The highest interest on average I have found for a savings account in Melbourne, Australia so far is from Bankwest. They are offering an introductory 6.15% for the savings account for twelve months on their TeleNet Savers account. This is much better than the 4% on average earned in your accounts in other banks. The TeleNet Saver does not have any restrictions on withdrawals. However, it has a maximum of AUD5million.
Also they have a Regular Saver that encourages a regular savings between AUD50-AUD500 per month that yields 7% per annum. However, there is no withdrawals or else you will lose your interest for that month. It requires you to plan to make the most out of the interest if not you might be better off with the TeleNet Saver.
The final benefit from Bankwest is their Hero Account which is the everyday transaction account that gives you 5% on your money in the account. This is quite unique in my opinion as there is no other transaction account that I have found that offers interest on your money except if it is the other way round where you owe them money. It allows you to withdraw from CBA and Bankwest without fee. However, remember that it requires a monthly minimum deposit of AUD2000.
The Hero Account has a comparison account called the Zero Account where, as it is pretty self explanatory, it has 0% interest. The benefit of this account is that you are able to withdraw from other major banks without a transaction fee.
PS Bankwest is owned by CBA.
Also they have a Regular Saver that encourages a regular savings between AUD50-AUD500 per month that yields 7% per annum. However, there is no withdrawals or else you will lose your interest for that month. It requires you to plan to make the most out of the interest if not you might be better off with the TeleNet Saver.
The final benefit from Bankwest is their Hero Account which is the everyday transaction account that gives you 5% on your money in the account. This is quite unique in my opinion as there is no other transaction account that I have found that offers interest on your money except if it is the other way round where you owe them money. It allows you to withdraw from CBA and Bankwest without fee. However, remember that it requires a monthly minimum deposit of AUD2000.
The Hero Account has a comparison account called the Zero Account where, as it is pretty self explanatory, it has 0% interest. The benefit of this account is that you are able to withdraw from other major banks without a transaction fee.
PS Bankwest is owned by CBA.
