As everyone is well across by now, interest rates in Australia have continued to climb and if you happen to have some money stashed away, you can now earn up to 5.5% interest on select savings accounts.
Though many of these savings accounts do come with some restrictions, as well as requirements, they’re certainly worth looking into to bolster any short-term savings goals.
So, in Australia, what are some of the highest-yielding interest savings accounts currently? We’re sharing them ahead.
Macquarie Savings Account gives you 5.55% interest for deposits up to $250,000 for the first four months of opening an account before the rate drops to a still-high 4.25% for up to $250k, 3.70% for $250k to $1 million and 2.85% for savings of $1 million and above.
Rabobank Australia High Interest Savings
Rabobank Australia’s High Interest Savings Account offers 5.40% interest on $250k savings as a four-month introductory before dropping to 4.20%. You can feel good about your savings too, banking with Rabobank – 100% of the money deposited funds Australian farmers and agribusinesses.
Great Southern Bank Advantage Saver
Great Southern Bank Saver lets you earn up to 4.60% bonus interest on balances between $100,000 and $750,000. You do need to make sure to grow your balance by $250 at the end of each month to earn the interest. You can withdraw money any time.
ING Savings Maximiser
ING Savings Maximiser currently gives you 5.50% interest on balances up to $100,000 each month, provided you have an Orange Everyday bank account and action three things. First, you’ll need to deposit at least $1,000 from an external source to an ING account in your name. Second, you’ll need to make five or more eligible ING card purchases. And finally, you’ll need to grow the Savings Maximiser balance each month, though, this can be by as little as 10 cents.
Bank of Queensland Future Saver
Bank of Queensland Future Saver Account gives you the highest interest rate on this list. To access it you have to be 14 to 35 years old. You can earn up to 5.50% bonus interest each month when you meet the criteria. You will have to deposit a minimum of $1,000 into your linked Everyday Account from an external bank account and make five eligible transactions.