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.

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
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    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 $1,000 in the previous month
    • No account fees
    • Easy access to your money
    4000$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

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    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 $200 per month to activate bonus interest
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        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 March 4, 2024. View disclaimer.

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