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Rates last updated July 25th, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ING DIRECT Savings Maximiser
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
2.80% 1.50% 1.30% $0 $0 / $0 Go to site More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.65% 0.01% 2.64% $0 $0 / $0 Go to site More
HSBC Serious Saver
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.
3.00% 1.60% 1.40% $0 $0 / $0 Go to site More
ANZ Online Saver
Introductory rate of 2.55% p.a. for 3 months, reverting to 1.00% p.a. Available on the entire balance.
2.55% 1.00% 1.55% $0 $0 / $0 Go to site More
St.George Maxi Saver
Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.00% p.a. Available on balances below $5,000,000.
3.00% 1.00% 2.00% $0 $1 / $1 Go to site More
ANZ Progress Saver
Ongoing, variable 1.81% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
1.81% 0.01% 1.80% $0 $10 / $10 Go to site More
P&N Hi Saver Account
Introductory rate of 2.95% p.a. for 4 months, reverting to a rate of 1.25% p.a. Available on balances of $5,000 and above.
2.95% 1.25% 1.70% $0 $5,000 / $0 More
Westpac eSaver
Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.00% p.a. Available on the entire balance.
2.51% 1.00% 1.51% $0 $0 / $0 Go to site More
BankSA Incentive Saver Account
Ongoing, variable 1.75% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Go to site More
Bank of Melbourne Incentive Saver
Ongoing, variable 1.75% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
1.75% 0.01% 1.74% $0 $1 / $1 Go to site More
Westpac Reward Saver
Ongoing, variable 1.75% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.75% 0.01% 1.74% $0 $0 / $0 Go to site More
Rates last updated July 25th, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
NAB Classic Banking
$0 monthly account fees.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING DIRECT Orange Everyday Account
$75 cash bonus & Apple Pay available.
Get a competitive ongoing variable rate when linked with an ING Direct Savings Maximiser.
Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site More
ANZ Access Advantage
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.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
Bankwest Qantas Transaction Account
Earn Qantas Points on eligible purchases and on your account balance.
Conditions apply.
Mastercard $0 $2,000 $0 account keeping fees when you deposit at least $2,000 into your account each month. Otherwise, a $6 monthly fee applies. Unlimited Free withdrawals at Bankwest and CommBank ATMs in Australia. Go to site More
BankSA Complete Freedom Account
Cardless Cash available. Open one in less than 3 minutes.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site More
St.George Complete Freedom Account
10% Cash back for online gaming purchases and $50 cash bonus offer.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
Westpac Choice
$0 ATM withdrawal fee at 50,000+ ATMs globally.
Via Westpac's Global ATM Alliance. Get Cash without your debit card (conditions apply).
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
Bank of Melbourne Complete Freedom
Get Cardless cash and shop securely with your Visa debit card. Customise SMS and email alerts.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More
Bank of Queensland Day2Day Plus Account
An everyday transaction account with a linked Visa debit card.
Visa $0 $0 No monthly account fee and free access to over 3,000 rediATMs nationwide. Go to site More

Rates last updated July 24th, 2017
$
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 $75,000
-
-
2.80%
-
-
-
-
-
$75,000
Citibank Term Deposit $250,000
-
-
3.00%
-
-
-
-
-
$250,000
Bankwest Online Term Deposit
2.35%
1.50%
2.55%
2.55%
2.60%
2.60%
2.65%
2.65%
$1,000
St.George Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Bank of Queensland Term Deposit
2.00%
2.45%
2.25%
2.60%
2.60%
2.80%
2.65%
-
$5,000
BankSA Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Westpac Term Deposit
2.05%
1.85%
2.10%
2.35%
2.40%
2.50%
2.60%
2.85%
$5,000
Bank of Melbourne Term Deposit
2.10%
1.85%
2.20%
2.55%
2.60%
2.60%
2.70%
2.95%
$1,000
Newcastle Permanent Gold Term Deposit
2.60%
2.00%
2.70%
2.80%
3.40%
3.40%
3.20%
3.20%
$200,000

Compare up to 4 providers

Rates last updated July 25th, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
ME Business Online Savings Account
Earn a competitive interest rate on your business savings.
1.75% 1.75% 0.00% $0 $0 / $0 More
St.George Business Access Saver
Ongoing, variable 0.60% p.a. when you link to a St.George business transaction account. Available on the entire balance.
0.60% 0.60% 0.00% $0 $0 / $0 More
BankSA Business Access Saver
Ongoing, variable 0.60% p.a. when you link to a business transaction account. Available on the entire balance.
0.60% 0.60% 0.00% $0 $0 / $0 More
Bank of Melbourne Business Access Saver
Ongoing, variable 0.60% p.a. when you link to one of the Bank of Melbourne’s eligible business transaction accounts. Available on the entire balance.
0.60% 0.60% 0.00% $0 $0 / $0 More
ANZ Business Online Saver
Ongoing, variable rate of 1.15% p.a. until 31 July 2017. Apply online before 10th July 2017 and only available on balances more than $5,000.
1.15% 0.50% 0.65% $0 $5,000 / $0 More
AMP Bank Business Saver Account
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.
2.05% 2.05% 0.00% $0 $0 / $0 More
Commonwealth Bank Business Online Saver
Ongoing, variable 0.60% 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.
0.60% 0.60% 0.00% $0 $10,000 / $0 More
Citibank Ultimate Business Saver
An at-call savings account that offers a competitive interest on business savings. Can be opened for trust funds or a DIY Super Fund.
1.65% 1.65% 0.00% $0 $10,000 / $0 More
ING DIRECT Business Optimiser
Introductory rate of 2.40% p.a. for 6 months, reverting to a rate of 1.50% p.a. Available on balances below $1,000,000.
2.40% 1.50% 0.90% $0 $0 / $0 More

Rates last updated July 24th, 2017
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.
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.
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

Rates last updated July 25th, 2017
Details Features
Commonwealth Financial Planning
Commonwealth Financial Planning
Free initial consultation offer with a financial planner Commonwealth Financial Planners could help you:
  • Grow your super
  • Insure your family and assets
  • Plan your investments
  • Prepare for retirement
Go to site More info

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Just some of the financial institutions we compare

Commonwealth Bank
Westpac
ANZ
NAB
RaboDirect
Citibank
ING Direct
HSBC

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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

Learn about our information service
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.50
ANZ Progress Saver

Maximum Variable Rate

1.81

Standard Variable Rate

0.01
Bankwest Hero Saver

Maximum Variable Rate

2.65

Standard Variable Rate

0.01

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2 Responses

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    QuentinFebruary 4, 2015

    Do you have a honeymoon period?

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