The advent of internet banking and online bank accounts has opened up a whole new world for people looking for a high interest savings account. Previously term deposits were the savings products of choice, but these days online banks are offering new savings products that give greater flexibility, high interest rates and low fees.

What Do the Best Online High Interest Savings Accounts Feature?

Online bank savings accounts offer a unique solution that allows the saver to access high interest rates whilst having access to their savings at the click of a mouse. Savings may be transferred into a linked account and accessed in an instant, giving the saver total flexibility. Online bank accounts are generally only accessible online or by phone.

Linked accounts usually have to be with the same bank as the online saving account, however in Australia ING Direct do not have this requirement.