Best high interest savings accounts July 2017

You could earn up to 3.05% interest on your balance with one of these savings accounts.

High interest savings accounts are a great tool to help boost your balance with minimal effort. However, not all savings accounts are created equal. It pays (literally) to shop around for one with a higher interest rate.

Each quarter, we take a look at the savings accounts in the market from our database and pick out the top three with the most competitive, ongoing maximum variable interest rate. Last quarter, ING Savings Maximiser was among the top three, but last week it dropped its bonus rate by a significant 20 basis points, so it didn’t make the cut this time around.

ME Online Savings Account

The ME Online Savings Account also featured in our wrap-up last quarter, and with an interest rate of 3.05%, it’s easy to see why. This is undoubtedly one of the most competitive interest rates around in today's low-rate environment. And if you don’t meet the account requirements, you’ll still receive the base interest rate of 1.30% p.a.

Don’t worry, ME makes it easy to receive the maximum variable interest rate. All you need to do is link the account to a ME Everyday Transaction account and make at least one weekly tap & go purchase with your debit Mastercard. This could simply be one coffee a week.

Quick tip: If you’re keen on this account, just remember to link your ME Online Savings Account with your ME Everyday Transaction Account within two weeks to earn the high interest rate.

Australian Unity Active Saver

Not far behind ME, the Australian Unity Active Saver account currently offers a maximum variable interest rate of 3.00% p.a. on your hard-earned dollars. If you don’t meet the account requirements, you’ll earn the base interest rate of 1.20% p.a. This account makes it a bit more difficult to achieve the bonus interest and is ideal for disciplined savers who aren’t tempted to dip into their savings.

You must deposit at least $250 each month and make no withdrawals to receive the 3.00% interest rate. The withdrawal restriction isn’t necessarily a bad thing, though, as it may help you save. However, in the case of unexpected costs or emergency expenses, you’ll forfeit the bonus interest, so keep this in mind.

This account comes with a linked Australian Unity Transaction account and Visa debit card for your daily spending. Be mindful that while the savings account has no fees, the linked transaction account comes with a $5 monthly charge unless you deposit $1000 each month.

RAMS Saver Account

The RAMS Saver Account offers a highly competitive maximum variable interest rate of 3.00%. If you don’t meet the account requirements, its base rate is also slightly higher than that of the previous two accounts at 1.35% p.a.

Similar to Australian Unity, this account requires you to deposit a minimum of $200 each month and to not make any withdrawals. You’ll also need to maintain an account balance of at least $200 at all times to receive the bonus interest.

Conveniently, you can link this account to any Australian transaction account. This means you don’t need to open a separate RAMS transaction account to reap the benefits of this savings account.

If none of these accounts tickle your fancy, check out our comprehensive guide to find a savings account that’s right for you or check back next quarter for our wrap-up.

*In this article, the term "best savings account" refers to those with the highest interest rates. It's important to remember there's no one account that is best, and what is best for you may not be best for someone else.

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