Top Three Online Bank Interest Rates

Almost every bank in Australia now has accounts based completely online, making the choice of where to put savings more complicated than ever before.

With so many different account options, features and interest rates to consider, it is no wonder the banks have come up with competitive introductory offers to lure people in.

These short-term deals often involve a higher rate of interest for a few months before reverting to one that is more standard or, in some cases, sub-par. Currently the highest promotional interest rate accounts are:

1. RaboDirect High Interest and UBank USaver: 6.01%
2. The ANZ Online Saver: 6%; and
3. The Virgin Saver: 5.85%

While these rates would appeal to almost anyone, most of the time people will find more benefits from a savings account that has a good ongoing rate rather than one that offers high interest savings on a temporary basis.

To give you an idea of how much these rate differences can affect your savings, here is a look at the three savings accounts with the highest ongoing interest rates.

UBank USaver

This popular savings account offers a standard variable rate of 5.41% p.a. with no minimum investment amount and unlimited withdrawals, making it both flexible and rewarding.

One of the biggest points of difference between the USaver and other online saving accounts is that the promo rate of 6.01% is not an introductory offer, instead it is an ongoing bonus rate that people can earn for simply depositing $200 or more in a month.

RaboDirect High Interest

RaboDirect is a relatively new online banking option, but the High Interest Savings Account has earned its name thanks to an ongoing variable rate of 5.4%.

RaboDirect also makes it easy for people to link an everyday transaction account to the High Interest Savings Account and has support for people considering DIY Super options.

Citibank Online Saver

Citibank’s Online Saver account offers the next best ongoing variable interest rate, currently at 4.75%.

While Citibank has more traditional saving and transaction account options, the Online Saver can be linked to almost any Australian transaction account.

Like the two other accounts, the Online Saver has no fees, no minimum balance and no fixed terms.

Interest is a great incentive for people to save as much money as they can, whether it is for a specific occasion or a rainy day. By comparing different saving accounts, like the three above, and finding one that fits your goals, you will be able to get the best terms for your money so that it earns as much as possible for any amount of time.