Online banking that provide high interest rate -> uBank

Interest rate: 5.51%'

website: http://ubank.com.au

Advantage:
- high interest rate
- Backed by NAB
- up to 1 Million insurance by the government
- no fees
- withdraw anytime
- no minimum balance required
- unlimited withdraws without fees
- you can manage your account online
- gives additional 0.1% if you setup automatice deposit of $100 monthly

Disadvantage:
- they don't have branches
- no transaction account that provides ATM cards
- if you want to get back your money, you need to transfer it back to your transaction account (other banks)
- it takes about 2-3 days before the money can be transferred to your transaction account (other banks).