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Rates last updated January 24th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
AMP Bett3r Save Account
3.00%
1.50%
1.50%
$0
$0 / $0
Earn a competitive, ongoing rate of up to 3.00% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
RaboDirect High Interest Savings Account
3.05%
1.80%
1.25%
$0
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
HSBC Serious Saver
3.00%
1.60%
1.40%
$0
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ANZ Progress Saver
1.81%
0.01%
1.80%
$0
$10 / $10
Ongoing, variable 1.81% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
Westpac Life
2.30%
1.50%
0.80%
$0
$0 / $0
Earn up to 2.30% p.a. interest. No monthly account-keeping fee. Set savings goals and track your progress.
Westpac eSaver
2.41%
0.80%
1.61%
$0
$0 / $0
Total introductory rate of 2.41% p.a. for 5 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
ANZ Online Saver
2.55%
0.50%
2.05%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 3 months, reverting to 0.50% p.a. Available on the entire balance.
St.George Maxi Saver
2.70%
0.80%
1.90%
$0
$1 / $1
Introductory rate of 2.70% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
2.00%
0.80%
1.20%
$0
$1 / $1
Ongoing, variable 2.00% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
BankSA Maxi Saver
2.70%
0.80%
1.90%
$0
$1 / $1
Introductory rate of 2.70% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
BankSA Incentive Saver Account
2.00%
0.80%
1.20%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
Bank of Melbourne Maxi Saver
2.70%
0.80%
1.90%
$0
$0 / $0
Introductory rate of 2.70% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.

Compare up to 4 providers

Rates last updated January 24th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
NAB Classic Banking
Visa
$0
$0
$0 monthly account fees.

Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
St.George Complete Freedom Account
Visa
$0
$2,000
$50 cash bonus
Waived account keeping fees when minimum deposit is met with no minimum balance. Get a $50 cash bonus if you open a new account and deposit $250 within the first 45 days (conditions apply)
AMP Bett3r Pay account
Visa
$0
$2,000
The Pay account is part of AMP’s Bett3r Account, a unique three-account bundle, with linked individual Pay, Spend and Save accounts. Having the three accounts linked helps you to effectively manage your budget and save for your goals.
HSBC Day to Day Transaction Account
Visa
$0
$0
Your Visa debit card unlocks special privileges worldwide with the HSBC home&Away Privilege Program.
ANZ Access Advantage
Visa
$0
$2,000
Apple Pay, Android Pay & ANZ Mobile Pay.
Take advantage of Apple Pay by linking your ANZ Visa Debit card to an eligible iPhone and seamlessly pay for purchases with your phone.
Westpac Choice
Mastercard
$0
$2,000
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get cash without your debit card (conditions apply).
Bank of Melbourne Complete Freedom
Visa
$0
$2,000
$50 cash bonus
Get cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts. $50 cash bonus to new account holders if you deposit $250 within the first 45 days (conditions apply)
BankSA Complete Freedom Account
Visa
$0
$2,000
$0 ATM withdrawal fee at 50,000+ ATMs globally

Take advantage of Westpac's Global ATM Alliance to withdraw money for free at 50,000+ international ATMs. Enjoy fee-free banking if account conditions are met.

Compare up to 4 providers

Rates last updated January 24th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. 48 Mths p.a. 60 Mths p.a. Min Deposit Interest Earned
Citibank Term Deposit
-
-
2.70%
-
-
-
-
-
$75,000
Citibank Term Deposit $250,000+
-
-
3.00%
-
-
-
-
-
$250,000
Bankwest Online Term Deposit
2.35%
1.50%
2.45%
2.60%
2.60%
2.60%
2.65%
2.65%
$1,000
St.George Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
2.70%
2.80%
$1,000
BankSA Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
2.70%
2.80%
$1,000
Westpac Term Deposit
2.00%
1.85%
2.05%
2.30%
2.40%
2.50%
2.60%
2.80%
$5,000
Bank of Melbourne Term Deposit
2.05%
1.85%
2.15%
2.45%
2.50%
2.60%
2.70%
2.80%
$1,000
UBank Term Deposit Account
2.60%
2.55%
2.79%
2.79%
-
-
-
-
$1,000

Compare up to 4 providers

Rates last updated January 24th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
BankSA Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to a business transaction account. Available on the entire balance.
Bank of Melbourne Business Access Saver
0.50%
0.50%
0.00%
$0
$0 / $0
Ongoing, variable 0.50% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.
ANZ Business Online Saver
0.50%
0.50%
0.00%
$0
$5,000 / $0
Ongoing, variable rate of 0.50% p.a. on balances more than $5,000.
AMP Bank Business Saver Account
2.05%
2.05%
0.00%
$0
$2,000 / $0
Ongoing, variable 2.05% p.a. when you link to a transaction account in the same name. Available on balances of $2,000 or more.



