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	Variable Rate p.a.	Base Rate p.a.	Intro Rate p.a.	Fees	Min Balance/Min Deposit
UBank USaver	A great savings account, and winner of Best Online Savings Account 2010 in Money Magazine Best of the Best awards.	6.51%	6.01%	0.50%	FREE	$0/$0
Citibank Online Saver	6.35% for 6 months with a 5.75% revert rate. Backed by Citibank and government guaranteed. Open an account online now and earn a great interest rate. (Base Rate 5.25%)	6.45%	5.25%	1.20%	FREE	$50/$20
ANZ Online Saver	ANZ Online Saver – access your funds 24/7, no minimum balance and earn up to 6.00% p.a. until 30 October 2010. Apply online by 30 June 2010.	6.00%	4.50%	1.50%	FREE	$0/$0
NAB iSaver	Standard interest rate of 4.25% p.a. Bonus introductory rate of 1.75% for new applicants who apply online before June 30 2010	6.00%	4.25%	1.75%	FREE	$1/$1
St.George Direct Saver	Apply now and enjoy a limited time promotional interest rate of 6.15% p.a. *Standard variable interest rate of 4.60% p.a.	6.15%	4.60%	1.55%	FREE	$0/$0
Bankwest TeleNet Saver	6.15% p.a. for 12 months, longest promo rate on the market. *Standard variable interest rate of 4.50% p.a.	6.15%	4.50%	1.65%	FREE	$0/$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	5.10-7.25%	$5,000	$0	3 month - 5 years

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.

If you are lucky enough to be in a good enough financial position where you can put some money away in savings, then high interest savings accounts are your best bet in terms of highest ROI.

How have current rates affected the general saver on the high street? Interest rates are currently lower than they have been previously. This has led to more competition among providers of deposit accounts, meaning some great deals for savers.

The new Internet savings accounts, offering high rates of interest for savers have revolutionized the way many save.

The Australian consumer market appear to have also reacted favorably to the banks proposed "no bank fees ever" promise, and the ever increasing amount of special offers.

Now could be the time to move

If you have every day transaction accounts, with money sitting earning you little or no interest, then it makes much more sense to move that money into some sort of high interest savings accounts.

Savings accounts online

As long as you have access to a computer, and Internet access then you will be able to very easily open an Internet saving account. Many lenders now offer these types of high interest savings accounts, and what you will often find is that the rate of interest with these accounts is quite a lot higher than normal saving accounts.

Term deposit accounts With these type of saving accounts, the interest rate is determined at the opening of the account, and is fixed for the full length of the agreed term. The interest rate with these accounts is normally quite attractive, however because the interest rate is fixed, although you are protected from any interest rate falls, you will also not benefit from any interest rate rises.

(CMAs) Cash management accounts

These accounts are built with both a saving, and transactional element, meaning not only can you save at a higher rate of interest, but you can also use the account for day to day transactions, like withdrawing money or paying bills.

The only drawback with these accounts is that you will often need to deposit a few thousand dollars in order to open an account, or to claim the highest possible interest rate on offer.

For those who wish to save, but still have regular access to their money then these accounts are perfect.

Basic saving account

Although these are still a better option than leaving your money in an account earning no interest, you will tend to find that the interest rate with most basic savings accounts is still way below the rates of interest you can get with Internet saving accounts, term deposits, and other high interest saving accounts.

Should I change savings accounts?

Below is a table which illustrates the amount you could earn in interest, if you move your money into a high interest saving account, for a number of different financial situations.

This is the amount of interest that $1000, $5000, $10,000, and $25,000 would earn each year at different interest rates.

BE AWARE- This table has been worked out on the basis that interest is calculated daily, and received monthly. It also doesn't take into account any other deposits into your account. Of course if you do make additional payments then you will accumulate more interest long term.

Not only can you earn money by switching your money into a high interest savings account, but you could in fact make some savings. If you have money sitting in an everyday transaction account that pays very low interest, then when you take into account any banking fees, and transaction fees then it could transpire you are actually losing money.

