Compare high interest savings accounts

Are you getting a competitive interest rate from your current high interest savings account?


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Savings account offer

HSBC Serious Saver

1.75 % p.a.

max rate

0.15 % p.a.

standard variable rate

Savings account offer

Receive a maximum variable rate of 1.75% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.

  • Maximum Rate: 1.75% p.a.
  • Standard Variable Rate: 0.15% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0
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Comparison of high interest rate savings accounts

Data indicated here is updated regularly
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
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 1.75% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
Westpac Life (18-29 year olds only)
$0 / $0
Under 30? You can earn an ongoing, variable 3.00% p.a. each month you grow your balance and make 5+ transactions from your linked Westpac Choice transaction account. This bonus rate is available on balances up to $30000.
MyState Bank Bonus Saver Account
$0 / $0
Ongoing, variable 1.65% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Citibank Online Saver
$0 / $0
Introductory rate of 1.55% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
Bank of Queensland Fast Track Saver Account
$0 / $0
Ongoing, variable 1.65% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Westpac Life
$0 / $0
Ongoing, variable 1.00% 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.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 1.25% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 1.25% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.

Compare up to 4 providers

Top nine high interest savings accounts by interest rate

    1. Macquarie Savings Account - 2% p.a.
    2. AMP Saver Account - 1.5%
    3. Rabobank Online Savings High Interest Savings Account - 2%
    4. Citibank Online Saver - 1.55%
    5. HSBC Serious Saver Account - 1.75%
    6. MyState Bank Bonus Saver - 1.65%
    7. Bank of Queensland Fast Track Saver Account - 1.65%
    8. Suncorp Growth Saver - 1.35% p.a.
    9. UBank USave Account - 1.6%

How to choose a savings account on

Use your savings style as a guide for getting to your savings goal. Each savings account has different terms and conditions, so take the time to find out what they are. This can affect how quickly or slowly you reach your financial goals.

Compare highest interest savings accounts

High interest savings account

Do I need a linked bank account?

Maximum variable rate (p.a.)

AMP Saver (Variable rate of 1.5% p.a. for the first 6 months.)Any bank1.5% p.a.
Suncorp Growth Saver (Ongoing variable rate of 1.35% p.a. each and every month you meet the account conditions.)Same bank1.35% p.a.
HSBC Serious Saver (Variable intro rate of 1.75% p.a. for 4 months)Any bank1.75%
Rabobank Online Savings High Interest Savings Account (Variable intro rate of 2% for 4 months)Any bank2%
Bank of Queensland Fast Track Saver Account (Base rate 0.2% p.a. + Bonus rate 1.45% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month, on balances up to $250,000)Same bank1.65%
Citibank Online Saver (Variable intro rate of 1.55% for 4 months)Any bank1.55%
UBank USave Account (Base rate 0.54% p.a. + Bonus rate 1.06% p.a. on balances up to $5,000,000)Same bank (to earn bonus interest)1.6%
ME Online Savings Account (Base rate 0.1% + Bonus rate 1.45% when you link to a ME Everyday account and make a weekly tap & go purchase, on balances up to $250,000)Same bank1.55%

High interest savings account

A high interest savings account (also known as a savings account or online savings account) is an account that offers a competitive interest rate. It is similar to a bank account, but it is designed to help you save money, rather than spend money. Typically, interest is compound interest that is calculated daily and paid monthly. All savings accounts come with a free, 24/7 online banking platform to access your funds.

What are the benefits of a high interest savings account?

  • You don't need to know anything about finance.

Compared to other investments, such as shares and property, a savings account is probably the easiest one to apply for. You can always reinvest what you have deposited there into another asset and it's almost impossible to get a negative return on a savings account.

  • You don't need to take any risks.

It's considered one of the safest investments in the financial system (next to a term deposit). Most banks and financial institutions are guaranteed by the Australian government, which means eligible deposits are insured up to $250,000 per person, per institution. If you have more than $250,000, it's important to diversify your funds across different banks to take advantage of the guarantee.

  • You're buying time to learn.

