BEST SAVINGS BANK ACCOUNTS WITH HIGH INTEREST RATES

As home loan interest rates are increasing and you’re looking at putting some of your hard-earned money into a savings account then you may want to keep reading. I’ve been looking around to see which banks have the highest savings interest rates and I’ve compiled a list below. In the past couple of months, I’ve opened at least 2-3 savings accounts and have been transferring money into the bank account with the highest savings rate.

The below savings rates are as of 23/08/2022. Rates may change without notice so please always check the website for the current and most up-to-date rates. To get the rates, you must meet the conditions listed by the bank.

UBank (Spend and Save)

Rate: 2.35% P.A. and will be increased up to 2.85% from 1st of September 2022 up to $250K across all your Save accounts.

Conditions:

You’ll need a Spend account and deposit $200+ per month into any of your Spend or Save accounts (not including internal transfers) to get the bonus interest rate and that’s it.

You can sign up here: OPEN ACCOUNT (use the code EJL6S19 during signup and we both get $20 and you need to make 3 purchases using your debit card or phone)

Bank of Queensland (Future Saver Account)

Rate: 3.5% P.A for balances up to $50,000.

Conditions:

•  customers 14 to 35 year olds
• If you’re aged between 14-17 years of age, we’ll waive the bonus criteria.
• No monthly account-keeping fees.
• Easy-to-earn bonus interest
• Simply deposit $1,000 into your linked Everyday Account and make 5 or more eligible transactions.

You can sign up here: OPEN ACCOUNT

ING (Savings Maximizer)

Rate: 3.1% P.A. on up to $100,000

Conditions:

The additional variable rate (that is added to the Savings Maximiser standard variable rate) applies on one nominated Savings Maximiser per customer for the next calendar month when you also hold an Orange Everyday account and in the current calendar month you do the following:

• deposit at least $1,000 from an external source to any personal ING account in your name (excluding Living Super, Personal Loans and Orange One),
• also make at least 5 card purchases that are settled (and not at a ‘pending status’) using your ING debit or credit card (excluding ATM withdrawals, balance enquiries, cash advances and EFTPOS cash out only transactions), and
• ensure that the balance of your nominated Savings Maximiser account at the end of the current month is higher than it was at the end of the previous month. When we assess whether you’ve met this balance growth requirement, interest earned in the current month is not taken into account.

You can sign up here: OPEN ACCOUNT

Great Southern Bank (Youth eSaver)

I opened this account for my son (youth).

Rate: 3.25% P.A. on up to $5,000

Conditions:

• A maximum of one Youth eSaver account per eligible child.
• A child under 10 must have a parent or guardian open and operate the account as a signatory. The child cannot personally transact on the account.
• Once the child turns 10 years of age, the child can remove a parent or guardian as a signatory, or remove their authority to obtain account information, at any time.
• Parents or guardians can be given signatory access or third-party authority to obtain information on the account if required.

You can sign up here: OPEN ACCOUNT

I did also sign up with CommBank but their rates were really low, so I didn’t list it here.

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