In this guide

  • Our verdict
  • Details
    • Product details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Australian Unity Freedom Saver

  • Richard Whitten's headshot
Australian Unity Freedom Saver (Up to $50,000)
Maximum variable rate
5.20% p.a.
Base interest rate
5.2%p.a.

Our verdict

Australian Unity's Freedom Saver offers a strong interest rate with no withdrawal and deposit conditions, plus zero monthly fees.

The Australian Unity Freedom Saver account has one of the higher ongoing interest rates on the market. And on top of that it has no monthly account fees and no withdrawal or deposit conditions. This means you can earn the maximum interest rate just by putting your savings in the account.

The only downside is that the interest rate decreases for higher balances. So any money you put there above $50,000 earns interest at a lower rate. 

Pros

  • Competitive interest rate
  • No deposit or withdrawal conditions
  • No monthly fees

Cons

  • The maximum interest rate only applies to the first $50,000

In this guide

  • Our verdict
  • Details
    • Product details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Product details

Product Name Australian Unity Freedom Saver (Up to $50,000)
Maximum Variable Rate 5.20% p.a.
Standard Variable Rate 5.20% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 16

Key features

Maximum variable interest rate of 5.2%

Unlike many high interest savings accounts, the Freedom Saver lets you earn the maximum interest rate on the first $50,000 saved in the account by default. There are no minimum deposits required each month and no withdrawal conditions.

The account does have tiered interest rates that decrease for balances beyond $50,000. Remember that you'll still earn the maximum interest rate on the first $50,000. Anything beyond that earns interest at the following rates:

  • $50,001–$250,000: 5% p.a.
  • $250,001–$500,000: 4.75% p.a.
  • $500,001–$5,000,000: 4% p.a.

How to apply

You can apply online in a few minutes. Australian Unity will call you within 3 days to let you know if your application is approved.

Eligibility

You are eligible for the Australian Unity Freedom Saver account if:

  • You are 16 years of age or older
  • You are an Australian citizen or resident

Documents you'll need

  • Identification. This can be a driver's licence, passport or Medicare card.
  • Your address. You'll need to provide your residential address.

Compare other savings accounts

1 - 13 of 185
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Rabobank logo
Finder score
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Earn a high interest rate of 5.75% for the first 4 months and then 4.4% thereafter, with $0 account keeping fees and no monthly balance requirements.
Ubank High Interest Save Account
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Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Rabobank High Interest Savings Account
Rabobank logo
Finder score
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
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Finder score
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Finder score
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Newcastle Permanent Smart Saver Account - Under 25s
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
Newcastle Permanent Online Savings Account
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bankwest Easy Saver
Bankwest logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Showing 13 of 13 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

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Richard Finder

Editor

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Avatar

Peter

August 28, 2024

Does this savings account attract daily compound interest?


Avatar

Sarah Megginson Finder

September 09, 2024

Hi Peter,


Yes, yes interest is calculated daily and paid monthly.


Hope this helps!


Avatar

Peter

April 15, 2024

Do you provide govt deposit guarantee and if yes for how much?


Avatar

Sarah Megginson Finder

April 23, 2024

Hi Peter, Yes Australian Unity is covered by the guarantee on balances up to $250,000 per person.


Go to site