A high interest savings account is a bank account that offers a competitive interest rate.
It is similar to a regular bank account, but it is designed to help you save money, rather than spend money.
It does this by offering a higher interest rate than a transaction account.
Interest on a high interest savings account is usually calculated daily and paid monthly.
A high interest savings account gives you at-call access to your funds, which means you can get it quickly if you need it.
It is one of the safest investments in the financial system because it is guaranteed by the Australian Government.
Under its Financial Claims Scheme, the government guarantees deposits of up to $250,000 per customer per Authorised Deposit-Taking Institution.
If an Authorised Deposit-Taking Institution cannot pay you back your term deposit, the Government will aim to pay you the money in seven calendar days.