It's a stepping stone for learning how to invest in shares and other investments – you can leave the money there until you're comfortable enough to understand how other assets work.

  • You can see results fairly quickly.

You can see progress after just a few months by quickly earning a few dollars.

How do high interest savings accounts work?

You generally link a high interest savings account to your bank account. This allows for the easy transfer of funds back and forth. In some cases, you can only link your savings account to another account within the same bank. A savings account also gives you at-call access to your funds, which means you can access your money almost immediately.

The interest rate is calculated on your balance every day and your interest is paid monthly. The following is the formula your bank will usually use to calculate your daily interest:

how-interest-is-calculated-daily-image-optmzHack: How do I always get the highest interest rate?

A lot of high interest savings accounts offer bonus introductory rates for the first few months only. For example, an account may offer a higher interest rate of say 3.00% for the first three months, which will drop down to the standard variable interest rate after this time which could be much lower.

To ensure you are always earning the highest rate, you could continually switch savings accounts after the introductory period ends. However, keep in mind that you typically can only earn the bonus introductory interest on your first account with that bank.


How do I find the best high interest savings account for me?

  • Look for: High and competitive interest rates

Make sure you know the difference between the standard rate and any introductory rate that the bank may be offering. Also, pay attention to the conditions required to earn bonus interest. The offer may only apply to new customers or you may need to meet deposit and withdrawal conditions.

  • Look for: Online flexibility with 24/7 access

If you're trying to stop yourself from dipping into your savings, then consider an account with limited or no accessibility. Term deposits offer you a higher rate of interest the longer you agree to keep your money inside. The catch is that you won’t have access to your savings for the duration of the term, unless you want to pay a hefty penalty.

  • Consider: Going online

Aussies who are willing to manage their savings entirely online could benefit from an online high interest savings account. Since these accounts require less overhead costs, customers are rewarded with a higher rate of interest.

  • Look for: Whether you can link your existing bank account or need to open another account.

Some high interest savings accounts need to be linked to a transaction account. Banks dictate whether the account needs to be from the same institution or if it can be from a different bank. If you already have a transaction account at a different bank, check to see if you can link it to your high interest savings account. Otherwise, you may be forced to pay another monthly fee for a bank account you don’t need.

  • Look for: Zero fees

Check for any fees charged for maintaining the account, it’s common for savings accounts to not have monthly fees.

  • Identify: Whether you're a regular saver or flexible saver

If you're a regular saver, consider opening a bonus saver account. This way, you'll get the maximum amount of interest every month. Flexible savers may want to opt for an introductory bonus account so they get the bonus interest rate no matter how many withdrawals they make.

Should I switch savings accounts?

Yearly Interest ($)
Switch benefit ($)(7% vs 0.01%)
Your balance ($)at 0.01%at 2.5%at 5%at 7%

This table shows interest that is calculated daily and paid monthly. It doesn’t take into account any other deposits made into your account; if you make additional deposits, you will accumulate more interest in the long term.

Not only can you earn money by switching to a high interest savings account, you can also save money. If you have money sitting in a low interest everyday transaction account that has banking and transaction fees, it could turn out that you are actually losing money.

With so many different high interest savings accounts available online, there's no excuse not to take advantage of one. The more you deposit into a high interest savings account, the more interest you will earn on those deposits over the long term.

What types of high interest savings account are available?

There are different types of accounts depending on the purpose of the account.

If you’re self-employed or a business owner, you may be better off with a business account

Business savings accounts mean that you can separate your work and personal expenses, so it’s easier to collate your expenses at tax time. Also, most banks charge a fee for depositing cheques. If you still deposit a lot of cheques with small amounts, you may want to consider switching to electronic payments as they tend to be free.

If you’re sharing finances, a joint account may be easier

Joint savings accounts mean that two signatures are required to make withdrawals. This can help partners and couples reach a savings goal together. Read more about joint accounts here.

