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High interest savings accounts, the one time a high rate is awesome

Rates to high five all day long (over 180 accounts checked daily)

1 - 10 of 188
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Finder score
8.3
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Finder score
9.6
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Bank of Queensland Simple Saver Account
Finder score
8.8
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Newcastle Permanent Online Savings Account
Finder score
3.2
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Finder score
8.6
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Finder score
8.7
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Finder score
9.6
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
ME HomeME Savings Account
Finder score
9.7
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Finder score
6.1
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Finder score
3.3
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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The lowdown on Finder Score

  • 9+ Excellent - These savings accounts offer high interest rates with minimal conditions or restrictions, making it easier for you to earn the most interest possible.
  • 7+ Great - These savings accounts have quite competitive interest rates and relatively minimal conditions and restrictions.
  • 5+ Satisfactory - Usually these savings accounts offer average or slightly above average rates and require you to meet several conditions before you can get the maximum rate
  • Less than 5 – Basic - These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.

Digging deeper into the Finder savings account score

How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.

That's where the Finder Score comes in. The score is a simple way for you to compare savings accounts at a glance.

Here's how the scores work:

  • We analyse hundreds of savings accounts in our database, from the Big Four banks to online banks and local credit unions.
  • We assess each savings account based on how competitive the interest rate is.
  • We also evaluate each account based on what kind of conditions and restrictions the account has (some banks make it easy to earn the max rate, some don't).

To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:

  • The account has a starting balance of $36,000 with a recurring monthly deposit of $760.
  • Interest is calculated daily and accrued monthly over a 2 year period.

The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

Reading the fine print: how Finder Score is calculated

The Finder Score uses 8 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.

Finder Score weightings - savings accounts

ComponentWeighting
Interest earned90%
Min deposit condition2.50%
Temporary restrictions0.50%
Age restrictions0.50%
Withdrawal restrictions3.00%
Purchase restrictions2.00%
Max balance restrictions0.50%
Notice restrictions1.00%

Who has the highest savings rates in July 2024?

Here are the top high interest savings accounts based on Finder Scores:

  • ME Bank HomeME Savings Account has a Finder Score of 9.7. It offers 5.55% when you deposit $2,000 and grow your balance each month.
  • Ubank High Interest Save Account has a Finder Score of 9.61. It offers when you deposit each month.
  • ING Savings Maximiser has a Finder Score of 9.61. It offers 5.5% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month.
  • Bank of Queensland Future Saver Account (14-35 year olds) has a Finder Score of 9.61. It lets savers earn a maximum rate of . As the name suggests, you need to be aged between 14 and 35 to open this account. You'll also need to deposit $1,000 a month to get the maximum rate.
  • Bendigo Bank Reward Saver has a Finder Score of 9.1. It has a maximum rate of when you grow your balance and make at least one deposit a month.
Richard Whitten
Market update by Richard Whitten – Finder money editor

We put every effort into ensuring information on Finder is accurate. This article was reviewed by Serina Bird from our Editorial Review Board as part of our fact checking process.

What is a high-interest savings account?

A high interest savings account is designed for people who want to build up their savings and earn more interest than a standard bank account.

Savings accounts don't usually come with a debit card because they're not designed for everyday spending. That's what a transaction account is for.

Key things to know about high interest savings accounts

  • Account conditions. Many banks offer a bonus interest rate if savers meet certain conditions, like depositing $1,000 each month or growing your balance.
  • Bonus interest rates. Most high-interest savings accounts only really give you a high rate if you meet the conditions. This bonus rate is added to the base or standard rate.
  • Ongoing versus introductory interest rates. Most accounts offer an ongoing rate. As long as you meet the criteria, you'll earn that rate each month. Introductory savings rates are often very high, but only last a few months. Then you drop to a lower rate.

Deposits guaranteed up to $250,000

In Australia, money in a savings account with many banks is protected by the Financial Claims Scheme. In the unlikely event that your bank fails, money in your account is guaranteed up to $250,000.

Types of savings accounts

  • Personal savings accounts. These are standard accounts for personal use and have higher interest rates than transaction acoounts.
  • Kids savings accounts. These are accounts designed to help children build up their savings and learn about money. They have age limits up to 17.
  • Student savings accounts. These accounts aimed at teens and young adults.
  • Business savings accounts. These are savings accounts for business customers to earn interest on business funds.

