How to choose the best high-interest savings account

Interest rates on deposit accounts are steadily rising for the first time in years, which means it might be a good time to review your options to find the best savings account.

Here’s some advice from CHOICE:


ANZ Plus savings rate was increased from 3% to 3.25% early this month,


MyState Bank is currently 3.6%


Disappointing that the similar research wasn’t offered for Credit Unions…


Something that seems to get overlooked in the Choice review is that the Macquarie Transaction and Saving accounts BOTH earn the same relatively high interest. Yes the review is Saving Accounts, so I grant a technical bye :wink:

Savings Account (Macquarie) – 2.75%. Balances up to $250,000. An introductory rate of 3.70% is available for the first four months. Requires linked Macquarie transaction account.

– that will be raised to 3.70% exclusive of bonuses, for each of the Saving and Transaction accounts, from 16 Dec 2022. With interest on both accounts and no games to be played the only reason to have both is that it is a requirement, and some would prefer to keep smaller balances in a relatively less secure transaction account accessible through the debit card.

I’ve been looking into the ANZ Plus account system, which is all done via the ANZ Plus App.
They are in front of all the others as far as iinterest rate is concerned, BUT, the reviews of the app and the service are downright deplorable, and one whould be mad to take it up.

I do note however the ANZ Plus app is being regularly updated and perhaps ANZ are taking on board the criticism and improving the app?
I’m wondering if any readers have a more positive experience with this ANZ savings account?
The interest rate is more attractive than most that I can find.


MyState Saver account currently pays 4.5%, will undoubtedly go to 4.75% after today’s RBA decision. Requirements are to deposit a minimum $20 per month and use the associated VISA debit card five times a month.

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OK thank you.
State Saver?
Which bank would that be with?

MyState bank is based in Tasmania. ( )

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Hard to beat the effort that goes into tracking the best rates than the thread over at Whirlpool forums. search for “Best Interest Rates For Savings Accounts”, you’ll find a link to a spreadsheet and plenty discussion. Updated frequently (crowd sourced).

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We’ve made a submission to the ACCC about how savings accounts could be improved. The suggestions include requirements for fair value, communicating the best rates to customers and making it easier to close an account.


NAB recently launched a Rewards Saver account, which is very similar to the iSaver (no withdrawals, at least one deposit per month) but with much better interest rate. It is now 4.75% compared with iSaver 1.85%. Needless to say, I opened a Rewards Saver and get about 3% more.
If I hadn’t gone looking, I would not have found it and used it.

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Thanks for reinforcing the ‘lazy tax’ happens on more than just insurance renewals.

Everyone with accounts will be well placed to periodically review which institutions are doing what with their interest rates be they loan rates or savings rates. Yesterday’s star might be today’s dud and vice versa, and new types of accounts (some with games, some with fewer games, and a few without games) can be better than an existing account at the same institution.

Everyone should do a regular check on their accounts and especially a few weeks after RBA changes giving the institutions time react and sometimes they do on the loan side but not on the saving side. Be sure what one looks at is what is important to them and their situation, not based on a broad brush targeting ‘everyone’…