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High-interest savings accounts come with strings attached

High-interest savings accounts come with strings attached

16 Sep, 2018 - 3 min read

Lenders are asking customers to jump through hoops if they want to earn even moderate rates of interest on their savings accounts.

RAMS is leading the way with high-interest savings accounts in Australia, offering a maximum rate of 3.00 per cent for its Saver Account product (see table below).

However, to earn that rate, you have to deposit at least $200 per month, make no withdrawals in that month and keep your balance between $200 and $500,000. Otherwise, you earn the base rate of just 1.35 per cent.

UBank pays a maximum rate of 2.87 per cent for its USaver with Ultra – provided you deposit at least $200 per month and keep your balance under $200,000. Otherwise, the base rate of 1.81 per cent applies.

ME Bank has a savings account with a base rate of 1.30 per cent and a maximum rate of 2.85 per cent.

Teachers Mutual Bank and UniBank both have savings accounts with a base rate of 1.00 per cent and a maximum rate of 2.81 per cent.

Australian Unity offers a base rate of 1.20 per cent and a maximum rate of 2.80 per cent, while ING offers a base rate of 1.00 per cent and a maximum rate of 2.80 per cent.

Queensland Country Credit Union and CUA both have savings accounts with a maximum rate of 2.75 per cent – but Queensland Country’s base rate is 1.75 per cent, while CUA’s is 0.25 per cent.

Lender	Product	Base rate	Max. rate	How to get max. rate
RAMS	Saver Account	1.35%	3.00%	Deposit $200/month; make no withdrawals; keep balance between $200 and $500,000
UBank	USaver with Ultra	1.81%	2.87%	Deposit $200/month; keep balance under $200,000
ME Bank	Online Savings Account	1.30%	2.85%	Make one weekly tap-and-go payment with Everyday Transaction Account debit card; keep balance under $250,000
Teachers Mutual Bank	Mighty Saver	1.00%	2.81%	Deposit $10/month; make no withdrawals
UniBank	Mighty Saver	1.00%	2.81%	Deposit $10/month; make no withdrawals
Australian Unity	Active Saver	1.20%	2.80%	Deposit $250/month; make no withdrawals; keep balance under $500,000
ING	Savings Maximiser	1.00%	2.80%	Deposit $1,000/month; make five monthly payments with Orange Everyday debit card; keep balance under $100,000
Queensland Country Credit Union	Star Saver	1.75%	2.75%	Keep balance under $5,000
CUA	eSaver Boost	0.25%	2.75%	Deposit $250/month; make no withdrawals; keep balance under $500,000

The high-interest savings account that pays the highest interest rate isn’t necessarily the best savings account for every individual.

Disclaimer

This article is over two years old, last updated on September 16, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

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Product database updated 16 Jan, 2025

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

Nick Bendel

Property & Personal Finance Writer

A property and personal finance writer, Nick Bendel covered property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.