Australian high-interest savings accounts paying up to 3%


Nick Bendel

Nick Bendel

( 3 min read )

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.

Lender Product Base rate Max. rate How to get max. rate
AMP Bett3r Save 1.50% 3.00% Deposit $2,000/month; keep balances under $100,000
RAMS Saver 1.35% 3.00% Deposit $200/month; make no withdrawals; keep balance between $200 and $500,000
UBank USaver with Ultra 1.81% 2.87% Deposit $200/month; keep balances under $200,000
ME Bank Online Savings Account 1.30% 2.85% Make one weekly tap-and-go payment with Everyday Transaction Account debit card; keep balances under $250,000
Teachers Mutual Bank Mighty Saver 1.00% 2.81% Deposit $10/month; make no withdrawals
UniBank Mighty Saver 1.00% 2.81% Deposit $10/month; make no withdrawals
Australian Unity Active Saver 1.20% 2.80% Deposit $250/month; make no withdrawals; keep balances under $500,000
ING Savings Maximiser 1.15% 2.80% Deposit $1,000/month; make five monthly payments with Orange Everyday debit card; keep balances under $100,000
CUA eSaver Boost 0.25% 2.75% Deposit $250/month; make no withdrawals; keep balances under $500,000
Coastline Credit Union Bonus Reward Saver 0.05% 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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