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Australian high-interest savings accounts paying up to 3%

Australian high-interest savings accounts paying up to 3%

The most generous high-interest savings accounts are currently paying about the same interest rates as the most generous term deposits.

AMP’s Bett3r Save account has a maximum rate of 3.00 per cent, with a base rate of 1.50 per cent (see table below). To earn the maximum rate, you must deposit at least $2,000 per month and keep your balance under $100,000.

The RAMS Saver also has a maximum rate of 3.00 per cent, but with a base rate of 1.35 per cent. To earn the maximum rate, you must deposit at least $200 per month, make no withdrawals and keep your balance between $200 and $500,000.

In Australia’s current low-interest environment, the most generous term deposits are paying 2.80 per cent for one year, 3.00 per cent for three years and 3.20 per cent for five years.

UBank is another lender that is currently paying some of the highest interest rates in Australia for savings accounts, with its USaver with Ultra paying a maximum rate of 2.87 per cent.

ME Bank is also offering up to 2.85 per cent with its Online Savings Account.

Teachers Mutual Bank and UniBank are paying up to 2.81 per cent with their high-interest savings accounts, ING and Australian Unity are paying up to 2.80 per cent, and CUA and Coastline Credit Union are paying up to 2.75 per cent.

LenderProductBase rateMax. rateHow to get max. rate
AMPBett3r Save1.50%3.00%Deposit $2,000/month; keep balances under $100,000
RAMSSaver1.35%3.00%Deposit $200/month; make no withdrawals; keep balance between $200 and $500,000
UBankUSaver with Ultra1.81%2.87%Deposit $200/month; keep balances under $200,000
ME BankOnline Savings Account1.30%2.85%Make one weekly tap-and-go payment with Everyday Transaction Account debit card; keep balances under $250,000
Teachers Mutual BankMighty Saver1.00%2.81%Deposit $10/month; make no withdrawals
UniBankMighty Saver1.00%2.81%Deposit $10/month; make no withdrawals
Australian UnityActive Saver1.20%2.80%Deposit $250/month; make no withdrawals; keep balances under $500,000
INGSavings Maximiser1.15%2.80%Deposit $1,000/month; make five monthly payments with Orange Everyday debit card; keep balances under $100,000
CUAeSaver Boost0.25%2.75%Deposit $250/month; make no withdrawals; keep balances under $500,000
Coastline Credit UnionBonus Reward Saver0.05%2.75%Deposit $20/month; make no withdrawals

Please note that high-interest savings accounts that pay the highest interest rates won’t necessarily be the best savings accounts for each person.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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