Cash-strapped Aussies made a last minute bid to get their hands on their superannuation funds in time for Christmas and before the scheme closed on December 31. 

In the week to December 20, 22,000 applications were made, 15,000 of which were initial and 7,000 were repeat applications according to the Australian Prudential Regulation Authority. 

Payments averaged $7,643 per person, coming in at a grand total of $159 million worth of payments made during the week.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Savings Account

    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 22, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

    In March last year, the Morrison government announced it would allow those financially impacted by COVID to access some of their superannuation balance early. Under the scheme, which was implemented in April, eligible Australians could withdraw up to $10,000 of their superannuation in the financial year 2019-20 and a further $10,000 in 2020-21.

    Since the introduction of the scheme, 3.4 million Australians have accessed their superannuation early with a total of $35.9 billion withdrawn.

    See also: How to catch up if you've withdrawn your super early

    The scheme, which has come under intense scrutiny since it was launched, closed on December 31 2020 and payments for applications submitted by the cutoff date will be made throughout January, according to the Australian Taxation Office (ATO).

    However, the ATO noted that while applications for the scheme have now closed, some Australians may still be eligible to withdraw their super under compassionate grounds.

    “Compassionate grounds include needing money to pay for medical treatment and medical transport for you or your dependant, palliative care for you or your dependant, making a payment on a home loan or council rates so you don't lose your home, accommodating a disability for you or your dependant or expenses associated with the death, funeral or burial of your dependant,” the ATO said.

    Photo by cottonbro from Pexels