Commonwealth Bank Business Online Saver
0.50%
0.50%
0.00%
$0
$10,000 / $0
Ongoing, variable 0.50% p.a. when you link to Commonwealth Bank Premium Business Cheque Account or Business Transaction Account and maintain a balance of $10,000 or more.
Citibank Ultimate Business Saver
1.65%
1.65%
0.00%
$0
$10,000 / $10,000
An at-call savings account that offers a competitive interest on business savings. Can be opened for trust funds or a DIY Super Fund.
ING Business Optimiser
2.20%
1.35%
0.85%
$0
$0 / $0
Introductory rate of 2.20% p.a. for 6 months, reverting to a rate of 1.35% p.a. Available on balances below $1,000,000.

Compare up to 4 providers

Rates last updated January 24th, 2018
Name Product Monthly Fee Standard Brokerage Fee Margin trading - Online IPOs / Floats International Description
IG Share Trading
$0
$8
Yes
Yes
Yes
Low brokerage fees on Australian and international shares. Plus, earn 10,000 Qantas Points when you open a new IG account and place one trade (T&C's apply).
Saxo Capital Markets Share Trading
$0
$9.90
Yes
No
Yes
Access over 19,000 Australian and global shares.
CMC Markets Stockbroking Account
$0
$11
Yes
Yes
No
Trade shares, warrants, options, EFTs, managed funds, bonds and IPOs with CMC Markets today.
Macquarie Online Trading Account
$0
$19.95
Yes
Yes
Yes
Trade Australian shares, ETFs, warrants and mFunds.
HalifaxOnline
$0
$14.95
Yes
Yes
Yes
Trade US and Australian shares, options, futures and CFDs with no registration fees. Trade 24/7 on your desktop, tablet or smartphone.
FP Markets Share Trading Account
$0
$14.95
No
No
Yes
Trade in ASX Stocks and CFDs, International CFDs, CFD Futures, Forex, Indices and Commodities.

Compare up to 4 providers

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Just some of the financial institutions we compare

Commonwealth Bank
Westpac
ANZ
NAB
RaboDirect
Citibank
ING
HSBC

Compare bank accounts

From children's bank accounts all the way to retirement funds – finder.com.au compares a wide range of products to help you make an informed decision in every stage of your life. Below we've listed a range of accounts to help you get started.

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One of the best ways to find an account that suits your needs is to look for the features your want.

Australia offers powerful banking solutions.

How do you choose the best banking option for you in Australia?

Australians are used to banking with the best. The four major banks in Australia; Australia and New Zealand Banking Group (ANZ), Commonwealth Bank Of Australia (CBA), National Australia Bank (NAB), Westpac Banking Corporation (Westpac), are used to enjoying world status for offering quality banking solutions. Each of these banks has around and over AUD$70 billion in market capitalisation according to the ASX 200 List. Of course, these banking solutions do come at a cost. But, despite recent 2016 news of the increasing costs that banks are facing, Australians can still enjoy free accounts like savings accounts. The only requirement in many cases is a minimum balance or opening amount. Sometimes it's even a zero on all the usual costs, e.g. monthly fees, minimum balances, and opening balances! You can see whether Australian bank accounts will ever get as expensive as American bank accounts. Finding the cheapest savings account is of course not the only part of banking in Australia. Let's take a look at some of the best products that banks in Australia offer.

What are the types of banking solutions in Australia?

Savings accounts

  • Savings accounts will allow you to deposit money into an account so that it can accumulate interest. Although banks differ in their offerings, there are countless of savings account that won't ask any fees. With a savings account, you have more flexibility in your saving habits than term deposits, but will also generally earn lower interest.

Term deposits

High-interest savings accounts

  • While motivating you to save more money because of higher interest rates calculating daily, these accounts also offer more accessibility to your money. You can reach your savings goal quickly with a high-interest savings account.

Transaction accounts

  • Although there are many different types of transactional bank account offers from, the general purpose is to transact with your world. Transaction accounts make it possible to do EFTPOS transactions, international transactions, store and withdraw money at ATM's, debit orders, credit facilities and student banking.

