High interest savings account rates for balances $250,000+
Not many savings accounts offer interest on large balances of $250,000 or more, but there are a few available. We've found these for you to make the most of your money.
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
Key takeaways
- You can get up to a 4.9% interest rate on your cash
- If you're looking for a safe place where you can set-and-forget your large balance, you might not like a savings account that has monthly account conditions.
- If you're happy to meet some account conditions each month in order to get the highest bonus interest rate, you might find that you'll get a higher rate on a lower balance.
How do I compare accounts for balances over $250,000
When you are shopping for a place to park a significant amount of savings, there are a few things worth considering.
- Interest rate. Compare the rates amongst a number of different savings account to find the one that pays the most back for your deposit of this size.
- Account conditions. Some savings accounts will require you to meet some conditions each month in order to earn interest.
- Interest calculation and payment. You can earn interest exponentially if you find an account that calculates daily and pays monthly. Look to make sure that interest payments are deposited into the account once a month, and that the calculation includes the principal combined with the paid interest.
- Terms. Accounts such as a term deposit or notice saver will give you the maximum rate for balances of over $250,000, but that will restrict your access to your savings. Make sure that if you choose one of these types of savings products, they are at terms that you can abide to.
- Penalties. Look at the details carefully, especially with term deposits, to understand how penalties will be applied if you make a withdrawal from the account.
How do these accounts work?
When comparing savings accounts you will notice that with some, interest rates are tiered in accordance with the account balance. Most savings accounts apply the top bonus interest rate on balances under $250,000, and once you hit this balance size the interest rate drops dramatically.
Tips for earning interest on balances over $250,000
The government guarantee
The Australian government guarantees deposits of up to $250,000 in Australian banks. This means if you had a balance larger than this, the portion over $250,000 wouldn't be protected in the (unlikely) event the bank went under. You could consider splitting your balance up between more than one bank, to ensure all your money is protected by this bank guarantee scheme.
The account conditions
If you're looking for a safe place where you can set-and-forget your large balance, you might not like a savings account that has monthly account conditions. Look for one that doesn't require you to jump through too many hoops or, consider a term deposit instead as these have no monthly conditions to meet.
Interest rate tiers
If you're happy to meet some account conditions each month in order to get the highest bonus interest rate, you might find that you'll get a higher rate on a lower balance. Consider what the rate would be if you split your $250,000+ balance up between two different savings accounts, to take advantage of the higher rates.
Picture: Shutterstock
More resources on Finder
More guides on Finder
-
ING vs Macquarie: Savings accounts compared
Compare ING Savings Maximiser and Macquarie Savings Account. See rates, features, fees and which suits you best.
-
Savings accounts with no conditions
These savings accounts let you earn a decent ongoing interest rate on your cash with no annoying hoops to jump through.
-
ME HomeME Savings Account
You can earn a really impressive ongoing bonus rate of 4.75% p.a., however you need to deposit $2,000 per month.
-
Bankwest Easy Saver account
The Bankwest Easy Saver account offers a bonus rate for the first 4 months, then an ongoing standard variable rate with no conditions to meet.
-
Bank of Queensland Simple Saver Account
Check out out review of the Bank of Queensland Simple Saver Account.
-
High interest savings accounts Australia
Kickstart your savings plan with a high interest savings account.
-
Kids savings accounts
Encourage your children to save with a savings account.
-
Best savings accounts Australia
See some of the best savings accounts in Australia right now with high interest rates and no fees, plus tips to help you find the best savings account for you.
-
ING Savings Maximiser
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.
-
Savings interest calculator
Our range of simple calculators can help you plan your finances and compare potential interest earned.