Compare popular savings accounts

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Maximum rate
Base rate
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Maximum monthly interest
Total interest earned
Real Time Rating™
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0.80%

Intro 3 months then 0.05%

0.05%

ANZ

$3.3

$76.2

2.50

/ 5
Go to site
More details

0.85%*

0.01%

ANZ

$3.5

$81

3.11

/ 5
Go to site
More details

1.25%*

0.25%

Endeavour Mutual Bank

$5.2

$119.3

3.68

/ 5
More details

0.25%

0.25%

QBANK

$1

$23.8

2.61

/ 5
More details

0.75%

0.75%

Qudos Bank

$3.1

$71.4

3.14

/ 5
More details

1.10%*

0.05%

Qudos Bank

$4.6

$104.9

3.59

/ 5
More details

0.25%

0.25%

Australian Military Bank

$1

$23.8

2.61

/ 5
More details

0.70%*

-

Regional Australia Bank

$2.9

$66.7

2.51

/ 5
More details

0.01%

0.01%

Laboratories Credit Union

$0

$1

2.50

/ 5
More details

0.50%*

0.05%

Sydney Mutual Bank

$2.1

$47.6

3.01

/ 5
More details

2.01%*

0.01%

Auswide Bank

$8.4

$192.3

4.22

/ 5
More details

0.25%

0.25%

QBANK

$1

$23.8

3.12

/ 5
More details

0.65%*

0.35%

People's Choice Credit Union

$2.7

$61.9

2.96

/ 5
More details

1.80%*

0.50%

Police Bank

$7.5

$172.1

4.12

/ 5
More details

-

-

Police Bank

$0

$0

2.64

/ 5
More details

0.10%

0.10%

Greater Bank

$0.4

$9.5

2.53

/ 5
More details

0.10%

0.10%

Bank of Sydney

$0.4

$9.5

2.52

/ 5
More details
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If you’re looking for a savings account to help you securely safeguard and grow your wealth, it makes sense to start by comparing high interest savings accounts. The higher the interest rate on a savings account, the faster your wealth can potentially grow.

Compare by base rate

A good place to start your search for a high interest savings account is by comparing the base rates of the different savings account options. A savings account’s base interest rate is the percentage by which the wealth in your account should grow each month, regardless of other factors.

Compare by maximum rate

The next factor to compare between the available high interest savings account options is the maximum rate. As the name implies, this is the highest possible rate of interest you’ll be able to earn on your savings with this account.

Some accounts offer a high introductory rate, allowing you to quickly build up your wealth when you first open the account, before revering back to the base rate once this introductory period expires. Others offer a high bonus rate that can last indefinitely, provided you fulfil the account’s conditions, such as making regular deposits and minimal withdrawals.

Compare by maximum interest earned

Rather than comparing savings accounts by their high interest rates, you can also calculate the value of the maximum interest you could potentially earn per month your savings. Remember that depending on the savings account’s conditions, you may only be able to earn this maximum interest for a limited length of time.  

It’s also important to compare the amount of interest you could earn with a high interest savings account to the cost of any fees charged by the account. If the account will likely cost you more in fees than you’ll receive back in interest, then it could be worth comparing a few other options as well.

Compare extra features

Depending on your personal financial goals, as well as your household’s unique needs, you may find certain features and benefits useful with your high interest savings accounts. For example:

  • Prefer face to face conversations? Compare high interest savings accounts with branch access to discuss your savings in person.
  • Need easy access to your savings? Some savings accounts can be conveniently accessed via ATMs or EFTPOS.
  • Want money management at your fingertips? Compare high interest savings accounts that offer internet access, or that include a BPAY facility for quickly and simply paying bills using your savings.

Compare high interest savings accounts

When comparing high interest savings accounts, always keep in mind that the best high interest account for one person’s financial situation may not be the best account to help you manage your wealth and reach your unique financial goals.

It’s always worth making a detailed comparison of the different high interest savings account options available, basing your final decision on how they’ll affect your household’s finances. If you’re uncertain of which option to choose, consider contacting a qualified financial adviser.   

FAQs

How to make money with a 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.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

Can you set up direct debits from a savings account?

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.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)