The High Interest Savings Account from RaboDirect is 100% online so you can set up the account wherever you've got internet access. There are no account keeping fees or costs to open the account so you'll get to enjoy fee free banking. You'll need to have a linked transaction account so that you can move money into and out of the account when you need. This account can be with any bank or financial institution of your choosing.
Interest on the account is tiered. For balances under $250,000 you'll get a rate of 1.80% p.a. once the introductory period ends. For balances of more than $250K the interest rate drops to 1.55% p.a, so if you are lucky enough to be in this position shop around, as there are savings accounts with higher rates. Interest is calculated daily and paid monthly on the account. Balances up to $250,000 are protected by the Australian Government Guarantee.
Who it's good for:
There are no minimum balance or deposit requirements so the High Interest Savings Account is good for people who don't have a regular savings pattern.
It's also a great account for people who want simple, easy banking as all account management is available through online and mobile banking.
The bonus interest rate is only available for the first 4 months, and while the account does have a good ongoing base rate, just make sure you do an annual review of the savings account market to ensure you're getting the best return on your money for your needs.