Compare regular saver accounts

A regular saver account provides a great way to quickly build a sizeable savings balance.

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.

  • Maximum Rate: 2.10% p.a.
  • Standard Variable Rate: 1.04% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
Go to site

Compare your regular savings options below

Rates last updated November 22nd, 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 2.10% 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.
MyState Bank Bonus Saver Account
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 1.95% 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.
ANZ Progress Saver
$10 / $10
Ongoing, variable 1.60% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 1.85% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
$0 / $0
Ongoing, variable 1.65% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
IMB Reward Saver Account
$0 / $0
Introductory rate of 2.00% p.a. for the first 4 months when you deposit $50+ each month and make no withdrawals per month. Available on balance of $5,000 or higher.
Rabobank Online Savings  PremiumSaver
$0 / $0
Ongoing, variable 1.70% p.a. when you link to an Rabobank Online Savings High Interest Savings Account and increase your balance by $200+ each month. Available on balances up to $250,000.
CUA eSaver Reward Account
$1 / $1
Ongoing, variable 2.00% p.a. when you link to an CUA bank account and deposit $1,000+ each month. Available on balances up to $100,000.

Compare up to 4 providers

What are regular saver accounts?

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.

Linked account requirements

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

pam-case-study 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.

You may also be interested in

How do I compare regular saver accounts?

Make sure you keep the following features in mind when comparing regular saver accounts at

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.
Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site