Best High Interest Savings Account in Australia March 2023

Are you looking for the best savings account in Australia? With so many different options available, it can be challenging to know where to start. In this article, we'll take a look at three of the best savings account options available in Australia right now: BOQ's savings account for 18-35 year olds, ING's savings account, and Macquarie's honeymoon savings account.

BOQ Savings Account for 18-35 Year Olds

BOQ (Bank of Queensland) is currently offering a savings account with an interest rate of 5.15% per annum for customers who are between 18-35 years old. This is one of the highest interest rates in the market, and there are no monthly account keeping fees. Customers can access their funds 24/7 through internet banking, mobile banking, or BOQ's branch network. Customers can also link their BOQ savings account to their transaction account, making it easy to manage their finances.

To be eligible for the 5.15% interest rate, customers must deposit a minimum of $1,000 per month into their BOQ Everyday account and make 5 eligible transactions per month.

Overall, the BOQ savings account for 18-35 year olds is a great option for those who meet the eligibility criteria and want a high-interest savings account with no monthly fees and easy access to their funds.

If you do choose to BOQ and their poorly built app, then ensure that you set up BPAY or any other forms of automatic payments to meet the 5 transactions per month requirement. However, the added benefit here is that if you are a new customer then you earn interest on the first month.

ING Savings Account

ING is currently offering a savings account with an interest rate of 4.8% per annum. The ING savings account has no monthly account keeping fees and allows customers to deposit and withdraw funds at any time. Customers can also link their ING savings account to their transaction account for easy management of their funds.

To be eligible for the 4.8% interest rate, customers must deposit a minimum of $1,000 per month into their ING savings account and also make at least five purchases using their linked ING debit or credit card each month. The new requirement introduced in March 2023 is to also grow your balance excluding interest earned.

Macquarie Honeymoon Savings Account

Macquarie Bank is offering a honeymoon savings account with an interest rate of 4.5% per annum for the first four months. After the introductory period, the interest rate drops to 1.35% per annum. There are no monthly account keeping fees, and customers can access their funds 24/7 through internet banking and the Macquarie Bank app.

Comparing the Three Options

When comparing the BOQ savings account for 18-35 year olds, the ING savings account, and the Macquarie honeymoon savings account, there are a few key differences to consider. The BOQ savings account offers a higher interest rate for eligible customers, but the maximum balance is limited to $10,000. The ING savings account offers a lower interest rate but has no maximum balance limit. The Macquarie honeymoon savings account offers a high-interest rate for the first four months, but the interest rate drops significantly after the introductory period.

Another difference is that the BOQ savings account and the Macquarie honeymoon savings account have limits on withdrawals, while the ING savings account allows customers to deposit and withdraw funds at any time.

Ultimately, the best savings account for you will depend on your individual needs and preferences. If you're between 18-35 years old and looking for a high-interest savings account with no monthly fees, the BOQ savings account for 18-35 year olds could be a great option. If you're over 35 or don't meet the eligibility criteria for the BOQ account, the ING savings account offers a competitive interest rate with more flexibility. And if you're looking for a short-term high-interest rate option, the Macquarie honeymoon savings account could be a good choice.

While there are other notable ones such as:

1. Rabobank 4.75% for the first 4 months

2. HSBC 4.5% for the first 3 months

3. Move Growth Saver 4.75% for up to $25,000 - Deposit 200 a month and no widthdrawls

4. Ubank 4.35% - Deposit $200 a month

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I personally am not a fan of Rabobank still doing banking in the stone age. It takes time to open an account and get activated. HSBC is great, however their app needs work. On the other hand, quite a few people have had issues with opening or during ID verification on Move Growth Saver. They seem to not use Equifax.

I would however vouch for Ubank because of the simplicity and not having to jump hoops.

No matter which savings account you choose, be sure to read the terms and conditions carefully to understand any fees, eligibility criteria, and other requirements. With the right savings account, you can reach your financial goals faster and more easily.