Compare savings accounts

• How does the Finder Score for savings accounts work?

  The lowdown on Finder Score

  • 9+ Excellent - These savings accounts offer very high interest rates, but be mindful that some may come with specific conditions or requirements you'll need to meet to maximize your returns.
  • 7+ Great - These savings accounts offer competitive interest rates, though slightly lower than the top tier.
  • 5+ Satisfactory - These savings accounts, while helping you get on the ladder, might not offer the most competitive interest rates available.
  • Less than 5 – Basic - These accounts offer lower interest rates, impacting the interest you could earn.

  Digging deeper into the Finder savings account score

  How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.

  The Finder Score is a simple way for you to compare savings accounts at a glance.

  Here's how the scores work:

  • We analyse hundreds of savings accounts in our database, from the Big Four banks to online banks and local credit unions.
  • We assess each savings account based on how competitive the interest rate is.
  • We also evaluate each account based on what kind of conditions and restrictions the account has (some banks make it easy to earn the max rate, some don't).

  To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:

  • The account has a starting balance of $35,000. We assume you meet any monthly conditions required to get the bonus rate where applicable. We do not consider any balance restrictions for kids accounts.
  • Interest is calculated daily and accrued monthly over a 2 year period.

• How Finder Score is calculated

  The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

  Reading the fine print:

  The Finder Score uses 5 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.

  Finder Score weightings - savings accounts

  Component	Weighting
  Interest earned	70.00%
  Bonus deposit amount condition	10.00%
  Balance growth, withdrawals and purchase restrictions	10.00%
  Age restrictions	5.00%
  Balance restrictions	5.00%

What to look for when comparing savings accounts

Compare CommBank, Westpac, ANZ and NAB savings accounts

The big 4 banks have been increasing their monthly savings rates along with the RBA cash rate increases. CommBank, Westpac, ANZ and NAB do not have the highest rates in the market, however, do offer easy to meet conditions. Check out the savings rates for the big 4 below.

If you're after higher rates than what the big 4 banks are offering, then use our comparison table.

How do savings account interest rates work?

Savings rates explained

• Standard variable rate: This is the base interest rate that you'll earn each month, whether you meet the conditions or not.
• Bonus variable rate: This is the additional interest you'll earn on top of the standard rate when you meet the account conditions (such as meeting a monthly deposit amount).
• Total or maximum variable rate: This is the standard rate plus the bonus rate, and is the total interest rate you'll earn when all the conditions are met.
• Introductory rate: Some savings accounts offer a special, higher introductory rate for the first few months after you open the account. This is an incentive to open the account, but after the introductory period ends the rate will drop to a standard variable rate that's usually much lower.

How do I get the bonus interest rate on my savings account?

For a Bonus Saver account, the bonus interest is usually awarded when you're able to deposit a certain amount per month and make no withdrawals. It doesn't matter if you're a new customer or not, but there may be restrictions on the number of accounts you can have.

There's a difference between a headline rate and base rate. For an Introductory Bonus account, the bonus interest rate is only awarded for the first couple of months (normally up to 4) and you need to be a new customer.

You will also need to be within the balance your bonus rate applies to. In most cases, any balance beyond $250,000 usually earns the standard variable rate.

Savings accounts guides and resources

What type of savings account is right for you?

The type of savings account you choose will depend on the type of saver you are and what you're trying to achieve.

I'm a regular saver: If you can regularly save money each month a bonus saver account with an ongoing bonus rate might be best for you.

I'm just looking for the highest rate: Check out high interest savings accounts (and remember to check the account conditions)

I'm a business owner: There are dedicated business savings accounts for you.

I'm looking for a set-and-forget account with no conditions: Perhaps a term deposit could suit you better, as these don't have any ongoing conditions to meet and are locked until the term expires.

FAQs on savings accounts

• Who has the highest savings rate?

  As of October 2026, the highest ongoing savings rate in the Finder database is Bank of Queensland's Future Saver Account (14 to 35 years), with a rate of 5.8%. However, it's only for 14-35 year-olds and only for balances up to $50,000.

  You can get up to 6% with the ING Savings Booster but only for 4 months.

• Can you set up a savings account online?

  Yes, the majority of banks allow consumers to set up savings accounts online. This is as easy as completing the application process on the bank's website, which should only take 10 minutes or so. You'll need to verify your identity online, so make sure you have your driver's license or another form of ID handy. Once the application is done, you can download the bank's mobile banking app to start using your account.

• Can you add an overdraft on a savings account?

  No, savings accounts do not usually offer an overdraft feature. This is something that is usually offered with a transaction account instead, as that account is designed for spending while a savings account is designed for saving.

• How is a savings account different from a bank account?

  Bank accounts are designed for your daily spending, and come with a debit card to access your money at shops, ATMs and online. A savings account isn't designed to help you spend, but to help you save, so there's no debit card attached. Savings accounts pay interest on our balance each month, as an incentive to save, while bank accounts typically pay no interest.

  It's not an either or situation: you can have both a savings account and a bank account (in fact it's encouraged that you do!).

• How do I withdraw money from a savings account?

  Savings accounts usually don't come with a debit card like everyday transaction accounts, so you can withdraw money from the account at ATMs.

  To access the money in your savings account, simply transfer your money from your savings to your linked everyday account using your mobile banking app or via Internet banking. If you've got your bank account and savings account with the same bank (this is a good idea!), the money will be transferred instantly which you can then access with your debit card.

  Keep in mind that, depending on the savings account you choose, there may be restrictions as to how often you can withdraw from the account before you forfeit your bonus interest. If you know you want to lock away your funds for a longer period, you may want to consider a term deposit instead of a savings account.

• Do I pay tax on savings account interest?

  The interest you earn in your savings account is income and is added to your overall taxable income each financial year. Your bank reports it to the ATO.

  It's a good idea to give your bank your tax file number (TFN), otherwise the bank will withhold tax at the top marginal tax rate of 47%.

• How much interest will I earn on $10,000?

  At 5% p.a., a $10,000 balance earns about $500 over a year. Most accounts calculate interest daily and pay it monthly, and that compounding lifts it to roughly $511. Use our savings calculator to work it out for your own balance and rate.

• Is my money safe in a savings account?

  Savings accounts with Australian banks, credit unions and building societies (ADIs) are covered by the government's Financial Claims Scheme (FCS). It protects up to $250,000 per account holder per banking licence. If you had $250,000 in one bank and $250,000 in another, you'd be covered for both unless the two banks share a banking license (such as Ubank and NAB or Westpac and Bank of Melbourne).

• What happens when my introductory rate ends?

  Once the intro period ends, the rate drops to the account's standard ongoing rate, which can be much lower. You may decide the ongoing rate is still good enough, or you could consider switching once the intro period rate ends.

Why you can trust Finder's banking experts

You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.

You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.

You compare more. Our comparison tools bring you more banking products from across the market.

To make sure you get accurate and helpful information, this guide has been reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Richard Whitten

Senior Money Editor

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 754 Finder guides across topics including:

• Home loans
• Credit cards
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