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Finder Awards 2020 Best Savings Account

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This account has a competitive ongoing bonus rate and no monthly deposit conditions. Bonus interest is also available on balances up to $250,000, which is higher than many other accounts.

Finalists:

Methodology: Best Savings Account

Here's how our expert analysts assessed the Best Savings Account category to pick the 2020 winner.

Selection and scoring

  • Accounts were assessed based on the return on a monthly deposit of $500 over 12 months, including bonus interest
  • Any eligibility criteria for ongoing bonus rates were presumed to be fulfilled
  • We included any accounts that allow an ongoing rate dependant on no withdrawals
  • Restricted accounts do not qualify
  • No maximum age (no kids accounts)
  • Ties decided by highest recent rate

Availability criteria

Product must be available at the time of award announcement.
Products were analysed and compared to the market on the following dates:

  • 1/9/19 (Q1)
  • 1/12/19 (Q2)
  • 29/2/20 (Q3)
  • 32/5/20 (Q4)

Products must have been in the market for at least two of the four quarters, including the most recent quarter.
Quarters were weighted as follows unless otherwise stated (with Q4 being the most recent quarter):

  • Q4: 50% of final score
  • Q3: 25% of final score
  • Q2: 12.5% of final score
  • Q1: 12.5% of final score

For products only available in three quarters, the weighting is as follows:

  • Q4: 50% of final score
  • Q3: 35% of final score
  • Q2: 15% of final score

For products only available in two quarters, the weighting is as follows:

  • Q4: 60% of final score
  • Q3: 40% of final score

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