The member-owned bank increased the maximum interest rate offered on the account to 5.50% per annum (p.a.) in the wake of the Reserve Bank of Australia’s (RBA) November hike.

However, would-be depositors who didn’t apply to open a new account within a week or so of the hike hitting headlines now have to wait to do so.

“Australian Unity Bank has temporarily paused applications for new customers for its Freedom Saver account due to unprecedented demand,” CEO Matthew Ricker said.

“Our number one priority is providing exceptional customer service to both new and existing customers, and our teams are working diligently to re-open applications to the Freedom Saver account as soon as possible.”

Banks typically take deposits from savers and use the money within them to provide loans.

Thus, some may find it worthwhile to offer competitive interest rates to savers in a bid to increase the funding available for other parts of their business.

The Freedom Saver account’s top rate is available for balances of up to $50,000 and depositors aren’t subjected to deposit or withdrawal conditions. 

That makes it the highest unconditional, ongoing savings account interest rate on the market right now. 

However, if a person’s balance creeps over $50,000, its entire value is subject to a 5.25% p.a. interest rate.

That drops to 4.75% p.a. for balances of over $250,000 and to 4.25% p.a. for balances of between $500,000 and $5 million.

While the account’s maximum interest rate is lower than the 5.75% p.a. unconditional introductory rate boasted by Rabobank’s High Interest Savings Account, it won’t automatically drop after the first four months.

On the other hand, the market’s leading ongoing, conditional savings account interest rate is 5.70% p.a., offered by MOVE Bank’s Growth Saver account.

That rate is available on balances of up to $25,000 as long as customers deposit at least $200 into the account and make no withdrawals each month. 

Other top savings account interest rates include 5.55% p.a., offered by ME Bank’s HomeME, and 5.50% p.a., offered by ING’s Savings Maximiser. 

More leading savings account interest rates

Find more of the market’s leading savings account interest rates in the table below.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 3, 2024. View disclaimer.

Image by Kai Pilger on Unsplash.