Best High Interest Savings Accounts (Australia)
I've not listed accounts with introductory periods, as these are usually only for a few months, then you revert to a low rate of interest.
I've also excluded account where you have to grow your balance each month and make a minimum number of transactions as I think these are too much of a pain.
Below are my top three favourite high rate savings accounts in Australia without having to jump through any hoops.
| Rank | Bank Account | Interest Rate | Conditions |
|---|---|---|---|
| 1 | Macquarie Bank Savings Account | 4.25% | Balances up to $2m |
| 2 | Australian Unity Freedom Saver | 4.35% | Balances up to $50k. 4.25% over $50k to $250k. But only 3.5% over $250k |
| 3 | Arab Bank Personal Online Savings Account | 4.55% | Balances up to 500k. 0.9% balances over $500k |
Macquarie Bank Savings Account is my top choice as it is simple to understand and offers a good inerest rate right up to $2m. Their sign up process is slick and easy and they have a really under friendly website and mobile app. Further Macquarie have gone all out on the latest tech features like
- Checking your outgoing payment account number is associated with the person's name you were expecting
- Osko support for instant payments
- Transfer to external accounts directly from your savings account
- Easy to open multiple savings account
- 2% interest paid on your transaction account (most banks have 0% on transaction accounts)
So why not Arab Bank? While it's interest rate is up there, the show stopper for me was lack of Osko support. This means payments take 24-48 hours which is simply unacceptable nowadays and frankly makes me feel uneasy that the money has not made it.
Reference
This excellent community maintained resource of all the savings accounts available now in Australia.
OpenComparison
