance. Earn up to 3.20% p.a..
3.20% 1.50% 1.70% $0 $1 / $0 Open More
Bank of Melbourne Incentive Saver Account
A competitive interest rate which is applied to your savings if you make no withdrawals and at least one deposit each month.
2.50% 0.01% 2.49% $0 $0 / $1 Open More

How can you ensure your interest earning is at a maximum?

To make sure you are earning the maximum interest on your account, you need to know about some of the instances where your account may be non-interest bearing, depending on the account you choose. Here are some instances where your savings might not be reaching their full potential:

  • When you make a withdrawal. To encourage you to only make deposits into your savings account and leave your savings alone until they've reached their goal amount, some banks will give you a lower interest rate on your balance in the months you make a withdrawal. Often this applies to your balance for the entire month, regardless of when you make the withdrawal.
  • You don't meet the deposit requirements. This is another incentive by the bank to encourage you to regularly save and if you are able to set up a regular transfer of the required amount each month, you can earn a higher interest rate on your account. If this is similar to your account ensure you always make the minimum deposit.
  • Your balance exceeds the limit. Many accounts will reduce the interest you earn when your balance goes over a certain amount. In these cases it's a good idea to contact your institution to see if they can work out a better rate for your more substantial savings amounts, or consider splitting your funds into separate accounts at different institutions.
  • The introductory bonus period is over. Some accounts will only give a competitive bonus rate to encourage you to sign up. Once the offer is over you'll earn a lower standard rate, which might signal a time to move to a new account.

How to apply

If you're interested in applying for an account, please click on 'go to site' to be redirected to the application page. Remember to read the Product Disclosure Statement, so you know when your bonus interest will apply.

You'll need to able to provide the proper documentation, including your identification and personal information.

  • You'll need to be 18 years of age or older. There are some exemptions to this, especially if you're opening a kids saving account.
  • You'll need to provide an Australian Driver's Licence and/or a valid Australia Passport
  • The BSB and account number of your linked account, if it's required
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This page was last modified on 20 October 2014 at 16:20.

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7 Responses to Compare High Savings Interest Bearing Accounts

  1. Default Gravatar
    Holly | August 11, 2014

    Hi my parents opened an interest account when I was 3 I was I’m a car crush and 1000 dollars got put in it just wondering how much will be in there when I turn 21 I’m tiring 21 in 4months

    • Staff
      Shirley | August 12, 2014

      Hi Holly,

      Thanks for your question.

      Unfortunately we can’t answer this question without more information. Do you know the interest rate of the account that the funds are put in?

      After you’ve found out, you can put the figures into our calculator to help give you an indication.


  2. Default Gravatar
    Justin | June 20, 2014

    Is there any risk involved with this account, if yes then please can you verify?

    • Staff
      Shirley | June 23, 2014

      Hi Justin,

      Thanks for your question.

      There is always the risk that the institution collapses; to prevent this, you can opt for a bank that covered by the government guarantee. If you opt for a variable rate account, the interest rate will also move with the RBA cash rate.


    • Staff
      Marc | June 23, 2014

      Hi Justin,
      thanks for the question.

      Savings accounts, like any financial product, have some risk. This risk is that if your bank fails you could lose your funds, although this is unlikely. This risk is alleviated in Australia because the government insures deposits of up to $250,000 per person per institution at any bank covered by the government guarantee.

      I hope this helps,

  3. Default Gravatar
    jordan | April 19, 2013

    if i invest $1000 at a rate of 5% calculated daily does this mean that I will be getting $50 a day? or what does is calculated daily mean?? I’m not sure I understand

    • Staff
      Shirley | April 19, 2013

      Hi Jordan,

      Thanks for your comment.

      This is a sample formula that a financial institution may use to calculate the interest daily; Daily closing balance/365 x Interest rate/100 . The interest is accrued on a daily basis and then paid monthly. Our savings account calculator can also give you an indication.

      Hope this helps,

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 31st, 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 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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