If you want to teach your children good money habits, you can set up a children’s savings account

Most banks offer competitive deals for children’s accounts, including bonus interest rates for regular deposits and no withdrawals as well as no account-keeping fee. Online accounts tend to pay a higher interest rate and charge fewer fees, catering to pocket-money savers gradually growing their balance over time.

The advantages and disadvantages of a savings account


  • You can reach your savings goals quicker. If you apply for a high interest savings account that matches your savings style, you can reach your savings goal faster.
  • You can take advantage of introductory bonus rates for a new account. Some high interest savings accounts will give you a bonus interest rate for a limited time. This is typically a variable rate on top of another variable standard rate. If you switch accounts regularly to take advantage of these offers, you could be giving your savings a big boost.
  • They usually charge little to no fees. The majority of high interest savings accounts don't charge any fees for maintaining the account.


  • High balances tend to earn a lower rate. Many accounts work on a tiered interest rate structure, which means that the more you have in your account, the lower the standard variable rate.
  • Transfer times can take up to three business days. The limited access, especially for online accounts, could prove troublesome if you suddenly need the money for an important purchase. Transfers could take up to three business days.

What’s the difference between a savings account and a term deposit?

High interest savings accounts offer competitive rates, but conditions apply in most cases. For example, you might need to deposit a certain amount every month and not make any withdrawals. Introductory bonuses also only last a few months.

Term deposits offer good interest rates over a fixed term of between 7 days and 12 months. There is usually a minimum deposit required and although term deposits can be broken, a hefty penalty usually applies.

Traps to avoid when using your high interest savings account

It's important that you choose the high interest savings account that best serves your needs. This can help you avoid the following scenarios:

Interest rate penalties apply if you don't meet the terms and conditions.

  • With term deposits, it's important to choose the right term duration. If you choose terms that are too long and find yourself needing the money sooner, you'll have to pay a penalty to have your term deposit released early.

Variable interest rates could mean that you lose out when the cash rate decreases.

  • Banks can lower their rates in response to many factors. Bonus introductory rates are usually withdrawn after a few months, or at the end the introductory period. If the rate on your account has changed and you're not sure why, contact the bank.

How do I apply for a high interest savings account?

What do I need to apply for a high interest savings account online?

Once you’ve clicked through to the bank's secure application page, you will typically need to provide:

  • Your personal details
  • Your tax file number and related information
  • Details of the account you want to link to your new high interest savings account

Can I open a high interest savings account as a tourist in Australia?

Depending on your visa type, you may be able to open a bank account in Australia. You can learn more about opening a bank account as a non-resident here. You should always compare different migration programs offered by certain lenders. Speak with the financial institution directly about eligibility requirements for opening an account as a temporary visitor.

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42 Responses

  1. Default Gravatar
    KymJuly 8, 2019

    I have $40000 that I want to put into a savings account to get the highest interest. I will not be depositing any further money. What do you suggest?

    • Avatarfinder Customer Care
      JoshuaJuly 9, 2019Staff

      Hi Kym,

      Thanks for getting in touch with Finder. I hope all is well with you. 😃

      It’s nice to hear that you’re thinking of saving money and let it work for you, Kym.

      Regarding your question, I could see that you’re on the right page. On top of this page, you will see a list of savings account that might meet your needs. While it doesn’t tell you specifically which savings account allow you to earn interest even if you don’t make regular deposits, you can still use the table to compare your options.

      Use the table to compare your options based on interest rates, fees, and others. Click on the “Go to site” green button once you’re done comparing. You’ll then know more about your chosen account and see if it allows you to earn interest even if you don’t do a regular deposit.

      Please make sure that you’ve read the relevant T&Cs or PDS of the savings accounts you are interested in to help consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    KristinaJuly 4, 2019


    My husband and I would like to open a savings account for our twin girls. We want to be able to deposit but not withdraw until they are 18 years old. We are looking at depositing min of $10 each week per child plus whatever their grandparents want to contribute over time. Which bank or account would be best to earn high interest? We currently have transaction accounts with ING, NAB and UBank.

    • Avatarfinder Customer Care
      JeniJuly 5, 2019Staff

      Hi Kristina,

      Thank you for getting in touch with Finder.

