High Interest Savings Account reviews from Reddit
Summary
We analyzed 206 Reddit reviews across 16 subreddits and 45 posts to rank the best High Interest Savings Account brands recommended by redditors, including communities like r/AusFinance, r/personalfinance, r/PersonalFinanceCanada, r/Fire, r/Columbus. Top-rated brands include UBank (4.1/5), Ally (3.9/5), Marcus (4.0/5).
Stats
Reviews206
Subreddits16
Posts45
Brands87
Products34
206 reviews from
and
By Brand
/By Product
#1
UBank
4.1
(28)
"5.5% for the first $100k and 5% for the rest (up to $250k total balance), so average is 5.25 if more than 100k saving"
"Thank you, went with Ubank at 5.5% and can deposit the $500 for the set criteria, and then withdraw as much of that $$ I need back in my everyday spending account."
"UBank (4.01%) and ING (4.00%) are number 1 and 2."
"Ubank at 4.01%."
"Requires $500 transfer in to any account each month to get 5.5%."
"Because partner and i got our income combined we both have access to all the sub accounts on Ubank. And we earn interest on all accounts."
"I have a spend account and 3 savings set up there. I also set up a bills account so have over the $500 a month going in so I can get interest on all my savings accounts!"
"Ubank offering 5.5%. Very easy to use and can have multiple sub accounts!"
"Went with ubank as I can deposit the money required ($500/month) and move out as much as I need to a spend account in the interim."
"Thank you, think it requires a linked spending account too. Went with Ubank."
#2
Ally
3.9
(14)
"I use Ally and I really like them, I just really like the interface."
"Ally and Amex both have ones around 4.5%."
"I've had great success with both Ally and LendingClub."
"A HYSA like Ally for example is just an online bank."
"I personally use and recommend Ally."
"Ally is offerring 1.5% plus a 1% one time bonus in July."
"I really like Ally, great user experience with their web and app, great customer service."
"Marcus and Ally are both very good and consistently recommended here."
"I have multiple savings accounts with Ally and am happy with them."
"Ally is a very popular online bank with a great rate."
#3
Marcus
4.0
(9)
"Marcus by Goldman Sachs has been good to me."
"I switched to Marcus which offers 1.5% with no strings attached."
"I went with Marcus from Goldman Sachs. 4.3% interest yield."
"Marcus has no minimum is at 3.3% and that’s 4.3% for 3 months with referral happy to share my link"
"I just opened a Marcus account and it’s 1.7% currently."
"Alliant, Ally, Discover, Marcus, AmEx are some popular ones."
"Put the rest in Marcus afterwards!"
"Can confirm Marcus doesn’t have an app."
"One of the best ones around at the moment is a Marcus account from Goldman Sachs paying 1.5%."
#4
EQ Bank
4.1
(8)
"EQ is my favourite, the app is really simple to use, and their rates don't seem to change as much as others."
"EQ Bank remains a great option."
"EQ will give you 4% **only** if you switch over your direct deposit."
"4% with EQ Bank if you deposit 2k/month. No fees and without the 2k deposit its only 1.5%."
"EQ bank for 2%APR HISA."
"EQ bank is great, and consistent at 2.3% p.a"
"EQ Bank pays 3% (regular HISA, not TFSA) but there is currently a wait list."
"EQ has the highest non-promotional rate at 2.25% right now."
#5
Macquarie
4.2
(6)
"Macquarie and their app is splendid too"
"Macquarie is pretty good."
"Macquarie doesn't have the absolute best rate but they have a great app."
"Macquarie. Been with them for about 2 years now."
"Macquarie is 4.5% for 4 months."
"I went with Macquarie because they have around 1% interest."
#6
SoFi
4.0
(6)
"SoFi 4.6 w/ DD."
"SoFi or Marcus because I just googled it."
"My SOFI is at 3.75%."
"SoFi."
"I'm currently switching to SoFi."
"SoFi offers 3.75%. Yes it "works" but don't consider it an investment."
