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
ING DIRECT Savings Maximiser	5.25% p.a. interest rate until January 31st 2010 if you apply before December 1st 2009. *Standard variable interest rate of 4.00% p.a.	5.25%*	$0	$0
HSBC Serious Saver	5.25%p.a. until 15th March 2010 for new to HSBC funds in new Serious Saver accounts opened between 7 September 2009 and 29 December 2009 *Standard variable interest rate of 3.5% p.a applies in any month you make a withdrawal.	5.25%*	$0	$0
St George Direct Saver	Apply now and enjoy a limited time promotional interest rate of 5.25% p.a. *Standard variable interest rate of 3.45% p.a.	5.25%*	$1	$0
ANZ Online Savings Account	ANZ Online Saver – access your funds 24/7, no minimum balance and earn up to 5.25% p.a. until 30 May 2010. Apply online by January 30 2010.	5.25%*	$0	$0
BankWest eSmart Saver	4.95% p.a. interest rate until January 31st 2010 if you apply before December 1st 2009. *Standard variable interest rate of 3.50% p.a.	4.95%*	$0	$0
NAB iSaver Account	Standard interest rate of 3.50% p.a. Bonus introductory rate of 1.65% for new applicants	5.15%*	$1	$0
Raboplus Savings Account	No promotional rate, but high standard variable interest rate of 4.00% p.a. Unlimited free telephone and online banking.	4.00%	$1	$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: - 4.00% Variable (no fixed term) - 5.45% 3 Months Fixed - 6.15% 6 months Fixed - 6.45% 12 Months Fixed - 5.70% 4 Month Special	4.00 - 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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Editor's Choice: Our Top Credit Cards




Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Bankwest Lite MasterCard	Editor's Choice: Cheapest Credit Card The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.	9.99%	20.99%	1.99% for 12 months	$59	55
St George Vertigo	Editor's Choice: Best Bank Low 2.99% for 6 months (reverts to 11.74%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.	2.99% for 6 months (reverts to 11.74%)	20.49%	2.99% for 6 months	$55	55
Citi Clear Platinum Visa	Editor's Choice: Low Interest An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .	11.49%	20.99%	0.99% for 6 months	$42	55
ANZ Low Rate MasterCard	Editor's Choice: Balance Transfer A very popular card choice with a low rate, annual fee and attractive 0% for 6 monthsbalance transfer offer.	12.49%	20.74%	0% for 6 months	$58	55
Bankwest Zero Platinum MasterCard	Editor's Choice: No Annual Fee Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 12 months on balance transfers	15.99%	15.99%	1.99% for 12 months	$0	55