Fee-free high interest savings accounts

Fee-free banking means every dollar you deposit gets you closer to your savings goal.

The last thing you want is your savings being eaten away by fees. This guide will explain how high interest savings account fees work, and what you need to know when choosing an account.

Savings Account Offer

RaboDirect High Interest Savings Account

3.05 % p.a.

max rate

1.80 % p.a.

standard variable rate

Savings Account Offer

Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000

  • Maximum Rate: 3.05% p.a.
  • Standard Variable Rate: 1.80% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0.00
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Compare high interest savings accounts with no monthly fees

Rates last updated May 23rd, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
ING Savings Maximiser
2.80%
1.15%
1.65%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
HSBC Serious Saver
3.00%
1.60%
1.40%
$0
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bank Australia Bonus Saver Account
2.60%
0.15%
2.45%
$0
$0 / $1
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
AMP Bett3r Account - Save Account
2.25%
1.50%
0.75%
$0
$0 / $0
Earn a competitive, ongoing rate of up to 2.25% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
Linked with AMP Bett3r Pay account: While the Bett3r Save account has no monthly account keeping fee, the linked Bett3r Pay account charges a $5 monthly fee. Fee can be waived if you meet eligibility criteria. Find out more about the Bett3r Pay account here.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$0 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
Westpac Life
2.30%
1.50%
0.80%
$0
$0 / $0
Ongoing, variable 2.30% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
Linked Westpac Choice account required: While the Life account has no monthly account keeping fee, you will be charged a $5 monthly fee for the Choice account. This fee can be waived if you meet eligibility criteria. Find out more about the Choice account here.
Citibank Online Saver
2.85%
1.70%
1.15%
$0
$0 / $0
Introductory rate of 2.85% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
Bank of Melbourne Maxi Saver
2.85%
0.80%
2.05%
$0
$0 / $0
Introductory rate of 2.85% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.
ANZ Progress Saver
1.71%
0.01%
1.70%
$0
$10 / $10
Ongoing, variable 1.71% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
ANZ Online Saver
2.55%
0.50%
2.05%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 3 months, reverting to 0.50% p.a. Available on the entire balance.
St.George Maxi Saver
2.85%
0.80%
2.05%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
BankSA Maxi Saver
2.85%
0.80%
2.05%
$0
$1 / $1
Introductory rate of 2.85% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
2.30%
1.10%
1.20%
$0
$1 / $1
Ongoing competitive interest rate applied to your entire balance when you make at least one deposit and no withdrawals each month.
BankSA Incentive Saver Account
2.30%
1.10%
1.20%
$0
$0 / $0
Earn a competitive interest rate when you make one deposit of any amount per month and don't make any withdrawals. Available on the entire balance.

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What is a high interest savings account?

High interest savings accounts are designed to help you save through the power of compound interest, which allows you to earn interest on top of your interest. They typically offer a higher interest rate than other accounts, but there are usually conditions attached to receive a competitive rate. You can learn more about the benefits of high interest savings accounts in our comprehensive guide here.

Why am I only charged low or no account-keeping fees on my high-interest savings account?

The whole idea of a high interest savings account is that it puts your money to work, which is why most of them have no monthly account-keeping fees. If your money is being eaten away by monthly fees, it’s hardly helping you save. Also, because you typically cannot make transactions directly from your savings account, you won’t be charged any transaction, EFTPOS or ATM fees either. However, it’s important to note that the majority of high interest savings accounts will need to be linked to an everyday transaction account, which often does come with monthly fees.

What fees do I need to look out for?

While your savings account may not have any fees, your linked transaction account could. When you’re comparing between high interest savings accounts, check the linked everyday transaction account for the following fees:

  • Account-keeping fees. These can be as high as $6 a month, so it’s worth taking the time to check. Some accounts will waive the monthly fee if you meet certain eligibility requirements, for example depositing a certain amount of money into the account each month. Make sure you can realistically meet the conditions to avoid paying a hefty fee.
  • Local ATM fees. Check what ATMs, if any, you can use to withdraw money for free. If you withdraw money a lot, you’ll want to choose an account with a large ATM network. There are even some banks that charge no ATM fees for all ATMs in Australia, such as ING and Macquarie Bank.
  • Overseas ATM fees. If you travel a lot, check what the fee is for using an international ATM. Some banks, for example Westpac, have large global ATM networks across the globe.
  • International transaction fees. This is the fee charged when a currency conversion is required, for example when using your Australian debit card in Europe. Charges could be as high as 5% of the transaction amount. If you’re often overseas, look for a linked transaction account that charges low or no international transaction fees.

What are some other ways to compare high-interest savings accounts?

In addition to the fees charged on the linked transaction account, you should also consider the following when comparing high interest savings accounts:

  • Interest rates: Look for a high interest savings account with a competitive interest rate, as this will help you save by accumulating more interest.
  • Bonus rate conditions. These accounts offer a variable base rate and a variable bonus rate. You’ll earn the bonus rate of interest when you meet certain deposit requirements, so check what they are to make sure you can meet them.
  • Account access. Does the provider have a mobile banking app allowing you to access your funds anywhere at anytime? What is the branch network like? These are important considerations when choosing an account.
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Related Posts

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70

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2 Responses

  1. Default Gravatar
    TraceyNovember 30, 2017

    Hello,
    Thanks for the above info
    Does the Westpac Life account have the high interest even if there are withdrawals during the month and is it an ongoing rate?

    • Staff
      MayNovember 30, 2017Staff

      Hi Tracey,

      Thank you for your inquiry.

      If you are pertaining to the bonus interest rate of 0.80% p.a. that makes the maximum variable rate to 2.3%, yes, you can still earn that maximum variable rate with Westpac Life account even if you make withdrawals. All you need to do to get the bonus rate is make a deposit to the account, see to it that the account balance is higher at the end than the beginning of the month, and keep the account balance above $0.

      The offer for the bonus rate is still on going as of this writing and may change any time at Westpac’s discretion.

      Hope this helps.

      Cheers,
      May

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