#7
ING
4.0
(6)
"ING savings maximiser 5.5% but no withdrawal and must keep growing. ING is just generally a great bank in my opinion, the app is good and the customer support is all Aussy."
"Changed to ING, I think getting the 1.35% rate."
"I'd recommend ING. In my view, they're consistently the least-worst."
"I’m with ing it’s a good bank and savings account is 2.8%."
"I’d recommend the ING Savings Maximiser. 2.8% interest on balances up to $100k."
"I use ING personally, 2% cash back on paywave and refunded ATM fees."
#8
Capital One
4.0
(5)
"I went with Capital One checking + savings."
"Capital one has a high interest account that’s yielding well over 3%."
"Capital One 360 Performance savings account has 3.30% interest per year (what I use)"
"Capital One has a great one."
"Capital One has a savings account that is currently paying out 1.5 APY."
#9
Commonwealth Bank
3.8
(5)
"Their interest rate is approx 5%."
"CBA as my main everyday account, all savings accounts have been moved to UBank!"
"Commonwealth is great. They have the best apps, by far."
"4.9% with commonwealth, just need to deposit more each month. Can withdraw, as long as the balance is larger at the end of the month than it was at the start."
"Please dont use commonwealth bank if u can, theres better options out there."
#10
Discover
3.8
(5)
"Discover is a great HYSA and they're paying about 1.5% right now."
"I’ve been using Discover since December and absolutely love it."
"Alliant, Ally, Discover, Marcus, AmEx are some popular ones."
"Just to throw another option in the hat, it seems Discover has stepped it up and also offering 1.9%."
"I've got Discover and Ally, but only because I'm trying to separate out money for different purposes."
#11
BOQ
4.5
(4)
"3.15pct rn. Can withdraw the money at no penalty."
"Is the highest for young people."
"I just jumped on a boq 4.75%."
"BOQ - bank of Queensland have higher interest for under 24."
#12
Wealthfront
4.3
(4)
"Wealthfront is 5%, online, and has a lot of checking account features."
"Yeah, I like Wealthfront a lot."
"Personally I use wealthfront saving account that has 3,8%."
"Wealthfront are currently offering a 3.8% HYSA."
#13
UOB
4.0
(4)
"Why not consider the UOB Stash Account for effective 3% up to 100k."
"If you can deposit 200k into UOB high yield account, can speak to your rm for 3.55%."
"UOB money market account ~3.58%."
"The easiest would be the UOB One account."
#14
CIBC
4.3
(3)
"CIBC and BMO offer high HISA rates for a few months."
"I use CIBC, the US branch. It's fairly highly rated."
"I use CIBC, the US branch. It's fairly highly rated."
#15
PC Financial
4.0
(3)
"PC Financial has 3.5% currently (best rate) but Wealthsimple as a platform writ large is better and super simple to use."
"PC will give you 3.5% yearly interest"
"PC financial is still 4.25% or something"
#16
American Express
4.0
(3)
"AmEx Personal Savings has an APR of 1.7% right now - $28.33 a month or $340 a year."
"Alliant, Ally, Discover, Marcus, AmEx are some popular ones."
"American Express is also an option"
#17
Westpac
3.7
(3)
"Yeh same, nice interface. Any spare cash goes in, then at the end of each month I withdraw down to a balance higher than prior month, then put it back in on the 1st. Westpac, 5.0% atm."
"Westpac under 30 everyday account with a savings account can get you up to 3%p.a."
"Have a look at the Westpac life savings account for people aged 18-29. 3% assuming you meet their conditions."
#18
Rabobank
5.0
(2)
"Rabo showing 5.60%"
"RABOBank are doing 5% intro rate for 4 months no min monthly deposit"
#19
BMO
5.0
(2)
"I'm currently doing BMO 5.0% until May 31, on top of getting a $650 bonus just for signing up"
"5-6% still seems to be achievable; BMO and Simplii I believe are the current front runners"
#20
UFB Direct
5.0
(2)
"UFB Direct. It’s an online bank that part of the axos financial group. Mine pays 5%."
