Just make sure you’re aware of all the terms and conditions before you apply. For some people, saving money is something that’s done haphazardly – $20 here, a couple of hundred there whenever the opportunity arises. But if you’re earning a regular income and you have a good level of financial discipline, you could benefit from a savings account that allows you to make regular ongoing deposits. Known as regular saver accounts or regular savings accounts, these accounts typically offer a great rate of interest on your savings balance. However, you’ll need to make sure that you satisfy a range of terms and conditions so that you receive the maximum available interest rate each and every month.
Savings Account Offer
UBank USaver
2.10 %p.a.
max rate
1.04 %p.a.
standard variable rate
Savings Account Offer
Ongoing, variable 2.10% 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.
Regular saver accounts are perfect for people who want to regularly put money into their savings account. They offer a high rate of interest — typically the best you’ll be able to find from any type of savings account — on your bank balance, and encourage you to deposit a portion of your regular income straight into your savings. This allows you to build a savings balance as quickly as possible and helps make saving a regular habit. However, it’s worth pointing out that regular saver accounts often come with a wide range of terms and conditions attached. The high rate of interest you can earn usually includes a bonus interest rate on top of the account’s standard variable rate. If you don’t satisfy those terms and conditions in any given month, you will only receive the standard interest rate on your account balance.
Some conditions commonly attached to regular saver accounts include:
Deposit requirements
You will usually need to deposit a certain minimum amount into your account each month in order to achieve the highest possible interest rate. Some accounts also feature maximum deposit limits.
Withdrawal limits
If you make a withdrawal from many regular saver accounts, you will not be paid any interest for that particular calendar month.
Balance limits
You may need to maintain your balance level above a certain minimum limit or below a maximum limit in order to continue to receive a high interest rate.
So while regular saver accounts do offer impressive interest rates, you need to make sure you’re fully aware of what you need to do in order to ensure that you always receive the highest rate available.
Who can benefit from a regular saver account?
A regular saver account is ideal for anyone earning a salary who wants to save for a particular goal. These accounts allow you to automate your savings and make it worth your while to put money away on a regular basis, helping you keep on track for your savings goals. All you have to do is set up a regular direct debit from a linked account, for example the transaction account into which your salary is paid, and sit back and wait for your balance to grow. To get a better idea of the benefits of regular saver accounts, let’s take a look at a quick case study.
Pam’s Savings Account
After a quick trip to Thailand last year, Pam has been bitten by the travel bug and she wants to save a large balance for a European holiday. She sets herself a deadline of one year and plans to save as much money as possible in that time. After comparing regular saver accounts, she finds an account that will pay 3% p.a. interest as long as she deposits at least $100 each month and doesn’t make any withdrawals. Pam works out a rough weekly budget and calculates that she can afford to deposit $150 per week into her regular saver account. She sets up a direct debit from her salary and vows not to touch the money in her savings account for a whole year. At the end of 12 months, Pam has saved a balance of $7,915.86 – perfect for her European travel plans.
Which banks offer regular saver accounts?
Most major Australian banks and credit unions offer regular savings accounts as part of their product suite, so it’s worth comparing your account options to see what’s available. For example, Bankwest offers its Regular Saver Account with a maximum variable interest rate of In order to access that rate, you must:
Not make any withdrawals each month
Deposit at least $ each month
Deposit no more than each month
Link your account to an eligible Bankwest account
Make an opening deposit no greater than
If these conditions aren’t met, the interest rate drops to 0%. Meanwhile, Westpac’s Reward Saver Account allows you to earn up to 1.25% p.a. interest on your savings balance as long as you:
Don’t make any withdrawals
Deposit at least 50 each month
Failing to meet these conditions sees the interest rate drop to 0.01% p.a.
What are the good points and bad points of a regular saver account?
The good points
You’ll get into a habit of saving money regularly. Regular saver accounts make it easy to regularly save money, encouraging you to put a portion of your income into your account each week, fortnight or month.
You can get the maximum variable rate. These types of savings accounts usually offer the best interest rates available on the market, making it as easy as possible to quickly grow your account balance.
There are no ongoing fees. Many regular saver accounts are available with no ongoing fees.
You can improve your credit standing. When you apply for a home loan, providing proof of a long history of saving and financial discipline through your regular saver account statement will make a positive impression on any lender.
The bad points
Many strict conditions apply. Many regular saver accounts impose a range of strict conditions on your savings balance, including minimum monthly deposit requirements and limitations on withdrawals. Failing to satisfy these requirements means that you won’t be able to earn maximum interest.
Banks are driving the interest rates of basic online saving accounts into the ground, but there are alternative products offering much better value. Read more…
The headline bonus rate offered on the ING Savings Maximiser has been cut to 2.30% p.a. after a previous cut down from 2.80% p.a. in June. Read more…
How do I compare regular saver accounts?
Make sure you keep the following features in mind when comparing regular saver accounts at finder.com.au:
The maximum variable interest rate
The higher the interest rate, the quicker you will be able to grow your bank balance. Compare products between banks and credit unions to determine which one allows you to access the best rate.
The terms and conditions to receive the maximum variable rate
Make sure you’re aware of any conditions attached to an account’s high interest rate. For example, you may need to deposit a certain amount into your account each month, or you may not be allowed to make any withdrawals at all. Such rules and regulations are commonplace with regular saver accounts and if you break them, you will usually receive a greatly reduced interest rate (or even zero interest) for the month in question.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
After a quick trip to Thailand last year, Pam has been bitten by the travel bug and she wants to save a large balance for a European holiday. She sets herself a deadline of one year and plans to save as much money as possible in that time. After comparing regular saver accounts, she finds an account that will pay 3% p.a. interest as long as she deposits at least $100 each month and doesn’t make any withdrawals. Pam works out a rough weekly budget and calculates that she can afford to deposit $150 per week into her regular saver account. She sets up a direct debit from her salary and vows not to touch the money in her savings account for a whole year. At the end of 12 months, Pam has saved a balance of $7,915.86 – perfect for her European travel plans. 
