For many of us, savings accounts are places where our money sits quietly, out of sight and out of mind. But what if your savings could do more than just sit there? With a high-interest savings account, you’ll get a better return over time. It’s a simple, low-risk, and often overlooked option that makes your money work a little harder for you.

At Coastline, we have three distinct high-interest savings accounts, the Rise Online Saver, eSaver, and Bonus Reward Saver. Each designed for different savings styles. If you’re thinking about a high-interest savings account, our guide explains how these accounts work and the ways they can power up your savings - so you can choose the one that’s right for you.

What is a high-interest savings account?

A high-interest savings account is designed to grow your savings faster by offering a higher interest rate than a typical savings account. The higher the interest rate, the quicker your savings can accumulate, especially when compounded over time. Different accounts have different conditions and ways to earn interest, so it’s important to compare before you sign up.

A deep dive into Coastline's high-interest savings accounts

Rise Online Saver

Offers a competitive interest rate, flexibility and a little introductory boost.

Why open a Rise Online Saver Account?

With a Rise Online Saver, you’ll get unlimited withdrawals without losing your interest. This allows you to take advantage of a high interest rate while maintaining easy access to your money.

What are the rates?

The Rise Online Saver offers:

• A 4.65% p.a. introductory interest rate for the first six months, comprised of a fixed rate of 2.20% p.a. and a variable base rate of 2.45% p.a.
• After the six-month introductory period, the account switches to the variable base rate of 2.45% p.a.

The introductory rate is available to new customers who have not opened a Rise Online Saver Account within the last 12 months. Introductory interest is paid on balances up to $5,000,000, making the Rise account a great choice for high-balance savers.

Key features

• No minimum balance
• No monthly service fee
• Unlimited deposits and withdrawals
• No bonus interest conditions
• Withdraw money and keep your interest
• Access via internet banking and MyCOAST App

Other important information: A $5 fee applies for dishonoured direct debits due to insufficient funds.

To sum it up

The Rise Online Saver is the only account that allows for unlimited withdrawals. You'll still earn monthly interest even if you need to access your funds. The substantial introductory interest rate also makes it an excellent choice for short-term savings goals.

eSaver Account

Enables serious savers to grow their funds with bonus interest.

Why open an eSaver Account?

If you're a disciplined saver who avoids making withdrawals, the eSaver pays some serious bonus interest on your savings. Accessible through Coastline's Internet and Phone Banking, money can be easily transferred from your other Coastline accounts to the eSaver.

What are the rates?

The eSaver offers:

• A maximum interest rate of 4.25% p.a. comprised of a 0.40% p.a. base interest rate and a bonus rate.

To earn the bonus interest, you'll need to:

• Deposit at least $500 per month and not make any withdrawals.

You'll still earn the base interest rate if you don't meet the bonus interest conditions.

Key features

• No monthly service fees
• No minimum balance
• No age requirements
• Opportunities to earn bonus interest
• Base interest is paid monthly on your savings
• Free deposits and withdrawals (withdrawals will forfeit bonus interest for that month)
• Access via internet banking and the MyCOAST App

Other important information: A $5 fee applies for dishonoured direct debits due to insufficient funds.

To sum it up

The eSaver Account is ideal for committed savers who don’t mind meeting the bonus interest conditions. It’s perfect for long-term goals such as saving for a house deposit or an emergency fund.

Bonus Reward Saver

Designed for savers who may have less to deposit but still want to see their money grow.

Why open a Bonus Reward Saver?

What sets the Bonus Reward Saver apart is its low monthly deposit requirement. Making it accessible to savers who can deposit as little as $20 per month. It also removes the pressure to save large amounts of money.

What are the rates?

The Bonus Reward Saver offers:

A 4.00% p.a. interest rate, which includes a 0.40% p.a. base interest rate.

To earn the bonus interest, you'll need to:

Deposit at least $20 per month and make no withdrawals.

You'll still earn the base interest rate if you don't meet the bonus interest conditions.

Key features:

• No minimum balance
• No monthly service fees
• No age requirement
• Opportunities to earn bonus interest
• Base interest is paid monthly on your savings
• Free deposits (coin-handling fees may apply)
• Free withdrawals (withdrawals will forfeit bonus interest for that month)
• Access via Internet Banking and MyCOAST App

Other important information: A $5 fee applies for dishonoured direct debits due to insufficient funds. Additionally, while deposits are free, coin-handling fees may be charged for cash deposits.

To sum it up

The Bonus Reward Saver offers a competitive bonus rate for small but consistent deposits. Making it an excellent option for dedicated savers working towards a holiday, a new car, or even a home deposit.

Comparing the Rise, eSaver, and Bonus Reward Saver Accounts

Choosing a savings account is all about finding the one that fits your lifestyle and savings habits. Let's review your choices:

• Rise Online Saver: If you need flexibility, this account gives unlimited withdrawals and no minimum deposit requirement. The introductory interest rate is ideal for anyone who wants to boost their savings but might need to dip into their funds occasionally.
• eSaver Account: Ideal for disciplined savers who can commit to regular deposits of at least $500 per month and avoid making withdrawals. The bonus interest rate makes it a solid choice for those focussed on long-term savings goals like a home deposit or retirement fund.
• Bonus Reward Saver: A great option for smaller, regular deposits. Savers can earn bonus interest simply by saving $20 a month. Making it easy to take advantage of a high interest rate without stretching your budget.

Ready to open a Coastline Account?

• Open a Rise Online Saver
• Open an eSaver
• Open a Bonus Reward Saver

Still deciding? Contact us and we can help

*Please note interest rates are subject to change.