      Kindly go through this page to start comparing your kid’s savings account options. Once you have chosen a provider, you may click on the green go to site button to be redirected to their official page to learn more on their savings account and even to start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      I hope this helps.

      Thank you and have a wonderful day!


  3. Default Gravatar
    RaulApril 4, 2019

    What % of interest is best ?
    Ie-Rabo bank at 3.05 for 4 months then 1.8 for the rest or
    U bank at 2.87 all the time ? ( if is that what is meant in the U bank add)
    Thanking you in advance for your reply

    • Default Gravatar
      NikkiApril 5, 2019

      Hi Raul,

      Thanks for getting in touch! The best interest rate you can get is the highest one a bank can offer to let you earn. As it says on our page – Rabo Direct’s 1.8% is the ongoing, standard interest rate that you’ll earn after the introductory four-month period is over. There are no conditions to meet to earn this rate, and all balances up to $250,000 will earn this rate. For UBank, 2.87% is earned each month you meet the account conditions. To earn this bonus rate you need to link the account to a UBank USaver Ultra Transaction Account and transfer at least $200 per month into either account, ensuring your combined balance across both accounts does not exceed $200,000.

      I hope this helps!


  4. Default Gravatar
    LawrenceMarch 27, 2019


    Can you kindly advice on the following:
    My son is doing his MD course at Melbourne Uni and I would like to open a term deposit of up to $300000. This is for his disbursement for his school fees for the next 3 yrs. I would like to know if the interest earned is taxable. What if the savings account is put under my son’s name and would he be tax, even if he was a student?



    • Avatarfinder Customer Care
      JeniMarch 30, 2019Staff

      Hi Lawrence,

      Thank you for getting in touch with Finder.

      If you’ve invested money in a term deposit, you will need to pay tax on the interest income you earn. The amount of tax you’ll need to pay on your term deposit interest will depend on your overall taxable income, and it will also depend on when you receive your interest payments. You may use this page as guide on how you may pay tax on term deposit interest. The ATO states the person who declares interest earnings from a kid’s bank account depends on, “who owns or uses the funds of that account (no matter what type of account it is or the name of the account holder).” If you consider putting the term deposit account on your son’s name, if he’s already 16 years old or older, he needs to apply for a Tax File Number. I suggest that you speak to a tax agent on this matter and learn more about tax returns, what you can claim and what you need to declare to the ATO.

      I hope this helps.

      Thank you and have a wonderful day!


  5. Default Gravatar
    TrevorJanuary 8, 2019

    We want to invest a large sum of money for 12 months and don’t need to touch it until the 12 months is up. What is the best and safest way to get an areal good return without large fees attached?

    • Avatarfinder Customer Care
      JhezJanuary 9, 2019Staff

      Hello Trevor,

      Thank you for your comment.

      Since you’re not touching your money for 12 months, you might want to compare term deposit accounts. A term deposit is a fixed-term deposit held at a financial institution and is generally short-term deposits with maturities ranging anywhere from a month to a few years.

      You can compare term deposit interest rates for 12 months on this page. ME Term Deposit seems to have the highest interest rate among the other products at 2.80%. You can still compare the other products and apply if you have chosen your preferred account by clicking the Go to Site button.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  6. Default Gravatar
    MAGGIEOctober 10, 2018

    I have a reasonable sum of money to invest for 12 months and would like the best return from a secured bank account. An amount of $800 will be added each month and no withdrawals will be taken in the 12 month period.

    • Avatarfinder Customer Care
      JhezOctober 10, 2018Staff

      Hello Maggie,

      Thank you for your comment.

      You may want to check 12-month term deposit, if you want a big return and not withdrawing for 12 months. The highest we have on our list is with Citibank Term Deposit with a 3.00 % p.a.fixed interest. Kindly check other term deposit products on this page. You may not be able to add more amount to your deposit each month to a term deposit. This is because once a term deposit is set up, you won’t be able to add more money to your investment. If you have extra money to invest, you could open another term investment.

