The Best High-Interest Savings Accounts in Australia Right now (Without All the Hoops)

If you're here for the high-interest savings rates without needing to jump through endless hoops, you’re in luck! With the current high interest rates in Australia, a lot of banks are offering some seriously competitive returns on your savings. But, as always, there are some catches – conditions you need to meet each month to get that sweet, sweet bonus rate.

Here's a breakdown of the top high-interest savings accounts, and we'll highlight our favourites with the fewest conditions: UBank, Rabobank, and MOVE Bank. We love that these accounts are straightforward and don’t ask you to do too much to earn those bonus rates!

Top High-Interest Savings Accounts

1.  UBank – High Interest Save Account 

   -  Total Rate:  5.50%

   -  Conditions:  Deposit $500+ a month into any UBank account (external deposits only).

   -  Why We Love It:  This one’s a clear winner for simplicity! Just deposit $500 each month, and you’re set. No spending or additional transactions required, making it super easy to earn that bonus interest.

2.  Rabobank Australia – PremiumSaver 

   -  Total Rate:  5.35%

   -  Conditions:  Grow your balance by $200 each month.

   -  Why We Love It:  All you have to do is make sure your balance goes up by $200 each month. No fancy card transactions or huge deposits, just steady growth. This is perfect if you’re disciplined with your savings and prefer not to touch them.

3.  MOVE Bank – Growth Saver 

   -  Total Rate:  5.50%

   -  Conditions:  Deposit a minimum of $200 and make no withdrawals within the month.

   -  Why We Love It:  The $200 minimum deposit is achievable, and as long as you avoid withdrawals, you get the full bonus rate. It’s ideal if you don’t need frequent access to your funds and are committed to saving.

Other High-Interest Options (With a Few More Hoops)

If you’re okay with a few more requirements, here are some other high-rate accounts:

4.  ING – Savings Maximiser 

   -  Total Rate:  5.50%

   -  Conditions:  Deposit $1,000, grow your balance, and make 5 card transactions each month.

   -  The Catch:  It’s a bit more complex – you’ll need to hit all three conditions each month, which can be a little more work.

5.  BOQ – Future Saver (Ages 14-35) 

   -  Total Rate:  5.50%

   -  Conditions:  Deposit $1,000 and make 5 eligible purchases on a linked Everyday Account.

   -  The Catch:  It’s great for young savers, but you’ll need to deposit a significant amount and make multiple transactions every month to qualify.

6.  Great Southern Bank – Goal Saver (Ages 18-24) 

   -  Total Rate:  5.35%

   -  Conditions:  Deposit $500 and make 5 eligible purchases on a linked Everyday Edge account.

   -  The Catch:  Similar to BOQ, this one targets younger savers but requires specific spending activity.

When it comes to simplicity and value, UBank, Rabobank, and MOVE Bank are our top picks. They offer high rates without needing a magic trick to qualify each month. If you’re serious about growing your savings with minimal effort, these accounts are definitely worth a look. Happy saving!

*As always, the above is general information, and it’s essential to check with the providers directly for the latest details and eligibility. This information is accurate from November 13 2024.*