u/Fabulous-Gas1386

With the RBA increasing interest rates, savings account rates are also rising, which is good news for people looking to grow their savings.

I’ve compared several banks offering high-interest savings accounts and reviewed the conditions required to earn the bonus rates. Below are some tips that may help you find a suitable option:

1. RaboBank The High Interest Savings Account currently offers an introductory rate of 5.65% p.a. for 4 months on balances up to AUD250,000. After the introductory period, you can switch to the PremiumSaver account, which offers a 5.15% bonus rate, provided your balance increases by at least AUD300 each month (excluding interest). This also applies to balances up to AUD250,000.
2. ME Bank The HomeME account currently offers 5.10% p.a. on balances up to AUD1 million. The requirement is relatively simple: deposit at least AUD2,000 per month into the SpendME transaction account from another bank account. The AUD2,000 does not need to remain in the account.
3. ING The Savings Maximiser account offers 5.25% p.a. on balances up to AUD100,000. To qualify for the bonus rate each month, you need to: Currently, if you use the code KOJ837 when opening an Orange Everyday account this month, you can receive AUD100. In addition, you can contact me separately for an extra AUD50 after receiving the initial bonus.
   • Make 5 settled card transactions using the Orange Everyday account
   • Deposit at least AUD1,000 into the Orange Everyday account
   • Increase the balance of your Savings Maximiser account, even by 1 cent
4. Macquarie Bank Macquarie currently offers a 5.10% introductory rate for 4 months on balances up to AUD2 million, with no conditions attached. After the introductory period, the ongoing rate is 4.75%.

Please note that all interest rates mentioned above are current at the time of writing and may not yet reflect the latest RBA rate increase.