How to compare high-interest savings accounts

Find an account with a high-interest rate

For any saver, the higher the rate the better. Right now, many banks offer savings account interest rates above 5%.

But there's a little more to it. Banks break savings rates into 3 parts:

  • The standard variable interest rate. This is the base or default rate you get before any bonus rate comes into effect. It's often low.
  • The bonus interest rate. If you meet all the account's conditions you'll qualify for the bonus rate. This is added to the standard rate.
  • The maximum savings rate. When you combine the standard and bonus rates, the total is considered the maximum savings rate. Your goal is to earn this rate on your savings each month.
Example: deciphering your savings rate

Let's say your bank is offering a high-interest savings account with the following rates:

  • 2.5% standard variable rate.
  • 3.0% bonus rate.
  • 5.5% maximum variable rate.

If you meet the bonus conditions each month you'll earn the maximum variable rate of 5.5%. If you don't meet the account conditions, you'll only earn the standard rate of 2.5%.

Check the account conditions (and make sure you can meet them)

  • Deposit requirements. Many accounts require you to save a set amount each month, typically between $1,000 and $2,000.
  • Grow your balance. You may need to end the month with more money in the account than at the start. This means you can withdraw some money, but must deposit more than you withdraw.
  • Withdrawals. Some accounts specify that you make no withdrawals in a month to earn the bonus interest.
  • Transaction requirements. Some high-interest savings accounts require you to make a number of transactions each month. This is usually a requirement to spend money using a linked transaction account.
  • Balance limits or tiers. Many banks limit the bonus interest you can earn based on your account balance. For instance, you may earn 5.3% on balances up to $250,000, and only earn 2.00% on any money beyond $250,000.

A savings account with a high rate isn't helpful if you can't meet the account conditions.

If you're only able to save $800 a month, then you don't want an account that requires you to deposit $2,000 each month to get the maximum interest rate.

Understand how savings account rates impact how much interest you earn

Most banks calculate interest on your savings daily and pay it to you monthly. If you have an ongoing rate, that's what you'll earn each month if you meet all the conditions.

If you have an introductory rate, your rate will decrease after the introductory period.

If you have a decent amount of money to deposit, a high introductory rate can sometimes beat a competitive ongoing rate. Here are some examples using some of the highest savings rates in the market (ongoing and introductory) over 12 months.

Savings accountMaximum interest rateStandard variable rateIntro periodInterest earned in 12 months

Rabobank High Interest Savings Account

5.75%4.40%4 months$2,367.46
Me HomeMe Savings Account5.55%0.55%Ongoing$2,312.48
ING Savings Maximiser5.50%0.55%Ongoing$2,291.12
Macquarie Savings Account5.50%4.75%4 months$2,263.18

We've used a deposit size of $40,616, which is the average Australian's savings according to Finder's Consumer Sentiment Tracker. In these examples the slightly higher 4-month introductory rate gives you a higher overall interest payment.

Use a savings interest calculator to get a better understanding of how you can earn interest.

What are the best savings accounts?

Finder has surveyed hundreds of Australian bank customers. We know what most Australians want in the ideal savings account: a high-interest rate, minimal account fees and no complicated conditions that make it harder to earn interest. Refer to our best savings accounts page to see all the top accounts and refer to the 2023 Finder Banking Satisfaction Awards page to see the banks that customers have voted for great service.

High-interest savings accounts: What features do Australians find most important?

Finder surveyed 1113 Australians in January 2024 and asked them which 3 features matter most when choosing a savings account.

Taylor Blackburn

My partner and I have been trying to get the absolute most out of our bank account. Our main bank gave us next to nothing. Then we moved to the absolute best ongoing rate, but quickly found there is more to it than that. When a family member needed a loan, we found that we'd lose our monthly interest once we sent them the money because we wouldn't be able to grow the total balance that month. Ubank is a great option because it doesn't require you to grow the balance each month – only to deposit $200 – and still offers one of the best rates on the market.
— Taylor Blackburn, personal finance specialist and aspiring Aussie homeowner

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Frequently asked questions

Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.

Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.

Jason Loewenthal's headshot
Serina Bird's headshot
To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal and reviewed by Serina Bird, a member of Finder's Editorial Review Board.
Richard Whitten's headshot
Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 527 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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