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Compare savings accounts offered by Australian banks

Information verified correct on December 7th, 2016

With so many savings accounts on the market, it's important to compare how each product could help you reach your financial goals.

A savings account is a secure way of managing excess money, while also earning a return on the investment through interest payments. These types of accounts are structured in a number of different ways. Some provide total access to your money while others offer incentives for not spending your savings. Before choosing a banking product to help you reach your financial goals, it's important to understand how they differ.

To help you find a savings account that suits your needs, read our guide to comparing below.

Compare savings accounts

How to use comparison tables
  1. Select the relevant tab that best suits your interest
  2. Fill in the fields to calculate your savings
  3. Select 'Calculate'
  4. Compare savings accounts the table
  5. Click 'Open' to open an account, 'Go to Site' to go to the bank's site or 'More' to read our review

ME Online Savings Account

Savings Account Offer

Ongoing 3.05% p.a. variable rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.

  • Bonus Rate: 1.75% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0
    Rates last updated December 7th, 2016
    $
    $
    months
    Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
    ME Online Savings Account
    Ongoing, variable 3.05% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit MasterCard using tap & go. Available on balances up to $250,000.
    3.05% 1.30% 1.75% $0 $0 / $0 Open More
    ING DIRECT Savings Maximiser
    Ongoing, variable 2.75% 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.
    2.75% 1.60% 1.15% $0 $0 / $0 Open More
    RaboDirect High Interest Savings Account
    Introductory rate of 3.20% p.a. for 4 months, reverting to a rate of 2.05% p.a. Available on balances below $250,000.
    3.20% 2.05% 1.15% $0 $0 / $0 Open More
    ANZ Progress Saver
    Ongoing, variable 1.91% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on the entire balance.
    1.91% 0.01% 1.90% $0 $10 / $10 Open More
    Westpac Reward Saver
    Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $0 / $0 Open More
    Bank of Melbourne Incentive Saver
    Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $1 / $1 Open More
    BankSA Incentive Saver Account
    Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $0 / $0 Open More
    AMP Cash Manager
    Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
    1.50% 1.50% 0.00% $5 $0 / $0 Open More
    HSBC Flexi Saver Account
    Ongoing, variable 2.00% p.a. when you link to any Australian bank account and deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
    2.00% 1.50% 0.50% $0 $0 / $0 Open 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 $5,000,000.
    2.65% 0.01% 2.64% $0 $0 / $0 Open More
    Rates last updated December 7th, 2016
    $
    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
    Bankwest Online Term Deposit
    Bankwest Online Term Deposit
    2.30% 2.50% 2.70% 2.70% 2.60% 2.60% 2.65% 2.65% $1,000 Open More
    St.George Term Deposit
    St.George Term Deposit
    2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
    Bank of Melbourne Term Deposit
    Bank of Melbourne Term Deposit
    2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
    BankSA Term Deposit
    BankSA Term Deposit
    2.20% 2.00% 2.30% 2.60% 3.10% 3.20% 2.80% 2.95% $1,000 Open More
    Westpac Term Deposit
    Westpac Term Deposit
    2.10% 2.00% 2.20% 2.50% 3.00% 3.10% 2.70% 2.85% $5,000 Open More
    Citibank Term Deposit ($75,000)
    Citibank Term Deposit ($75,000)
    2.50% 2.50% 2.95% 2.35% 2.35% 2.35% 2.35% 2.35% $75,000 Open More
    ING DIRECT Term Deposit
    ING DIRECT Term Deposit
    2.10% 2.60% 2.10% 3.00% 2.70% - - - $10,000 Open More
    Rates last updated December 7th, 2016
    $
    $
    months
    Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
    AMP Cash Manager
    Ongoing, variable 1.50% p.a. when you link to an AMP Visa debit card and deposit $2,000+ each month. Available on the entire balance.
    1.50% 1.50% 0.00% $5 $0 / $0 Open More
    ANZ Premium Cash Management Account
    Ongoing, variable 1.50% p.a. when you link to access card from ANZ. Available on balance $500,000 plus.
    1.50% 1.50% 0.00% $0 $1,000 / $10,000 More
    Macquarie Cash Management Account
    Invest your money and have at call access plus pay no account keeping fees.
    1.40% 1.40% 0.00% $0 $5,000 / $5,000 More
    Bank of Queensland Cash Management Account
    Ongoing, variable 1.55% p.a. when you deposit $5,000+ each month. Available on the entire balance.
    1.55% 1.55% 0.00% $5 $1 / $5,000 More
    Citibank Cash Investment Account
    Ongoing, variable 1.90% p.a.. Available on balance $250,000 and above.
    1.90% 1.90% 0.00% $0 $5,000,000 / $0 More
    IMB Cash Management
    Ongoing, variable 1.20% p.a. when you link to IMB Visa debit card. Available on balance $250,000 and over.
    1.20% 1.20% 0.00% $0 $250,000 / $5,000 More
    NAB Cash Manager
    Ongoing, variable 1.00% p.a.. Available on the entire balance.
    1.00% 1.00% 0.00% $0 $0 / $5,000 More
    St.George Investment Cash Account
    Ongoing, variable 0.45% p.a.. Available on balance $500,000 and over.
    0.45% 0.45% 0.00% $0 $500,000 / $0 More
    Community First Money Market Account
    Ongoing, variable 1.25% p.a. Available on the entire balance.
    1.25% 1.25% 0.00% $0 $0 / $100,000 More
    Rates last updated December 7th, 2016
    $
    $
    months
    Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
    Customs Bank Online Supersaver
    Ongoing, variable 1.75% p.a.. Available on balance $5,001 or more.
    1.75% 1.75% 0.00% $0 $5,001 / $0 More
    BankVic Superfuture RSA
    A Retirement Savings Account designed to provide income in retirement.
    2.00% 2.00% 0.00% $0 $0 / $50,000 More
    BCU Retirement Savings Account
    Ongoing, variable 2.11% p.a.. Available on balance $100,000 plus.
    2.11% 2.11% 0.00% $0 $0 / $0 More
    Rates last updated December 7th, 2016
    $
    Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
    ING DIRECT Orange Everyday Account
    Get a $75 cash bonus.
    Get a competitive ongoing variable rate when linked with a Savings Maximiser.
    Visa $0 $1,000 No monthly fees, and you can use any ATM in Australia for free when you deposit $1,000 each month e.g your salary. Open More
    AMP Access Account
    An everyday transaction account with fee-free banking.
    Visa $0 $0 Unlimited fee-free transactions at rediATMs, $0 transaction fees using BankNet, mobile banking and BankPhone. Open More