"Just opened online with axos bank. Their online bank called UFB direct. Rates are up to 4.11%."
#21
Wealthsimple
4.5
(2)
"Wealthsimple"
"I’d look into wealthsimple, idk their rate but they’re usually good"
#22
RAMS
4.5
(2)
"I second RAMS. Absolutely fantastic"
"RAMS which has good interest rate and I don't need to switch my pay to them."
#23
Lake Michigan Credit Union
4.5
(2)
"Lake Michigan Credit Union offers 3% on up to $15k."
"LMCU has 3% on up to 15k if you just through some monthly hoops."
#24
Tyme Bank
4.5
(2)
"Tyme bank offers 8-9%. Max you can put in is around $5k though."
"Tyme bank offers 8-9%. Max you can put in is around $5k though."
#25
Macquarie Bank
4.0
(2)
"I prefer Macquarie. Probably slightly lower interest but more relaxed on conditions."
"Macquarie Bank is fee free, very good interest rates."
#26
Motive
4.0
(2)
"I'm with motive, no complaints."
"Motive has 2.80%."
#27
ING Direct
4.0
(2)
"3.5% interest rate (only up to $100k, then reverts to 2.8%)."
"I got tired of trying to keep pace with the highest so I ended up using ING Direct."
#28
Simplii Financial
4.0
(2)
"Both Simplii and Tangerine do high interest TFSA."
"I had Simplii for half a yeat at 6%"
#29
Alliant Credit Union
4.0
(2)
"I've been happy with Alliant credit union."
"With the local credit union, a semi-national one is Alliant Credit Union. They recently raised their rate to 1.45%."
#30
Tangerine
4.0
(2)
"Both Simplii and Tangerine do high interest TFSA."
"Then opened Tangerine for 5.25%"
#31
Virgin Money
4.0
(2)
"Virgin Money. 4.6%. Ongoing."
"Virgin Money has been good, comparable rate."
#32
Fidelity
4.0
(2)
"I am currently holding most of my cash in T-Bills through fidelity."
"Fidelity money markets are giving 3.5-4.14% right now."
#33
Apple
4.0
(2)
"Apple savings account at 4.5%."
"Apple is paying 4.5% and it’s easy as hell."
#34
NAB
3.5
(2)
"Not the highest but I’m happy with NAB Reward Saver. 5%."
"NAB reward saver. 2.5% as long as you make at least one deposit per month."
#35
Maribank
3.5
(2)
"Maribank! 2.88% no salary or spend requirement."
"Maribank for the most fuss free 2.88% ever."
#36
Ally Bank
3.5
(2)
"I personally use Ally bank which is solely online and they also have a 1.5 rate."
"Ally Bank offers 1.05% on their savings."
#37
Barclays
3.0
(2)
"1.49% at Barclays just opened it this week for our emergency fund."
"Barclay's is great. 1% savings account."
#38
Alliant, Ally, AmEx, Discover, Marcus
5.0
(1)
"Alliant, Ally, AmEx, Discover, Marcus are 5 popular ones."
#39
Union Savings
5.0
(1)
"Got a mailer for Union Savings, 4.75% for 0-$25k, 5% for over $25k."
#40
Juno
5.0
(1)
"Juno offering 5% on up to 25k."
#41
Motive Financial
5.0
(1)
"I settled on Motive Financial due to its superior interest rate (2.25%)."
#42
Digital FCU
5.0
(1)
"Digital FCU pays 6% on your first $1000 in savings."
#43
Motusbank
5.0
(1)
"Motusbank is my new favourite. recently made by Meridian, im getting 2.5% interest in my TFSA"
#44
RAMS Saver
5.0
(1)
"Have a look at RAMS Saver. It’s consistently one of the higher earning HISAs"
#45
TOIXX
5.0
(1)
"My go to fund for this is TOIXX. 5.21% yield."
#46
Kemba Credit Union
5.0
(1)
"Kemba Credit Union 4.75% Money Market special available through March."
#47
Goldman Sachs
5.0
(1)
"Goldman Sachs (Marcus) Savings account. No minimums and 1.5% annual rate."
