Customers will be rewarded with the bonus interest each month they make at least one deposit of any amount and no withdrawals.

Failing to meet these two conditions will see customers earn the base rate of 0.01% p.a. 

The account also features no monthly or transaction fees.

According to Credit Union SA, there is no deposit limit for earning the bonus rate - this is distinct in the market given many banks stop applying bonus rates to balances above $100,000 or $250,000, for example.

Earlier in the month Credit Union SA increased its term deposit rate by up to 200 basis points following the RBA's cash rate increase.

See Also: More banks increase savings account rates post-RBA decision

How does it compare to other savings accounts?

Bank of Queensland

The Bank of Queensland has a Future Saver Account, a high interest savings account for customers aged between 14-35 years. It also has no monthly fees and no transaction fees within Australia.

Launched in April with a competitive 2.00% p.a. savings rate, the Bank of Queensland then increased the product by 100 basis points to 3.00% p.a. following the RBA's first rate hike in May.

The rate consists of a 0.05% base interest rate and a 3.00% bonus rate on balances up to $50,000.

Over 18s can qualify for bonus interest if they deposit $1,000 and make five eligible transactions each month into their linked Everyday Account.

Westpac

Westpac recently boosted its savings account rate for 18-29 years olds to 2.75% p.a.

This represents a 25 basis point increase.

The account has no monthly fees provided at least $2,000 is deposited into the account each month, otherwise customers could be charged a $5 monthly fee. 

The total rate applies on balances up to $30,000.

To qualify for the entire bonus interest, Westpac customers must grow the account balance every month and make five settled debit card purchases with the linked transaction account. 

ING

ING also has a Savings Maximiser Account, where customers can earn up to 2.60% p.a. variable interest.

This rate applies to account balances of up to $100,000.

Eligible customers must deposit $1,000 or more from an external source to any personal ING account in their name (excluding Living Super, Personal Loans and Orange One).

Further qualifications include five or more settled (not pending) eligible ING card purchases, as well as growth in the customer's Savings Maximiser balance.

Other savings account highlights include:

  • ANZ Plus up to 2.00% p.a.
  • Macquarie Bank up to 1.75% on its transaction account
  • ubank up to 2.35% p.a. (certain criteria applies)

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • 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
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
Bonus rate of 5.50%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
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 . View disclaimer.

Photo by micheile dot com via Unsplash





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