Australians have again rushed out to pull money out of their superannuation funds, according to the latest figures from the Australian Prudential Regulation Authority (APRA).

APRA figures show that in the week 29 June to to 5 July, which covers applications across both financial years, super funds received 511,000 applications for early super withdrawal.

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

Provider

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 $1,000 in the previous month
  • No account fees
  • Easy access to your money
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$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 $200 per month to activate bonus interest
4000$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
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

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

      Target Saver

        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)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24

          Goal Saver

          • Maximum Age - 24
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

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

                        Savings Maximiser (<$100k)

                          050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Young Saver Account

                            0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Save up

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Bonus Saver (<$1 Million)

                                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 February 27, 2024. View disclaimer.

                                See also: How to catch up if you've withdrawn your super early

                                "Out of the 511,000 applications received, 165,000 were for members applying for early release for the first time (initial application) and 346,000 were for members applying for the second time," APRA said.

                                "The average amount applied for by those making a repeat application was $8,904."

                                This was higher than the average of $7,476 sought by a first-time applicant, and the average payment of $7,511.

                                Under the early release scheme, people who have been made redundant or had their working hours slashed by more than 20% as a result of the coronavirus crisis are eligible to receive up to $10,000 in the financial year 2019-20, and an additional $10,000 in the financial year 2020-2021.

                                The 165,000 initial applications received in the week 29 June to 5 July brings the total number of initial applications to 2.7 million since the early access scheme kicked off, with $19.1 billion already paid out.

                                At 5 July, 83% of applications received have been paid, down from 95% at 28 June given the large number of new applications received during the week.

                                It comes after Treasurer Josh Frydenberg said he wasn't worried about the uptake of the early access scheme, despite it exceeding Treasury forecasts.

                                Since 1 July, $7.1 billion has been accessed. 

                                "It’s the people’s money and this money should be put to good use," Mr Frydenberg told 2GB. 

                                "We have some ABS payroll data that shows over 55% of the spending from that $10,000 that has been early accessed, has gone towards discretionary items that the people need, including paying their rent, and over 30% has gone to paying loans.

                                "Obviously that puts people in a better financial position overall as well."

                                The early access scheme has courted controversy with the Australian Taxation Office (ATO) warning it would crack down on those dipping into their super despite not being eligible.

                                Rather than using the early superannuation withdrawals as intended, some Australians have been spending it on things like alcohol, gambling and clothes, while a 60 Minutes report on Sunday night found that some Aussies are even going so far as to spend the money on plastic surgery and new cars.