If you’re not earning over 5% interest on your savings, you’re missing out.
The best savings accounts in the market right now all have rates well above 5%, according to the latest figures from Finder’s database.
Getting a higher rate on your savings is an increasingly popular decision as interest rates have risen. 65% of Australians surveyed by Finder said they’d use a high interest savings account to generate additional income.
These savings accounts all have high rates and minimal fees. But you have to tick a few boxes each month to unlock these rates. This includes saving more than you spend each month, or depositing a certain amount each month.
ING Savings Maximiser
ING’s Savings Maximiser has been a very popular savings account for many years now. You can earn as much as 5.5% p.a. interest.
How to earn the maximum interest rate
To unlock the 5.5% rate you need:
- To link to an ING Orange Everyday account.
- Deposit $1,000 a month into either account.
- Make 5 or more Visa debit card purchases a month.
- Grow your balance each month.
Rabobank High Interest Savings Account
Rabobank’s High Interest Savings Account offers the highest rate on the market at 5.75% p.a. But there’s a catch: it’s only for 4 months. Then it drops to 4.4%.
How to earn the maximum interest rate
Unlike most high interest savings accounts, you don’t have to meet any conditions to get the rate.
ME HomeME Savings Account
The HomeME Savings Account from ME Bank offers a high 5.55% p.a. ongoing interest rate.
How to earn the maximum interest rate
To unlock the 5.55% rate you need:
- Deposit $2,000 a month.
- Grow your balance each month.
You can only earn the full interest rate on $100,000. Any money you save beyond this will earn a lower rate.
MOVE Bank Growth Saver
The MOVE Bank Growth Saver is another account offering up to 5.5% p.a. The account conditions are quite simple too, but you can only get this interest rate on $25,000.
How to earn the maximum interest rate
To unlock the 5.5% rate you need:
- Deposit $200 a month into either account.
- Make no withdrawals.
AMP Saver
AMP’s Saver Account offers a rate of 5.40% p.a. if you meet a few conditions.
How to earn the maximum interest rate
To unlock the 5.40% rate you need to deposit $1,000 a month into the account. You can make withdrawals each month and still earn the bonus rate.
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