    How does a savings account work?

    There are five basic types of savings accounts that you can consider for depositing your money:

    1. Savings or high interest savings accounts

    2. Notice savers

    3. Term deposits

    4. Cash management accounts and

    5. Retirement or SMSF accounts.

    Each of these have different structures and features that makes them ideal for serving specific functions.  

    The base workings of a savings account are all the same: you deposit money into the account and interest is paid on the balance. Each type of savings account will have variables, such as access to your money, monthly fees, interest rates and online management. Before comparing all of these features, you should first decide which type of account is suited for your needs.

    How do I compare savings and high interest savings accounts?

    A savings account is your basic savings product that provides a safe haven for your excess cash. When looking at these, you will want to pay close attention to the following features:

    • No monthly or maintenance fees. How much, if any, are the monthly maintenance fees and can they be waived by meeting certain conditions.
    • Competitive interest rate. Not only how much is the interest rate, but when it is calculated and how often it is paid into the account. Look to see if the interest is fixed, or if it is a variable rate that could change without notice.
    • Bonus interest rate. There are some accounts that will pay you bonus interest on top of the standard rate. Check the terms required in order to earn that bonus, such as withdrawal limitations and monthly deposit requirements.
    • Domestic and international accessibility. Look to see how easy it is to make withdrawals from the account.
    • Linked bank account with the same or different institution. With some savings accounts you will be required to have a linked transaction account to help you move your money in and out of the savings.
    • Easy branch access. There are some high interest savings accounts available to Australians that operate entirely online, either incurring fees for over the counter transactions or not allowing for any at all.
    • Minimum deposit requirements. You could be required to make a minimum deposit before this type of account can be opened.

    Read our comprehensive guide on savings accounts.

    Back to top

    How do I compare notice savers?

    Notice savers are a fairly new type of high interest savings account that does not allow for you to easily access your money once the account has been activated. You choose the amount of notice needed to give the bank for when you want to make a withdrawal, allowing you to not have to pay any penalty costs if you are unable to meet the terms. Variations in the features of a notice saver account could include:

    • No account keeping fees. Check to see if you are going to be charged for the monthly maintenance of the account.
    • Competitive interest rates. The standard interest rates for a notice should be competitive and are often tiered according to your balance and length of notice.
    • When the interest is paid. Options are often given for when you want the interest paid into the account. In some instances this could allow for you to earn compound interest on your investment.
    • Interest payments. There could be options that let your interest payments be made into another account.
    • Minimum deposit amount. You will be required to make and maintain a minimum deposit with this type of high interest savings account.
    • Length of notice required to give. With these accounts you are typically allowed to choose between giving a 30, 60 or 90 day notice for when you want to make your withdrawal.
    • Linked account. You may need to have an everyday account with the bank in order to be able to make your deposits.
    • Ability to make extra deposits. Some notice savers will allow you to make additional deposits, increasing your balance. Check to see if there is a direct credit option where a portion of your salary is automatically added to your savings with each paycheque.

