High Interest Savings Accounts - Compare Online Savings Accounts

Compare the best high interest savings accounts available from Australian banks. Choose an online bank account below that will offer you big earnings on the money you save.

In all of these high interest savings accounts, interest is calculated daily. All accounts also have free 24/7 online access to your funds. Some impose penalties such as no interest calculation for any month in which you make a withdrawal.

All features other than interest rate are practically the same in each account - however some offer introductory periods on the interest rates which reverts back to standard after a set period of time.

Scroll down to see which institution offers you the best deal on saving accounts. We have already done the hard work for you and compared savings accounts to give you an idea of what's available. Complete your quick online application by clicking the apply button below.

High Interest Savings Account Comparison

Savings Account	Account Details	Interest Rate (p.a.)	Minimum Balance	Monthly Fee
Citibank Online Saver	5.88% for 6 months with a 4.50% revert rate. Backed by Citibank and government guaranteed. Open an account online now and earn a great interest rate. (Base Rate 4.50%, Bonus 1.38% with savings plan)	5.88%	$0	$0
ING DIRECT Savings Maximiser	5.85% p.a. interest rate for the first 4 months the account is opened. *Standard variable interest rate of 4.25% p.a.	5.85%*	$0	$0
NAB iSaver Account	Standard interest rate of 3.75% p.a. Bonus introductory rate of 1.65% for new applicants who apply online before April 13 2010	5.40%*	$1	$0
St George Direct Saver	Apply now and enjoy a limited time promotional interest rate of 5.75% p.a. *Standard variable interest rate of 4.20% p.a.	5.75%*	$0	$0
ANZ Online Savings Account	ANZ Online Saver – access your funds 24/7, no minimum balance and earn up to 5.50% p.a. until 30 June 2010. Apply online by March 30 2010.	5.50%*	$0	$0
BankWest TeleNet Saver	5.62% p.a. for 12 months, longest promo rate on the market. *Standard variable interest rate of 4.00% p.a.	5.62%*	$0	$0
Suncorp Everyday Options Account	This all-in-one savings account is a full access account that gives you unlimited options by combining your transaction needs and savings needs together. Rates: * 3 month term, at 5.45% * 6 month term, at 6.15% * 12 month term, at 6.45%	4.25 - 6.45%*	$1	$5
ANZ Smarty Pig	A unique and creative savings account from ANZ which integrates social networking with high rates of saving. Currently unavailable for online application here.	4.00%	$10	$0

High Interest Term Deposit Account Comparison

Savings Account	Account Details	Interest Rate (p.a.)	Minimum Balance	Monthly Fee	Investment Period
St. George Term Deposit Account	A return you can count on A range of terms to suit your needs from 3 months to 5 years A guaranteed rate of return for the term of your investment Ability to set up Term Deposit in business or DIY Super name	5.10-8.00%	$5,000	$0	3 month - 5 years
Macquarie Bank Term Deposit	No establishment or account keeping fees Set your own maturity date Covered by the Federal Government Deposit Guarantee.	3.25-5.85%	$10,000	$0	1-24 Months

What do I need to apply for an account online?

Once you've clicked through to the secure application page of the bank, you will typically need:

• All your personal details that you typically need for a financial application.
• Your tax file number and related details.
• Your linked account details which you plan to transfer money in and out of your new high interest savings account.

What should I compare savings accounts based on?

There are two major factors with which you can compare savings accounts to see which of them give you the best deal.

Interest rates paid per annum: This is what your savings account can potentially earn in extras each year depending how much money is deposited. While interest rates are calculated daily with most high interest rates saving accounts, it pays to be absolutely sure they do. This can make a difference on your bottom line.

The more money you have saved on your account, the more money is going to be paid in interest to you at the end of the financial year. There is a huge difference between getting paid 1.25 per cent in interest on a $1,000 deposit compared to getting paid 4.00 per cent.

Therefore you want to get the best deal possible without having to pay hidden transaction and account costs.

Long-term deposit accounts are ideal for this purpose because they let you dump a large amount of money for a set amount of time, and in return you get paid a decent amount of interest when the term is up for renewal. You can then either choose to cash in your earned interest, your primary deposit or both, or else extend the deposit for another term.

Bear in mind that these high interest rate term deposit accounts are dependant on the current mortgage rate. If interest rates for home loans are low, so will be your term deposit interest rates.

Hidden costs: The second factor to base your savings account comparison on is the hidden cost in those accounts. Most banks and financial institutions will charge you a monthly fee for a savings account, plus extra charges for transactions.

If you are a heavy user, meaning you access money from your account frequently, you might be better of to choose a savings account that attracts lower interest rates but also lower fees, as these will soon add up.

Good news for home owners

If you have an existing mortgage, chances are that your bank might even waive the savings account fee attached to your loan. If you are on a loan package because you also have an investment property, you might even get your savings account free of charge. This deal alone can save you hundreds of dollars each year.

When you compare savings accounts it is recommended to bear in mind how much money you intend to deposit. The more money you can spare and the longer you can do without, the more interest will be paid to you by financial institutions.

Other articles you might be interested in

• How to select a high yield savings account - Get Rich Slowly
• ANZ Online Saver Account - ANZ's 4.25% p.a. high interest account along with an analysis of saving account interest rates in Australia June 09.
• 112 ways to save money - Consumerist

ING DIRECT Savings Maximiser

Macquarie Bank Term Deposit

St. George Bank Accounts

St. George Directsaver

Suncorp eOptions

Suncorp Everyday

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