Top 5 Savings Accounts in Australia

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In this video, we are going reveal the top 5 savings accounts in Australia that offer the highest interest rates, lowest fees, and best features to help you maximize your savings. Whether you're looking for flexibility, easy access to your funds, or a great place to park your emergency fund, we've got you covered.

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🛎️Disclaimer: Some of the links above are affiliate links, where I earn a small commission from your purchases at no additional cost to you. The content of the videos is for educational & entertainment purposes only and merely my opinions. I am not a financial adviser. All investments involve some risk, and there is no guarantee that you will succeed. To make the best financial decisions that suit your own needs, you must conduct your own research and seek the advice of a licensed financial adviser if necessary.

Chapters
00:00 Intro
00:15 What is a High-yield Savings Account?
01:18 My Criteria
02:25 No. 5
03:22 No. 4
03:51 No. 3
04:17 No. 2
05:11 No. 1

No. 5
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Have most of my cash in home offset, but I just opened a Macquarie as a backup savings account. Lower interest for sure but no hassles as a transaction account too :)

hungrybdinner
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Given thst you pay tax on the interest earned, 5.5% barely matches (or does worse than) inflation if your income is above 45K/year as you're paying 30% (or more) tax. :(

slightfimulator
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Please suggest Term deposit or any other small savings for international students

PARMINDERSINGH-qwez
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Helpful video and info as always, thanks. I'll put in another option that I don't see any Aussie content creators ever suggesting. I'm getting 5.2% in my Westpac savings account. While it's marginally lower than the accounts talked about in your video, the advantage over all of them (in my opinion) is you only have to grow the account each month by at least once cent. So you could have a monthly auto transfer of a dollar into the account and just set and forget. Also have heaps of branches everywhere so if you do feel like speaking to someone in person you have that option, although I've had no trouble handing all my account stuff online with them. Anyway I think the simplicity of those conditions plus still having a competitive rate makes it a worthy contender. Very little hassle and stuff to remember compared to some lf these guys.

arisinger
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Interest rates on savings accounts vary so much, and it’s hard to know what’s going to give you the best return.

MONROEJACQ
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Irene, do you think you could do a vid on safely parking a bonus sum, say an inheritance, that doesn’t involve the ongoing minimums of additional deposits or minimum transactions. I mean, term deposits sure, but are their other readily accessible options?

robsalvv
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Hi Irene! :)

With the ME Bank option, will I get the bonus interest rate if I deposit the money directly to my HomeME account from an external bank account, or do I need to deposit it to the SpendME account first/instead?

If it is the latter, will I still get the bonus interest rate if I transfer the deposit from my SpendME account to my HomeME account or if in case I decide to use the money in my SpendME account?

Thank you!❤

kayesacayan
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Hi Irene, which one is the best saving account for international students?
Thanks

HarryHauVo
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Macquarie offers 5% base rate without any requirements, so no hassle at all like other banks😂

SteveMuller
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Non of those conditions interest me and if I’m giving them my money has to be no conditions. ING held my family members money with no interest and refused to give me the sign up moneys had to go to aftca for pain and suffering compensation.

jesusblessthesecommentsamen
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Sorry save in physical Gold 55 now started 35 years ago ! And silver 3rd generation jeweler ! DONT TRUST ANY MIDDLE MEN OR THIEVES ! I HOLD IT, I OWN IT AND 2 HOUSES banks and digital is crap ! Cash stashed ready to drop for assets, Gold ! Made more on Gold ! But, I will take these banks into account just to keep the bill money in !

olegpetelevitch