
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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.
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.
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.
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.
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:
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:
Failing to meet these conditions sees the interest rate drop to 0.01% p.a.
Wondering what to do with your money in the new year? Scott Pape has some tips and a warning for what could be in store.
Read more…Here's how to make sure you're still earning bonus interest on your ING savings account in 2021.
Read more…We look at how the new Revolut Junior accounts for Australians aged 7-17 compare to the popular money app and kids debit card offered by Spriggy.
Read more…With the official cash rate cut to a historic low 0.10%, you'll need to shop around if you want to earn a good interest rate on your savings.
Read more…Interest rates on Australian savings accounts are at record lows, but there are a few key benefits to keeping cash in a savings account.
Read more…SPONSORED: You need to look after your financial health, not just your physical and mental health, during the COVID-19 pandemic. Here's how to do it.
Read more…Make sure you keep the following features in mind when comparing regular saver accounts at finder.com.au:
How do we rank savings accounts to get our top picks?
Our experts crunch the numbers to help you work out the best place to park your money: is it your mortgage or your super fund?
Australians aren't saving as much as they need to be, but why?
See how much money people your age have in savings, and learn how to boost your savings balance if it's below average.
The recession is apparently over – but what does this actually mean for your money, and what impact does it have on your savings, loans and investments?
With the official cash rate cut to a historic low 0.10%, you'll need to shop around if you want to earn a good interest rate on your savings.
This is the final week of our 4-week financial fitness challenge, where we help you understand your savings, super and investments.
SPONSORED: Saving enough for a house deposit while you're paying rent is challenging, but it can be done.
Take advantage of a 0% balance transfer offer for 30 months and a discounted annual fee for the first year with this Citi Rewards credit card offer.