Top 5 savings accounts with no annoying conditions to meet
You can earn a decent interest rate above 4.00% p.a. on your savings without jumping through any hoops.
Savings account interest rates have been steadily falling over the past year, as the RBA has cut the cash rate multiple times.
But not only have we been seeing interest rates drop, we've also been seeing banks make it harder and harder to earn the interest.
Most of the top savings account rates in the market today come with a number of conditions to meet, including large monthly deposits and the requirement to keep growing your balance.
For example, ING's popular Savings Maximiser account asks you to deposit $1,000 per month, make 5 debit transactions and also grow your balance each month to earn it's 4.80% p.a. bonus rate.
Happy to meet some conditions?
Check out the top high interest savings accounts right now.
5 savings accounts with no strings attached
1. Macquarie Savings Account
You can earn a welcome bonus rate of 4.60% p.a. on balances up to $250,000, followed by an ongoing variable rate of 4.25% p.a. on balances up to $2 million with no conditions to meet.
2. AMP Bank Go Save
AMP's new Go Save account offers a strong ongoing variable rate of 4.25% p.a. on balances up to $250,000 with zero conditions to meet. This account is exclusively available via the AMP Bank Go app.
3. Australian Unity Freedom Saver
This account pays a great ongoing variable rate of 4.35% p.a. on balances up to $50,000 with no conditions to meet. For balances between $50,000 and $250,000 you'll earn a slightly lower - but still very competitive - rate of 4.25% p.a.
4. Bank of Queensland Simple Saver
This account offers an ongoing variable rate of 4.05% p.a. on really large balances up to $5 million with no account conditions to meet.
5. Bank Orange Online Saver
This account pays a strong ongoing variable rate of 4.25% p.a. on balances above $1,000, with no hoops to jump through.
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