Debit cards

  • Debit cards form part of transaction-based banking and will allow you to make the most of everyday purchasing. Debit cards are allocated to account holders at banks so that they can access their money in their account and buy items with it. Debit cards features are linked to the different bank accounts they represent.

Share trading

  • Although share trading isn't a bank account, it is a banking service offered by many banks as a value-added product. If you have a bank account at these banks, you can access the share trading platform and start your share trading career!

Business banking

  • A business account is one of the most powerful tools in helping you to run your business. With the right account and a streamlined online banking process, you can save on fees and score great variable interest rates whilst growing your business. Who knows, you might even get connected to a business hub to help your business grow.

Who are the big four banks in Australia?

ANZ

If you take your personal banking to ANZ, you can open many different accounts. These include everyday bank accounts, savings accounts, and term deposits. ANZ banking services are friendly to those migrating and will help to switch over to their online banking system through their online switching service. ANZ offers a solid online banking system that includes the ANZ internet banking platform. The ANZ online banking experience is also useful on mobile and will help you with your banking needs. It was the first of the Australian four to launch Apple Pay.

Commonwealth Bank of Australia

CommBank offers the largest ATM network in Australia, which makes it useful to those who often need cash available to them. They are the leaders when it comes to offering banking solutions through technology. The CommBank online banking system is called Netbank and can help you with international money transfers with support for many popular currencies.

NAB

National Bank of Australia offers flexible savings options for Australians. It often has no fees attached and when you deposit up to $250,000 in a NAB savings account, your money is protected as a part of the Australian Government guarantee. Learn more about the NAB competitive and bonus interest rates here.

Westpac

Westpac has a focus on everyday banking needs and gives its customers easy access to their money. You can use the Westpac online banking platform or Westpac mobile banking experience, while trusting in the encryption technology to keep all the communications secure. They've also added the Westpac Protect security guarantee that safeguards customers from unauthorised transactions. View the Westpac solutions that will allow you to access your money easily.

Australian banking for foreign visitors

Foreigners in Australia contribute to about 28% of the general population. With such a big representation of the total population, it is vital for banks to offer banking solutions to people that do not have official Australian citizenship. You can open a bank account in Australia if you are a student, working in Australia or are migrating to Australia. Learn more about opening a transaction account, savings account or fixed deposit if you're a foreigner in Australia.

How to apply using finder.com.au

If or when you've found an account you'd like to apply for, you can click on 'go to site' or 'open' to be taken to the bank's website. On this page you can enquire for more information, or submit an online application. The application will ask you for your personal and contact details as well as some identification, including your driver’s licence number (if you have one), or your passport number. Once this information has been submitted you’ll usually receive your application number and other important information within the next few business days, and will generally be able to start using your account within 5 to 7 business days.

What do you need to bank in Australia?

To open a bank account in Australia, you will need the following:

  • To apply online, 18 years and older. If you're younger than 18, you can apply at a branch or over the phone.
  • Australian residency for the normal application process. See below if you're a foreigner.
  • Basic details, including identification in the form of a birth certificate, Australian passport, or driver's licence.
  • Certain accounts might require proof of income
  • You will need a Tax File Number (TFN) if it is applicable to your current financial context

Find your local financial institution

Australian financial institutions

Australia’s banking industry is made up of a number of institutions, including: Small, medium and large banks A bank is a deposit taking institution. Australia has four major banks known as the ‘big four’ including the Australian and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Commonwealth Bank of Australia (CBA) and Westpac Banking Corporation. There are a also a range of smaller banks, some of which are owned by the big four.

Credit unions, mutual banks and building societies These are member-owned banking cooperatives which are regulated in the same ways as banks, and offer the same products and services. These cooperatives aren’t publicly listed and so profits go back to members and services rather than shareholders.

Australian Banking regulations

Australia has a well regulated banking industry with constant reforms aiming to make the system fairer and more transparent to consumers. The regulator for Australia’s financial services system is the Australian Prudential Regulation Authority (APRA). APRA works to ensure the industry upholds prudential standards and enforces regulations when institutions do not.


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Savings Account Offers

Important Information*
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
ANZ Online Saver

Maximum Variable Rate

2.55

Standard Variable Rate

0.50
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
HSBC Serious Saver

Maximum Variable Rate

3.00

Standard Variable Rate

1.60

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2 Responses

  1. Default Gravatar
    QuentinFebruary 4, 2015

    Do you have a honeymoon period?

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