#48
Kemba CU
5.0
(1)
"Kemba CU is offering a special through end of Feb. to open the home savings with them."
#49
Kasasa
5.0
(1)
"They pay 3% up to $10,000."
#50
Trading 212
5.0
(1)
"Trading212 offers 4.20%."
#51
Bread Financial
5.0
(1)
"Bread Financial is 5.05%."
#52
Ivy Bank
5.0
(1)
"Ivy bank, 5.3%."
#53
Discover Bank
5.0
(1)
"I've used Discover Bank for years and been very happy."
#54
iBonds
5.0
(1)
"Look into iBonds on treasuryDirect! 7ish% interest."
#55
PrizePool
5.0
(1)
"I use PrizePool and really like it. I only keep like 30k in that account but it's a 4.5% minimum ROI."
#56
DCU
5.0
(1)
"DCU. They offer 6.17% APY on balances up to $1000."
#57
Purpose
4.0
(1)
"Just buy PSA."
#58
USFR
4.0
(1)
"My money is in USFR which currently pays about 5.4% and I can access the money within a day or two."
#59
HighInterest.io
4.0
(1)
"The High interest savings leaderboard."
#60
ubank, rams, ing
4.0
(1)
"There are numerous providers with good rates. Eg. ubank, rams, ing, etc."
#61
Alliant
4.0
(1)
"Alliant, Ally, Discover, Marcus, AmEx are some popular ones."
#62
Credit Unions
4.0
(1)
"Check out credit unions near you, they usually have the best rates."
#63
Citibank
4.0
(1)
"I’m 2 months into a 4.8% 4 month cap with Citibank."
#64
Third Federal
4.0
(1)
"Third Federal has 5.40% CD."
#65
Salem Five
4.0
(1)
"I use Salem Five which gets 4.1% up to 1 million."
#66
B2B Bank
4.0
(1)
"B2B Bank - HISA at 3.3%."
#67
OCBC
4.0
(1)
"Ocbc 360 is now 2% per annum."
#68
TrustBank
4.0
(1)
"TrustBank has 3% for balances more than 100k up to 500k."
#69
Robinhood
4.0
(1)
"Robinhood does 4% for gold members."
#70
SC JumpStart
4.0
(1)
"You can sign up for SC JumpStart (2%/annum) up to $20k."
#71
EQ
4.0
(1)
"I prefer EQ over the others because of it’s chequing features."
#72
Alterna Bank
4.0
(1)
"I recommend Alterna Bank, EQ Bank or Motus Bank."
#73
Greater Building Society
4.0
(1)
"Greater building society. Always has great interest rates."
#74
Mozo.com.au
4.0
(1)
"Mozo.com.au is a good go - sus it out. It's an aggregator of various financial products."
#75
Mebank
4.0
(1)
"Mebank currently at 4.1, but I think it's just for four months."
#76
Rams
4.0
(1)
"I think is pretty good in terms of the interest rate."
#77
Telhio
4.0
(1)
"Telhio has a 4% Money Market Account."
#78
FFB
4.0
(1)
"FFB has a 4.75% money market account."
#79
Edward Jones
4.0
(1)
"Edward Jones money market is paying 4.4%."
#80
Bankwest
4.0
(1)
"It pays 4.00% interest provided you deposit $200 per month."
#81
AMEX
4.0
(1)
"I got 3.68% with AMEX HYSA."
#82
CFG Bank
4.0
(1)
"CFG Bank has a HYSA thats over 4% APY currently."
#83
Vanguard
4.0
(1)
"You can currently get a slightly higher APR on the Vanguard core money market account."
#84
Goal Saver
4.0
(1)
"Goal Saver with Commonwealth is not too bad."
#85
Various Online Banks
3.0
(1)
"Best rates will be at online only institutions."
#86
DBS
3.0
(1)
"I personally use combination of DBS Multiplier."
#87
Bank of Queensland
3.0
(1)
"BOQ @ 4.75% is limited to 50k and you have to be under 35."
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