With so many high interest Internet saving accounts available it is silly not to move your money. Of course the more you save in an account the more money you will earn in interest over the long term.

Saving Accounts Online

There are some very generous Internet savings accounts available which are perfect for those looking for the best return on investment from their savings. They are not suitable for people looking for a normal transactional accounts, as most transactions are not possible with these type of accounts.

You will normally not be able to make a withdrawal from an ATM machine, and you will not be able to pay bills from the account.

Withdrawing money is made a little awkward with Internet accounts, with any transfers out of them into your daily transaction accounts taking a day or two to go through.

The normal features you will find with Internet saving accounts are:

• There is no minimum amount that you have to keep in your account.
• Interest is worked out daily and added to your account monthly
• There is no limit on deposits or withdrawal amounts
• No monthly account keeping charges
• Normally debits, and credits are free to process
• Very limited transactions available- branch access, ATM withdrawal, overdraft, credit and debit cards are normally not available on accounts of this type.

Easy to open Internet only accounts

Opening an Internet saving account is now very easy to do. Normally you can complete the application online, pass over details of an existing account they can link to the new account, and your tax file number to hand.

In some cases, if you are lucky some financial companies will offer you an instant decision as to whether your application has been successful.

An account with Citibank-but with a catch!

Back in 2008 the highest interest rate you could find for an Internet account was 7.25%. It was offered by Citibank, however there was big catch that came it this high interest rate. In order to obtain that rate you had to a $5000 into a no interest "normal" transaction account.

Term Deposit Accounts

You can pick yourself up a term deposit account form most building societies, banks, and even some credit unions.

One of the main attractions of these high interest savings accounts is that the interest rates offered are normally comparable to the high rates enjoyed by Internet saving account holders. The other thing consumers like about these accounts is that the interest rate is fixed.

Whatever happens with the Reserve Bank of Australia in terms of rate changes, your interest rate is determined at the opening of your account, and is then fixed for the duration of the term. This is good in that you will not suffer if interest rates should fall, however on the other hand if interest rates happen to rise you will not benefit.

The length of terms available on these accounts will vary from anywhere between a few months to a number of years. For the full period your interest rate will not change, and interest will be paid to you either monthly, quarterly, annually or at the end of the term depending on what you prefer.

The rate of interest may depend on how much you put into the account at the opening.

Pay attention to:

Length of term - At the end of your term period sometimes your money will be automatically reinvested for you. This is great if interest rates have increased, however if rates have dropped then you will lose out. It may be worth checking if you can get a higher rate of interest elsewhere, and then moving your money into a better term deposit.

Read the terms and conditions -Make sure you fully understand the terms of your contract for your own benefit, and so you understand the lenders obligations to you.

Make sure they are regulated - make sure that the company you choose is an Authorized Deposit Taking Institution. This means they are properly regulated and will be more likely to fulfill their obligations to you as a customer.

Saving Accounts and CMAs

CMA stands for cash management accounts. These are accounts that act very much in the same way as a normal transactional account. You will be able to pay bills, transfer money, and make withdrawals as you would with a standard bank account. The main difference here is that you will get a much better rate of interest.

You will normally be required to deposit an agreed amount into the account in order to open it, or seal yourself the best rate of interest, but one plus is that if you keep your balance above a certain balance, you may find that some of your transactions will be fee-free.

Basic Saving Accounts

Most interest rates among the banks standard savings account will be much lower than you can get with other types of high interest savings accounts. Some of these accounts will offer customers bonuses, although even with these added the interest rate will still be pretty low.

Sometimes lenders will put restrictions on these accounts, where you have to deposit a set amount each month, or where you are not able to withdraw money from the account without a notice period.

Internet savings accounts, and cash management accounts will not normally have these kinds of restrictions.

So there are the range of saving accounts available to you. The best thing is to figure out how much you can afford to save, how long you want to save for, and where you will be getting the best return for your investment. Be sure to keep you eye out online, and in the newspapers for special deals. Every financial institution is battling for your custom, and this means there are new and improved offers popping up all the time. Look around and net yourself a great deal!

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
• 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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