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Compare regular saver accounts

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

Shirley Liu
Shirley Liu

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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.

Promoted
Reward Saver Account Offer
Reward Saver Account Offer
Promoted
3.00 % p.a.
max rate
0.20 % p.a.
standard variable rate
  • Maximum rate: 3% p.a.
  • Standard variable rate: 0.2% p.a.
  • Monthly fees: $0

Westpac Life (18-29 year olds only)

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If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.

Compare your regular savings options below

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
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More Info
Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
0.55%
0.2%
0.35%
$0
If you’re between 18-29, you can earn a 0.55% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
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More Info
MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
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More Info
Westpac Life
Westpac Life
0.55%
0.2%
0.35%
$0
Ongoing, variable 0.55% 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.
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More Info
Bankwest Hero Saver
Bankwest Hero Saver
0.8%
0.01%
0.79%
$0
Ongoing, variable 0.8% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
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Bankwest Hero Saver
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
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More Info
HSBC Flexi Saver Account
HSBC Flexi Saver Account
0.85%
0.05%
0.8%
$0
Ongoing, variable 0.85% 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.
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HSBC Flexi Saver Account
HSBC Flexi Saver Account
0%
0%
$0
Ongoing, variable 0% 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 $5,000,000,000.
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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.

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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.

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