maximise savings

How to maximise your savings in a low interest rate world

Just because interest rates are at an all-time low doesn’t mean you can’t build your savings balance to an all-time high.

While low interest rates certainly have an effect on the speed at which you can grow your bank balance, there are still plenty of other steps you can take to maximise your savings.

High interest savings account offer

UBank USaver

2.41 % p.a.

max rate

1.35 % p.a.

standard variable rate

High interest savings account offer

Ongoing, variable 2.41% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.

  • Maximum Rate: 2.41% p.a.
  • Standard Variable Rate: 1.35% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
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Rates last updated September 18th, 2019
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
UBank USaver
2019 Winner
UBank USaver
$0 / $0
Ongoing, variable 2.41% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
Rabobank Online Savings High Interest Savings Account
$0 / $0
Maximum variable rate of 2.75% p.a. for 4 months, reverting to a rate of 1.30% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
AMP Saver Account
$0 / $0
Introductory rate of 2.61% p.a. for 4 months, reverting to a rate of 1.65% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
ME Online Savings Account
$0 / $0
Ongoing, variable 2.35% p.a. rate when you link to a ME Everyday Transaction account and have at least one purchase with your Debit Mastercard using tap & go processed each week. Available on balances up to $250,000.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.15% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
ANZ Progress Saver
$10 / $10
Ongoing, variable 1.95% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 2.05% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 2.10% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ANZ Online Saver
$0 / $0
Introductory rate of 1.95% p.a. for 3 months, reverting to 0.15% p.a. Available on the entire balance.

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Work out a savings plan

Take some time to think about your savings goals. Do you have any particular purchases in mind, or do you simply want to build your balance as much as possible? Once you’ve set yourself a financial goal you can work out a savings plan to help you get there as soon as possible.

An effective savings plan will outline how much you plan to save, the timeframe in which you will make it happen and how much money you plan to deposit into your savings account each week. You can also use one of our handy savings calculators to work out the logistics of your savings plan.

Of course, another important part of any savings plan is working out where you can cut back on expenses. From gym memberships to eating out, there are plenty of ways you can reduce your spending and have more money left over to put towards your savings.

Make regular deposits

The best way to maximise your savings is to make sure you actually save money. If you set up a direct debit so that a portion of your salary goes straight into your savings account as soon as you’re paid, you can automate the savings process and ensure that your balance grows every week.

This removes the temptation to spend rather than save your money, and you will probably be surprised at just how quickly your balance grows when you make regular deposits. Some accounts will even offer bonus interest if you deposit a minimum amount each month.

And if you get any windfalls, for example, a tax return or a bonus from your employer, make sure to deposit this into your savings account as well. The more money in your account, the more interest you will earn.

Earn bonus interest

Speaking of bonus interest, there are some special types of bank accounts that allow you to maximise your savings balance by paying bonus interest on top of the standard variable interest rate. These are known as bonus saver accounts. However, in order to access this bonus rate, you will need to satisfy specific terms and conditions, such as:

  • Depositing a minimum amount each month
  • Making a limited number of withdrawals (or even zero) per month
  • Maintaining a minimum balance
  • Opening a linked transaction account

If you fail to meet any of these terms and conditions, you will only receive the standard variable rate on your account for that particular month. That rate can be as low as 0.01% in some cases, so it pays to make sure you always satisfy the necessary requirements.

Be disciplined

One of the biggest barriers to saving is the temptation to dip into your balance at any given time. Maybe there’s a new pair of shoes you want, you’re desperate for a holiday or you’re just running a bit short on cash. Whatever the reason, it’s important that you resist temptation whenever possible. If you can stay strong and leave your savings account untouched, your bank balance will grow a lot faster.

If you’re the type of person who always dips into their savings, you may want to consider taking steps to make it harder to do so. For example, you could open a savings account with a different bank to your regular bank, or you could invest your money in a term deposit.

Compare your options

If you want your money to work harder for you, it’s essential that you choose the best account for the job. So instead of just signing up for the first savings account you come across, compare a range of accounts and shop around for the best interest rate and an account that charges minimal or zero fees.

Far too many people opt for the simple option of opening a savings account with their regular bank because it’s convenient. If you just do a quick comparison you’ll be able to find an account that offers a much better deal. makes it easy to compare a wide range of savings accounts, so start the comparison process today.

Consider a term deposit

Term deposit interest rates are fixed, meaning they can't change for the life of the term, so it’s definitely worth considering locking some of your savings away if you're concerned about the savings rates falling even lower.

Take a look at our term deposit comparison for the latest interest rates.

Consider a notice saver account

Another option you could consider is opening a notice saver account. These types of accounts often offer a higher rate of interest than a regular savings account, but with the caveat that you will need to notify the bank in advance when you want to withdraw any funds. There are 30-, 60- and 90-day notice accounts available, so compare the interest rates and features these accounts offer to determine whether they could be right for you.

The latest news in banking

Interest rates may be low, but there’s plenty you can do to ensure that your bank balance remains as healthy as possible and continues to grow. Start taking steps today to maximise your savings and enjoy a secure financial future.

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