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If you’re keeping your money in an ordinary bank account, you are probably earning as little as 0.01% interest. Yet you’re giving your bank the opportunity to earn a margin of around 4% because they are lending you money to other people.

Doesn’t sound right, does it?

The good news is that there has never been a better time to hit back. And it doesn’t take that much effort.

The banks are competing with each other to get more and more deposits from ordinary Australians by offering bonus interest in their Online Savings Accounts. So switch your account today!

Online Savings Accounts don’t tie up your money any more than a regular bank account.  Especially these days when you can transfer money from one account to another via an app on your phone.

We’ve done the research for you to show you which accounts are offering bonus interest.  See our list below:

Commonwealth Bank NetBank Saver

Introductory rate of 2.60% p.a. for 3 months, reverting to a rate of 1.20% p.a. Available on balances up to $5,000,000.

ME Online Savings Account

Ongoing, various 3.05% p.a. when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCasd using tap&go.  Available on balances up to $250,000.

ING Direct Savings Maximiser

Ongoing, variable 3.00% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.  The other bonus is that an ING Orange Everday account gives you free access to any ATM machine Australia.

ANZ Online Saver

Introductory rate of 2.65% for 3 months, reverting to 1.25% p.a. Available on the entire balance.

Citibank Online Saver

Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.

Westpac eSaver

Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.05% p.a. Available on the entire balance.

Bank of Melbourne Maxi Saver

Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.

BankSA Maxi Saver

Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.

Bankwest Hero Saver

Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.

So come on MoneyTalk friends, don’t pay a lazy tax and giving the banks a free kick, make a positive change to the way you bank today and put more money in your own pocket.