Online savings account rates are the interest rates that financial institutions offer to customers when they open an online savings account. Rates will vary between each financial institution and some online savings accounts have different conditions for being eligible to receive the full interest, so it pays to shop around and compare deals to find which institution offers the highest rates to suit your saving habits.
With any online savings account rate, the higher the rate the more interest you will earn. The interest rates quoted by banks, credit unions, and building socieities are all based on annual interest rates. Because your money is not locked into the account and can be withdrawn easily, interest is generally calculated on a daily basis. Most accounts will credit interest once a month. This means it pays to keep as much money as feasible in the account at all times, rather than leaving money in a transaction account which usually earns very low interest, or often no interest at all!
Before opening up an account, check out some of today’s best offers from the table to the right, or visit our online savings accounts page to get some of the best deals available in Australia.