High interest savings account rates for balances $250,000+
Not many savings accounts offer interest on large balances of $250,000 or more, but there are a few available. We've found these for you to make the most of your money.
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How we picked these
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?
Key takeaways
- Rates on large balances vary widely, so compare the current top rates in the table above across multiple savings accounts before choosing.
- Check monthly conditions carefully for a set-and-forget balance, or consider a term deposit instead.
- Split balances over $250,000 across different banks, building societies or credit unions (not just different brands of the same one) to keep all your money covered by the government guarantee.
How do I compare accounts for balances over $250,000
When you are shopping for a place to park a significant amount of savings, there are a few things worth considering.
- Interest rate. Compare the rates amongst a number of different savings accounts to find the one that pays the most back for your deposit of this size.
- Account conditions. Some savings accounts will require you to meet some conditions each month in order to earn interest.
- Interest calculation and payment. You can earn interest exponentially if you find an account that calculates daily and pays monthly. Look to make sure that interest payments are deposited into the account once a month, and that the calculation includes the principal combined with the paid interest.
- Terms. Accounts such as a term deposit or notice saver will give you the maximum rate for balances of over $250,000, but that will restrict your access to your savings. Make sure that if you choose one of these types of savings products, they are at terms that you can abide by.
- Penalties. Look at the details carefully, especially with term deposits, to understand how penalties will be applied if you make a withdrawal from the account.
How do these accounts work?
When comparing savings accounts you will notice that with some, interest rates are tiered in accordance with the account balance. Most savings accounts apply the top bonus interest rate on balances under $250,000, and once you hit this balance size the interest rate drops dramatically.
Tips for earning interest on balances over $250,000
The government guarantee
Under the Financial Claims Scheme, the Australian government protects deposits of up to $250,000 for each account holder at each authorised deposit-taking institution (ADI), which includes Australian banks, building societies and credit unions. This means if you had a balance larger than this with one institution, the portion over $250,000 wouldn't be protected in the (unlikely) event it failed. You could consider splitting your balance between more than one institution. Brands that operate under the same banking licence share a single limit (for example, St.George, BankSA and Bank of Melbourne are part of Westpac, and Bankwest is part of CommBank), so check which institution actually holds your money to ensure it's all protected by this bank guarantee scheme.
The account conditions
If you're looking for a safe place where you can set-and-forget your large balance, you might not like a savings account that has monthly account conditions. Look for one that doesn't require you to jump through too many hoops, or consider a term deposit instead as these have no monthly conditions to meet.
Interest rate tiers
If you're happy to meet some account conditions each month in order to get the highest bonus interest rate, you might find that you'll get a higher rate on a lower balance. Consider what the rate would be if you split your $250,000+ balance up between two different savings accounts, to take advantage of the higher rates.
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Sources
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