    Learn more about notice savers and how to compare them.

    Back to top

    How do I compare term deposits?

    A term deposit is another type of high interest savings account where you choose a length of time where you will not be making any withdrawals from your account. This type of savings product is ideal for individuals who have a certain monetary goal to meet at a future date, or for investors who want a low risk account that still yields a return on their investment. Features that you should be looking at with this type of account include:

    • No monthly fees. Look out for any ongoing monthly charges for a term deposit account.
    • Penalty fees or break costs. Your money is locked into a term deposit, but in some instances you may be allowed to make an early withdrawal. This will incur a penalty charge as well as adjustment in the interest rate.
    • Early withdrawal notification. Many banks are now requiring that you provide them with at least 31 days notice if you are going to make an early withdrawal from the account.
    • Interest rates. With a term deposit, the interest rates are typically tiered, with earnings being higher when you choose longer terms and have a higher investment deposit.
    • Minimum deposit. The amount you can invest will vary, but typically the minimum deposit amount is between $1,000 and $5,000, with some banks requiring up to $10,000.
    • When the interest is paid. You will likely be given options with how often you want your interest payments to be deposited into the account. In some cases, those payments will be made at maturity of the account, or into a nominated everyday banking account and you will not receive the benefit of compound interest.
    • Linked account. Most banks will require that you have a separate account linked to the term deposit in order to make transfers easier.
    • Account maturity. Check to see the procedure for closing the account once it has reached maturity. In some circumstances it will be rolled into a term deposit automatically if you do not provide the bank with instructions beforehand.

    Read our guide on comparing term deposits.

    Back to top

    How do I compare cash management accounts?

    Cash management accounts are hybrids, giving you the benefit of earning interest on your money while still allowing you to transact like an everyday account. This type of account makes it easy to manage all of your finances from one place. Features that you should be comparing amongst different banks that offer this type of account include:

    • No monthly fees. A monthly account keeping fee may be charged to you, and in some instances waived if you are able to meet the bank’s criteria.
    • No transaction fees. This type of account could allow for on call withdrawals, deposits and even purchases. Check to see how much you are going to be charged for those transactions.
    • Linked debit card. For easy access to your money, you might be provided with a debit card linked to the account. Check to see if it is a Visa or MasterCard, which will provide you with the ability to also make purchases wherever that logo is accepted.
    • Comprehensive ATM network. If you make multiple cash withdrawals throughout the month, you will want an account that is linked to an extensive ATM network.
    • Competitive interest rate. Check to see what the interest rates are, how they are calculated and paid and if there are any requirements to be met in order to earn bonus interest. With some accounts you may be required to maintain a certain monthly balance, or increase it by a certain amount month to month.

    Compare cash management accounts.

    Back to top

    How do I compare SMSFs and retirement accounts?

    Planning your financial future should not be taken lightly. When choosing a retirement or SMSF account you will want to compare these features to make sure you are getting the best benefits for your money:

    • Monthly fees. The amount, if any, of monthly fees for your account could make a difference in your savings potential.
    • Interest rates. These types of accounts sometimes act as a hub for your SMSF, allowing it to earn interest while the money is in between other investments.
    • Accessibility. While retirement accounts usually work similarly to a cash management account, you could find that there are limits to the number of free transactions you can make each month.
    • Types of access. Look to see if there is a linked debit card, cheque writing facility, and online banking options in order to access your money.

    Compare SMSF and retirement accounts.

    Shirley Liu

    Shirley is finder.com.au's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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    Savings Account Offers

    Learn about our information service
    ME Online Savings Account

    Maximum Variable Rate

    3.05%

    Standard Variable Rate

    1.30
    ING DIRECT Savings Maximiser

    Maximum Variable Rate

    2.75%

    Standard Variable Rate

    1.60
    Bankwest Hero Saver

    Maximum Variable Rate

    2.65%

    Standard Variable Rate

    0.01
    RaboDirect High Interest Savings Account

    Maximum Variable Rate

    3.20%

    Standard Variable Rate

    2.05

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    2 Responses to Compare savings accounts offered by Australian banks

    1. Default Gravatar
      Kristina | January 18, 2016

      Is there any bank account with high interest, where I can take out money whenever I want? Kristina

      • Staff
        Shirley | January 19, 2016

        Hi Kristina,

        Thanks for your question.

        Introductory bonus savings accounts have all the features you’ve described, though you may need to take note of the revert rate. You can compare them here.

        Hope this helps,
        Shirley

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