Best High Interest Savings Accounts in Australia (No Hoops!)
No intro rates, no annoying conditions, no jumping through hoops. I compare the best high interest savings accounts in Australia to find a genuine home for your cash.
If you want to compare savings accounts in Australia, you will quickly realize most banks treat you like a fool. They offer flashy introductory rates that disappear after a few months, leaving you with a pathetic return. I've excluded those gimmicky accounts from this list. I've also excluded accounts where you have to jump through ridiculous hoops—like growing your balance or making a minimum number of card transactions—just to get the advertised rate.
Below are my top three choices for a high interest savings account in Australia without any of the annoying fine print.
| 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 |
In this **Macquarie Bank savings account review** section, it's clear why it's my top pick for the best savings accounts in Australia. It is simple to understand, and offers a highly competitive interest rate right up to $2m. Their sign up process is slick and easy and they have a really user 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
