When you're shopping for a high interest savings account, naturally, you'll want to compare the rates available. Different banks offer different rates, and even within one institution there may be a range of different accounts with different rates. But there is more to it than just finding the highest number. The account that delivers the biggest interest return may not necessarily be the one for you depending on the fine print.

Term of Deposit
One of the most common restrictions in high interest accounts is the term of deposit. Your bank may require you to leave your money in your account (no withdrawals) in order to receive the highest rate. The term may not be long; term accounts may be for as little as three months, or up to five years. Naturally, the accounts with the longer term requirements will yield a higher rate of interest. If you do not have any immediate need for withdrawing your cash, this restriction may work to your advantage.

Tiered Interest Rates
Some accounts offering a high interest rate may not actually be paying that rate for the entire deposit. For example, upon close reading of the conditions you may find that an account offering seven percent is only offering seven percent on the amount in your account over a certain dollar level. For example, the first $5,000 may yield only five percent, with the seven percent kicking in only on amounts over $5,000. Look for accounts that pay high rates "from the first dollar."

Variable rates
An important thing to understand is whether the stated rate is fixed. Most standard deposit accounts have variable rates that will change with the cash rate established by the Reserve Bank of Australia. A "term" account, which requires you to maintain your deposit for a fixed period of time, will usually offer a locked rate. There may be advantages to either, depending on the state of the economy in general: If interest rates are going up and the economy is strong, a regular deposit account with a flexible rate may give you a good return; in a weak economy when interest rates are spiralling downward, a fixed rate from a term account will give you more protection.

Transaction Fees
Most banks have some level of transaction fees, although these may be higher or lower depending on the bank. Pay close attention to the type and number of free transactions (if any) that your account allows.

Monthly fees
Your bank may charge you a monthly fee as well as transaction fees. This monthly fee is assessed regardless of whether you had any transactions during the month. Many types of high interest accounts offer "no monthly fee" options, usually by requiring you to maintain a minimum balance of a stated amount.