Best Savings Account For Over 5k | RateCity

Serious Saver Account

*Make no withdrawals during the month

Maximum rate

2.10%*

Intro 4 months then 0.15%

Base rate

0.15%

Serious Saver Account

Has branch accessHas no ongoing fees

HSBC terms and conditions

Today's top savings accounts products

Find popular savings accounts lenders from a wide range of Australian. View All >

Serious Saver Account

Real Time Rating™

2.10%*

Intro 4 months then 0.15%

0.15%

*Make no withdrawals during the month

Has branch access
Has no ongoing fees
Has no minimum balances

Online Saver

Real Time Rating™

2.05%

Intro 4 months then 0.35%

0.35%

Has no ongoing fees
Has no minimum balances

eSaver Reward

Real Time Rating™

1.70%*

0.05%

*Bonus is paid when you deposit $1000 per month from an external account to a CUA transaction account

Has branch access
Has no ongoing fees

Online Saver

Real Time Rating™

2.20%

Intro 4 months then 0.80%

0.80%

Has no ongoing fees

Include all savings accounts products without View Now links

Data last updated on 7 Jul 2020

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Latest savings accounts news

Savings Accounts

Emergency funds on the minds of Australians post-COVID-19

More Australians are rethinking the need for an emergency fund, as the impacts of COVID-19 send many households’ personal finances reeling.

Jun 30, 2020( 3 min read )

Savings Accounts

Westpac cuts savings rates

Australia’s second largest bank, Westpac, has today cut its savings account rates by 0.05 per cent.

Jun 25, 2020( 3 min read )

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Today's top savings accounts products

Find popular savings accounts lenders from a wide range of Australian. View All >

Serious Saver Account

Real Time Rating™

2.10%*

Intro 4 months then 0.15%

0.15%

*Make no withdrawals during the month

Has branch access
Has no ongoing fees
Has no minimum balances

eSaver Reward

Real Time Rating™

1.70%*

0.05%

*Bonus is paid when you deposit $1000 per month from an external account to a CUA transaction account

Has branch access
Has no ongoing fees

Online Saver

Real Time Rating™

2.05%

Intro 4 months then 0.35%

0.35%

Has no ongoing fees
Has no minimum balances

Online Saver

Real Time Rating™

2.20%

Intro 4 months then 0.80%

0.80%

Has no ongoing fees

FAQs

It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.