      For the savings account, the highest interest rate is with Rabobank High-Interest Savings Account with 3.05% p.a for the first 4 months if you’re eligible for the bonus interest rate. After 4 months, the interest will revert back to 1.80% p.a. Please compare more savings account here.

      Please compare the features and after you’re done comparing, please click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


  7. Default Gravatar
    AlikkoMarch 30, 2018

    Hello! What kind of account would best benefit me on accumulating the most possible interest, if I was to deposit $7000 a month. Taking into account that It would be that amount constantly for lets say 3 years. I would also agree to having conditions, such as not being able to access any of my money at anytime within the 3 year period. Also if there’s a way to get even more bonus interest? Let’s say for example every second/ third month i have to make an extra 50% deposit on the agreed value I signed up for to get more bonus? So basically what I’m looking for is an account that has as many conditions as possible and if you keep meeting them all, your interest just keeps on increasing higher regularly? Thank you in advance for taking the time to answer my questions!

    • Avatarfinder Customer Care
      MayMarch 30, 2018Staff

      Hi Alikko,

      Thanks for reaching out.

      If you like to invest your money with a term deposit where you can only access it after 3 years, you can compare your TD options on this page. Term deposits also offer competitive interest rates. If you like to get an idea how much would be your interest earnings at the end of the term, please use the calculator on top of the table where you can enter your initial deposit of $7,000 and number of months which is 36 for 3 years.

      If you want an account where you can withdraw at anytime and make monthly deposits, you can compare high savings account above. Usually, these online savings accounts offer variable bonus rates for a certain period with conditions that vary depending on the account. If you like to know and compare the interest earnings on savings accounts, please enter your initial deposit amount, monthly deposit and investment period in to the calculator above the table.

      Please review the details, features and the T&Cs of the account before applying and consider the product is right for you.

      Hope this helps.


  8. Default Gravatar
    SteveMarch 27, 2018

    I am looking for a high interest savings account with no fees that will handle direct debits. Where do I look?

    • Default Gravatar
      NikkiMarch 27, 2018

      Hi Steve!

      Thanks for your message and for contacting finder.

      If you want to take advantage of the maximum interest rate offered by a high-interest savings account, you most likely need to be willing to accept limitations on how you can access your money. Most high-interest savings accounts don’t allow you to set up direct debits or make regular withdrawals, and some even have minimum monthly deposit requirements to encourage you to save.

      While this means you may be able to achieve your savings goal in a shorter time frame, it can be inconvenient if you want fast and easy access to your money at all times.

      However, there are some bank accounts that allow you to combine the flexibility of a transaction account with the interest-earning ability of a savings account, commonly referred to as interest-earning transaction accounts.

      On the page where you’re in, you can compare the savings account as they have little to no fees.

      Hope this helps!

      Best regards,


  9. Default Gravatar
    ANTHONYJanuary 27, 2018

    Why do you not list Australian Unity, which offers 2.8%?

    • Default Gravatar
      Ash MunozFebruary 5, 2018

      Hi Anthony,

      Thank you for reaching out to us.

      Please be advised that while we cover a wide range of products, brands and services on our site, we don’t cover each and every product, brand and service on the page so there are other available options for you. If you like to get more information about Australian Unity Active Saver and other Australian Unity products, kindly check this page.

      I hope this helps.

      Please do not hesitate to reach out to us again if you have additional questions.


  10. Default Gravatar
    wadeDecember 9, 2017

    I’m looking for a high interest savings account to set up for my daughter to give her when she is 18 looking at putting around $25 dollars a month into this account. What would you recommend ?

    • Avatarfinder Customer Care
      JoanneDecember 9, 2017Staff

      Hi Wade,

      Thank you for visiting finder, we are an Australian financial comparison website and general information service. We are unable to make recommendations, we can offer general advise.

      You may view this page as this will give you a comparison between kids savings account. You may need to check on the age requirements on these accounts as they can vary. While some accounts are for those up to 18 years of age, the maximum age in some cases is 15 years and 16 years.

      Hope this helps,

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