The high-interest savings account that pays the highest interest rate isn’t necessarily the best savings account for every individual.
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High-interest savings accounts come with strings attached
Nick Bendel
- 3 min read
Lenders are asking customers to jump through hoops if they want to earn even moderate rates of interest on their savings accounts.
RAMS is leading the way with high-interest savings accounts in Australia, offering a maximum rate of 3.00 per cent for its Saver Account product (see table below).
However, to earn that rate, you have to deposit at least $200 per month, make no withdrawals in that month and keep your balance between $200 and $500,000. Otherwise, you earn the base rate of just 1.35 per cent.
UBank pays a maximum rate of 2.87 per cent for its USaver with Ultra – provided you deposit at least $200 per month and keep your balance under $200,000. Otherwise, the base rate of 1.81 per cent applies.
ME Bank has a savings account with a base rate of 1.30 per cent and a maximum rate of 2.85 per cent.
Teachers Mutual Bank and UniBank both have savings accounts with a base rate of 1.00 per cent and a maximum rate of 2.81 per cent.
Australian Unity offers a base rate of 1.20 per cent and a maximum rate of 2.80 per cent, while ING offers a base rate of 1.00 per cent and a maximum rate of 2.80 per cent.
Queensland Country Credit Union and CUA both have savings accounts with a maximum rate of 2.75 per cent – but Queensland Country’s base rate is 1.75 per cent, while CUA’s is 0.25 per cent.
| Lender | Product | Base rate | Max. rate | How to get max. rate |
|---|---|---|---|---|
| RAMS | Saver Account | 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 balance 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 balance 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 balance under $500,000 |
| ING | Savings Maximiser | 1.00% | 2.80% | Deposit $1,000/month; make five monthly payments with Orange Everyday debit card; keep balance under $100,000 |
| Queensland Country Credit Union | Star Saver | 1.75% | 2.75% | Keep balance under $5,000 |
| CUA | eSaver Boost | 0.25% | 2.75% | Deposit $250/month; make no withdrawals; keep balance under $500,000 |
Disclaimer
This article is over two years old, last updated on September 16, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.
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Product database updated 20 Apr, 2024
This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.
Nick Bendel
Property & Personal Finance Writer
A property and personal finance writer, Nick Bendel covered property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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