Where To Put Your Money? The Top High Interest Savings Accounts

So I’ve already talked about putting your money into a high interest savings account, but which ones are the best?  Do you choose an account based on convenience?  Highest Interest Rate?  Because you like their logo?

Now in Australia all of the best accounts are those that are online only, but they can be linked to your regular savings account for ease of use.

Where To Put Your Money

Just choosing the highest interest rate isn’t always the best option, and there are a few things that you should consider including:

• Minimum Balance.  Most of the more well known savings accounts don’t require a minimal balance (or if they do it’s just a low $1 to open the account) but some accounts do so make sure you check.
• Which Banks Are They Linked To. Many accounts can be linked to any bank you are with, but there are some, such as the ANZ Online Saver which can only be used if you bank with them.
• Fees.  They shouldn’t have any fee’s.  Move on if they do.
• Interest Rate.  Ok interest rate IS important.
• Special Deals.  Very often some accounts will offer cash and higher interest rates just for opening an account with them.  That can be a nice bonus.
• Convenience.  You want to be able to access your money fairly quickly, so same day or next day deposit into your account is standard.  Any longer than this and it’s not so convenient.

So which are the best savings accounts in Australia right now?

Here are my picks.  Please note I have not been commissioned by any financial institute to mention these, they are merely my opinions only, but before taking out any account do your due diligence to make sure it’s right for you.  

• Virgin Money: Virgin Saver Account. Links to any bank account, currently has a bonus $50 plus 4 month intro rate of 6.51% (then drops to 5.35%), no fees.

• RaboDirect: RaboDirect Savings Account. Links to any bank account, currently has a 4 month intro rate of 6.26% (then drops to 5.75%), no fees.

• Citibank: Citibank Online Saver. Link to any bank. 6.05% for 6 months then 5% onwards.

• ING Direct: Savings Maximizer. Link to any bank. 6.35% for 4 months then 5%.

• UBank: USaver. Base interest rate of 5.61% with bonus 0.5% interest for setting up automated savings plan of $200 a month deposit.

• Bankwest: TeleNet Saver: 12 month intro rate of 6.30% and then 5.00%

All interest rates mentioned are variable and are likely to change, but are correct at time of writing.

So there you go.  My picks for the best online savings accounts.

Go forth and multiply your money (or at least get a bit more interest any way .. )

t xx