Compare High Interest Savings Accounts
How would you like to earn more money on your savings? What if you could do that while further decreasing the temptation to dip into your savings to spend the money? If that sounds good to you, you should compare online banking and high interest accounts!
High Interest Accounts
| Product | Bank | Monthly Account Fee |
Promo Rate % |
Standard Rate Variable % |
Our Take | Apply |
|---|---|---|---|---|---|---|
| ANZ Online Saver |  |
$0 | 6% | 4.25% | Open an ANZ Online Saver by 29th Feb 2012 and earn up to 6.00% p.a. until 30th June 2012. There is no minimum balance needed to open the account, so open one today. Terms apply. |  |
| Citibank Online Saver |  |
$0 | 5.8% | 4.75% | 5.80% p.a. for the first 6 months of your account opening. | |
| NAB iSaver |  |
$0 | 5.5% | 4.15% | Earn 5.50% p.a. for 4 months. | |
| RaboDirect High Interest Savings |  |
$0 | 6.01% | 5.4% | Take your dreams back with a high interest savings account with RaboDirect! Great rate of 6.01% p.a. | |
| St.George Direct Saver |  |
$0 | 5.5% | 4.25% | Fixed bonus rate of 1.25% p.a. above the standard variable rate for 4 months. | |
| St.George Power Saver | |
$0 | 5.4% | 2.9% | Enjoy a fixed bonus interest rate on top of your standard variable rate for 4 months. | |
| UBank USaver |  |
$0 | 6.01% | 5.41% | Backed by NAB and government guaranteed. Earn a great interest rate of 6.01%p.a. | |
| Virgin Saver |  |
$0 | 5.85% | 4.65% | Earn 5.85% with the new high interest online savings account from Virgin Money. | |
Comparing High Interest Savings Accounts: The Basics
Before you can compare high interest bank accounts you need to understand some of the basics first. Let's explore what high interest accounts are, how they work, and what kinds of things you should look at when comparing them.
What are High Interest Savings Accounts and How do They Work?
High interest accounts are generally online savings accounts. They differ from more traditional savings accounts in that it can be slightly more difficult to get your money (although you can easily do an electronic transfer to another everyday bank account linked through your financial institution). This can be a good thing if you have a tendency to withdraw money from savings when you want to make purchases, rather than holding onto it to actually save it.
The high interest rates associated with these online bank accounts are often a couple of points higher than similar traditional savings accounts. There are also often no monthly account maintenance fees (although you might have fees tied to your linked account). However, the high interest rate usually only lasts for a few months before settling at the normal interest rate which is more comparable to those of traditional savings accounts.
Comparing High Interest Online Savings Accounts
One of the most important things about online high interest savings accounts is that you'll generally need a linked account with the same banking institution. If you wanted to access and use your money in your "normal" fashion, you would first transfer the funds into that linked account.
So yes, while comparing high interest accounts, you'll obviously want to compare the interest rates (both the introductory rate and the standard rate) and monthly fees. But you'll also want to take a close look at eligible linked account options from each bank.
Even if there are no monthly fees on your high interest account, there might be fees on the linked account you'll have to maintain (or open if you don't already have one). The same goes for minimum balance requirements. Because you'll need two accounts, check those terms for both. They're usually minimal or nonexistent requirements for online high interest accounts (although it's clearly better to deposit more to fully take advantage of the introductory high interest rate). There might be a much higher minimum balance on the linked account though.
Use our high interest account comparison chart above to learn more about high interest online savings accounts or apply online for a new account today!
