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)
Advertisement
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
0.55% p.a. Bonus rate of 4.95% Conditions apply. | 5.50% p.a. | $1,128 | – | $0 | $100,000 | $1,000 | $0 | $0 | |||||||||
1.20% p.a. Bonus rate of 4.20% Conditions apply. | 5.40% p.a. | $1,107 | – | $0 | $250,000 | $1,000 | $0 | $0 | Featured |
| |||||||
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 | $0 | Featured |
| |||||||
0.50% p.a. Bonus rate of 4.85% Conditions apply. | 5.35% p.a. | $1,097 | – | $1 | $50,000 | $500 | $1 | $0 |
| ||||||||
0.10% p.a. Bonus rate of 5.00% Conditions apply. | 5.10% p.a. | $1,044 | – | $0 | $250,000 | $200 | $0 | $0 | Featured No monthly fees |
| |||||||
0.05% p.a. Bonus rate of 4.95% Conditions apply. | 5.00% p.a. | $1,023 | – | $1 | $250,000 | $20 | $0 | $0 |
| ||||||||
0.05% p.a. Bonus rate of 5.45% Conditions apply. | 5.50% p.a. | $1,128 | – | $0 | $50,000 | $1,000 | $0 | $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 | $0 |
Photo by micheile dot com via Unsplash
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!
