High interest saving accounts

RateCity Staff

By RateCity Staff

2 min read

When it comes to saving money there are plenty of options. Piggy banks, hidden panels and under pillows, are a thing of the past as we can now save money by investing our money in online savings accounts and be rewarded by earning interest on our savings.

Savings accounts versus term deposits

High interest accounts, such as savings accounts and term deposits, are a great way to save your money while having the option to access it when you need it.

High interest accounts also include term deposits where your money is locked away for a period of time, where online savings accounts allow you to transfer your money between your everyday debit account and your savings accounts over the internet.

The downside to online savings accounts is that they have a variable interest rate which means the financial institution can change the rate at any time, whereas the advantage of term deposits accounts is that the rate is fixed for the life of the term. This can also be a downside for term deposits because if interest rates rise then you would benefit with a higher return from your online savings accounts but a term deposit will remain at that rate.

For more information visit our detailed savings account guide or to crunch the numbers use our savings account calculator.


Contact a Broker

Get expert advice about this loan now!

We can negotiate discounts and lower rates for you

    By submitting this form, I accept RateCity's terms and conditions, privacy policy and Collection Statement for this service.

    Yes, I'd like to get email updates from RateCity

    Submit your details now and a local expert will be in touch within a few business hours. They'll compare hundreds of home loans from up to 20 lenders including the big banks to find the loan that's right for you.

    Loan Market Pty LTD | Australian Credit License 390222 ABN 89 105 230 019

    Compare your product with the big 4 banks, or add more products to compare