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High-Interest Accounts (1 Viewer)
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Accounts Leaderboard
.kumori
Well-Known Member
woah that is so detailed
the accounts leaderboard is amazing use it to compare accounts w more detail but here’s the main decent ones
- bank of Queensland offers 4.85% which is the best rate that doesn’t require you to increase your balance each month which imo is quite important because if you aren’t working for one month or something and you lose all interest that will cost a lot more than small differences. however you have to use your card 5 times per months and deposit $1000 each month (you can just go back and forth to another account for this). they have some branches in Sydney it’s not just for Queenslanders
- Macquarie bank is great if you want the least hassle possible. they have 4.25% interest but no strings attached, and you get some cool extra stuff like no international transaction fees and a good app with discounted gift cards, and you also get paid interest on money in your transaction account so it can work out to be a better deal
- arab bank is also pretty decent with 4.55% no strings attached but lowkey sorta random and missing a lot of basic stuff like payid
- westpac offers 5% atm but will likely be dropped soon because of interest rate cuts. still worth considering because even post cut it’d be 4.75%, but keep in mind you have to make 5 purchases and increase your balance each month, so if you ever have to reduce your balance it becomes a much worse deal
also worth considering HSBC for just a transaction account (their savings account sucks don’t use it) which gives you 2% cashback on most purchases, pretty nice since it pretty much cancels out most surcharges
- bank of Queensland offers 4.85% which is the best rate that doesn’t require you to increase your balance each month which imo is quite important because if you aren’t working for one month or something and you lose all interest that will cost a lot more than small differences. however you have to use your card 5 times per months and deposit $1000 each month (you can just go back and forth to another account for this). they have some branches in Sydney it’s not just for Queenslanders
- Macquarie bank is great if you want the least hassle possible. they have 4.25% interest but no strings attached, and you get some cool extra stuff like no international transaction fees and a good app with discounted gift cards, and you also get paid interest on money in your transaction account so it can work out to be a better deal
- arab bank is also pretty decent with 4.55% no strings attached but lowkey sorta random and missing a lot of basic stuff like payid
- westpac offers 5% atm but will likely be dropped soon because of interest rate cuts. still worth considering because even post cut it’d be 4.75%, but keep in mind you have to make 5 purchases and increase your balance each month, so if you ever have to reduce your balance it becomes a much worse deal
also worth considering HSBC for just a transaction account (their savings account sucks don’t use it) which gives you 2% cashback on most purchases, pretty nice since it pretty much cancels out most surcharges