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High interest savings accounts in April 2024

With savings rates above 5%, a high interest savings account will put your money to work while you sleep.

Promoted
Bank of Queensland Future Saver Account - 14 to 35 years
Bank of Queensland Future Saver Account - 14 to 35 years
Promoted
5.50 % p.a.
max rate
0.05 % p.a.
standard variable rate
  • Maximum rate: 5.5% p.a.
  • Standard variable rate: 0.05%
  • Monthly fees: $0

Bank of Queensland Future Saver Account - 14 to 35 years

Ongoing, variable 5.5% p.a. when you deposit $1,000+ per month and make 5 eligible transactions. Available on balances up to $50,000.
1 - 13 of 183
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
Go to siteView details
Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
5.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.10%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Go to siteView details
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Showing 13 of 13 results

Who has the highest savings rates in April 2024?

Despite savings rates rising last year, many Australians are still getting a poor rate on their savings.

The average rate across all savings accounts in Finder's database is 2.70%. But you can get a rate as high as 5.75% with one of the best accounts.

5 highest savings rates right now

Richard Whitten
Market update by Richard Whitten – Finder money editor

What is a high interest savings account?

A high interest savings account is designed for people who want to build up their savings while earning 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 your bank is protected by the Financial Claims Scheme. In the very unlikely event that your bank collapsed, money in your account is guaranteed up to $250,000.

Types of savings accounts

  • Personal savings accounts. Standard accounts for personal use. These have the highest interest rates.
  • Kids savings accounts. Accounts designed to help children build up their savings and learn about money. These accounts have age limits up to 17.
  • Student savings accounts. Accounts aimed at teens and young adults.
  • Business savings accounts. 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 very 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 you must deposit more than you withdraw.
  • Withdrawals. Some accounts specify that you make no withdrawals in a month in order 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. 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 very 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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