Comparison of Top 5 High Interest Online Savings Accounts

Comparison Scoring System

We have developed a scoring system for savings accounts, based on Top ten criteria: Interest rate, Notice period, Interest Paid Period, Minimum Balance, Fees, Access to Account, Maximum Balance, Minimum Balance and Convenience. So here they are, the best deals out there, we have reviewed and compared some of the best deals out there for savings accounts:

Account Providers	RaboPlus	BankWest Telenet Saver	HSBC Serious Saver	NAB iSaver	St George Dragon
Comments	The same high rate applies to businesses, trusts and DIY super funds	Winner of the 2007 Money Magazine Gold award for Best Term Deposit ‘Short Term’ and ‘Long Term’ for a bank.	Awarded the Bronze Winner for Money Magazine’s 2008 Best of the Best Award - Best Online Savings Account.	No matter what the balance is you earn this high rate, and there’s no “limited time only” conditions	Use it as your DIY Super account
Interest Rate	8.00% p.a.	8.50% p.a.	7.50% p.a.	7.05% p.a.	8.10% p.a.
Notice Period	12 months	12 Months	12 months	12 months	12 months
Interest Paid Period	Monthly	Monthly	Monthly	Monthly	Monthly
Fees	No Fees - 10	No Fees - 10	No Fees - 10	No Fees - 10	No Fees - 10
Access to Account	No need to switch banks - keep your current bank account for your day to day banking - 10	Access your account 24/7 via Online Banking - 10	24/7 online access - 10	Instant access to your funds 24/7 - 10	Unlimited fee-free phone and Internet banking - 24 hours, 7 days a week - 10
Minimum Balance	No minimum balance – 10	No minimum deposit - 10	None - 10	$1 - 10	No minimum balance - 10
Convenience	No need to switch banks - keep your current bank account for your day to day banking - 8	Access your account 24/7 via Online Banking- 8	Link Serious Saver to a nominated account for easy access to your savings - 6	Instant funds transfer when linked to a NAB everyday banking account - 6	Instant funds transfer when linked to an eligible St.George account -6
Total Score:	55.75 / 60	56.25 / 60	53.5 / 60	53.05 / 60	53 / 60
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So there you have it, the wrap for the best interest savings accounts in Australia. They are all great deals but the Bank West Telenet Saver comes out on top in terms of the deal it gives to consumers. So what are you waiting for? Sign up today!

Why Interest Rates going up can be good for You

Interest Rates are skyrocketing, which sounds bad for borrowers. But so often it turns out that in every economic cycle there are those that benefit and those that loose out. Putting your hard earned cash in a high interest savings account can be a way to take advantage of current economic conditions while others struggle with the rising cost of credit. There is also now a very competitive market for savings accounts because funds are in such short supply. Adding to the benefits is that many institutions now offer ‘no bank fees ever’ accounts and sometimes there are special deals which can make the offer just too attractive to pass up. Furthermore, if your money is sitting in a low interest account, your are missing out on the great rates which are available out there with just a little time and research.

4 Savings Accounts Selection Tips

1. Internet savings accounts can often be set up via the web and are often give much better deals than ‘traditional’ and ‘bonus saver’ accounts.

2. Term deposits often offer similar interest rates to internet savings accounts however you lose liquidity - early withdrawals are penalised with a break fee.

3.Cash management accounts (CMAs) can be useful because they combine the advantages of both transactions and savings, sometimes these accounts can have the higher interest rate combine higher interest with the ability to transact using ATMs, paying bills, using phone and internet banking for transfers.

4. On traditional’ savings accounts, even when bonus rates are added, the rates on most traditional savings accounts often fall well short of the best term deposits, cash management accounts and internet savings accounts.