High interest saver accounts

Hi, I’ve never put money into a high interest saver before. Hypothetically if I have $300k, what is the best high interest saver account to put it in?

I looked into some and it seems you only get the bonus rate in some examples for about 4 months. Does that mean it reverts back to 0.5% interest or whatever the base rate is after the introductory period? Does this mean you’re all transferring funds all the time chasing the highest rate?

 

How long do you expect to have the money in a savings account without needing it for something else. Most likely a term deposit is going to have better returns than a savings account.

The best place to drop savings however is usually an offset account, assuming you have a home loan. If you don't you could always negotiate with someone you trust (a lot) to put it in their offset account and they pay you 4%.

 

Most but not all have a cap of about 250k and sometimes less.

Check out something like mozo.com.au for a comparison.

Off the top of my head circa 5.5% is on offer upto 250k (without the four month promo rates) from ME bank, and Virgin money. A little more with ING but capped at 100k, some others around early 5's and the odd one with around a $1m cap.

 

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