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Find a savings account that fits your unique savings style.

Put your money to work - a savings account with a high interest rate and low fees will help you earn more over time.

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Savings Account Offer

AMP Bett3r Save Account

3.00 % p.a.

max rate

1.50 % p.a.

standard variable rate

Savings Account Offer

Earn a competitive, ongoing rate of up to 3.00% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.

  • Maximum Rate: 3.00% p.a.
  • Standard Variable Rate: 1.50% p.a.
  • Monthly deposit required: $2,000.00
  • Monthly fees: $0.00
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Take control of your finances. Know your options

Rates last updated January 24th, 2018
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
AMP Bett3r Save Account
$0 / $0
Earn a competitive, ongoing rate of up to 3.00% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
RaboDirect High Interest Savings Account
$0 / $1
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
HSBC Serious Saver
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
ANZ Progress Saver
$10 / $10
Ongoing, variable 1.81% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
Westpac Life
$0 / $0
Earn up to 2.30% p.a. interest. No monthly account-keeping fee. Set savings goals and track your progress.
Westpac eSaver
$0 / $0
Total introductory rate of 2.41% p.a. for 5 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
ANZ Online Saver
$0 / $0
Introductory rate of 2.55% p.a. for 3 months, reverting to 0.50% p.a. Available on the entire balance.
St.George Maxi Saver
$1 / $1
Introductory rate of 2.70% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
Bank of Melbourne Incentive Saver
$1 / $1
Ongoing, variable 2.00% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
BankSA Maxi Saver
$1 / $1
Introductory rate of 2.70% p.a. for 3 months, reverting to a rate of 0.80% p.a. Available on the entire balance.
Bank of Melbourne Maxi Saver
$0 / $0
Introductory rate of 2.70% p.a. for 3 months, reverting to 0.80% p.a. Available on the entire balance.
BankSA Incentive Saver Account
$0 / $0
Ongoing, variable 2.00% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.

Compare up to 4 providers

Savings Account 2

What are the steps involved?

  1. Find a savings account that meets your needs.
  2. Submit your application. You’ll need to provide certain identification documents with proof of your residential address including your passport and/or drivers license so have those handy.
  3. Transfer the minimum initial deposit into your new account if applicable.
  4. Set up automatic transfer of the minimum monthly deposit required to achieve the high bonus interest rate if applicable.
  5. Start earning interest and putting your savings to work!

Too good to be true?

Why do banks offer high interest and bonus rates?

  1. They are rewarding you with bonus interest for letting them borrow your money to loan to others while it sits in the bank. You may be limited in how often you can transfer funds from one savings account to another to take advantage of the highest interest rate available.
  2. The introductory bonus rate offered by some providers is an incentive to open an account with them instead of another bank. This is for new customers only, which means you can’t apply for the same account again and again and expect to get the maximum rate.

I get it now! Let’s compare the accounts

Use our savings calculator to see how much you could earn

Watch your money grow as you earn interest over time.

High interest savings accountDo I need a linked bank account?Maximum variable rate (p.a.)
RaboDirect High Interest Savings Account (Variable intro rate of 3.05% for 4 months)Any bank3.05%
RAMS Saver Account (Base rate 1.35% p.a. + Bonus rate 1.45% p.a. on balances up to $20,000)Not required2.80%
St.George Maxi Saver (Variable intro rate of 2.70% for 3 months)Same bank2.70%
ME Online Savings Account (Base rate 1.30% + Bonus rate 1.65% when you link to a ME Everyday account and make a weekly tap & go purchase, on balances up to $250,000)Same bank2.95%
Citibank Online Saver (Variable intro rate of 2.85% for 4 months)Any bank2.85%
ANZ Online Saver (Variable intro rate of 2.55% for 3 months)Same bank2.55%
UBank USaver (Base rate 1.81% + Bonus rate 0.00% p.a. on balance up to $5,000,000)Same bank1.81%

Let’s get started building your wealth

Do you want to be able to afford a house, a new car, or your children’s education not just ‘someday’ but in the next few years? If you want to reach your savings goals, you need to start putting money away in a savings account.

There are a lot of factors to consider when choosing the right savings account. We made this page to help you find the best account for your situation – without you having to open a dozen tabs in your browser and scour the web for answers. Just simply compare options, apples with apples.

You’ll be empowered with the information you need to make a decision that will help provide a successful financial future for you and your family.

If you have a question or want to get in touch, we offer our “ask a question” service at the bottom of the page as well as a 24/7 live chat service.

What's a savings account?

A savings account is a secure bank account that earns you interest over time. These have higher interest rates than standard transaction accounts, enabling you to save for big spending items like a car or the deposit on a house, or save money for a rainy day. You usually need to deposit a set amount of money into the account each month to earn the high interest rate.


  • Savings accounts are a safe investment and are covered under the Government Guarantee.
  • They’re a great tool to help you save and budget.
  • Savings accounts are liquid. It's harder to withdraw your money from a term deposit, or share trading account (when it's invested in shares).
  • You earn a higher interest rate than your everyday transaction account
  • You can use them to save up for your house deposit.


  • You are usually required to deposit a set amount each month and make no or minimal withdrawals in order to receive the high bonus interest rate
  • Savings accounts do not come with a debit card so you’re unable to access your cash as easily as transaction accounts

Interest rates on your savings account

To encourage account holders to save and in exchange for using your money to give out loans, banks will award you an interest rate.

The interest rate on your savings account is variable, meaning it changes according to the Reserve Bank of Australia (RBA) cash rate. If the interest rates on all savings accounts are low, it usually means the RBA cash rate is low.

In some cases, the interest on your account is calculated daily and paid monthly. This means you’ll get compound interest so you earn interest on your interest. You have to read the fine print to see if your account pays interest monthly to be sure you will get compound interest. Interest that is paid annually isn’t compounded as often and thus won’t be as lucrative for you.

It is important to pay attention to the requirements set in order to achieve the high bonus interest rate - this usually requires you to deposit a certain amount of money in the account each month and limits the number of withdrawals you can make.

Some savings accounts also offer a high introductory variable interest rate which is higher than the standard variable rate for a set period, usually a few months. This is a reward for selecting their savings account. However, it’s important to be aware of how long the introductory bonus rate will apply and what the rate will convert to after this period.

From the Australian Tax Office’s perspective, the interest you earn on your savings account is considered to be income. That means it will be taxed at the highest marginal rate unless you’re able to provide a Tax File Number. Then you’ll be taxed at the rate you’re supposed to be taxed.

How do I withdraw money from the account?

Savings accounts usually don’t come with a debit card like everyday transaction accounts.

To access the funds in the savings account, transfer your money from your savings to your linked everyday account. Depending on the savings account you choose, there may be stipulations as to how often you can withdraw from the account. Savings accounts offering higher interest rates may not allow you to touch your money for extended periods of time, or may penalize you for doing so.

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.

What to consider in a savings account...

Low or no fees

Most banks don’t charge a monthly fee for maintaining a savings account. Look for an account with no (or very low) monthly, annual, and transaction fees. The idea is to build wealth (not pay the bank to store your money!).

High or competitive interest rates

Getting the highest interest rate means your money can work harder for you. You’ll want to check the conditions involved in receiving the bonus or introductory rate. The bonus rate might only last the first few months so be sure to check the standard rate too.

Savings goals (short-term v long-term)

You will want a different type of savings account depending on your savings goals. If you are saving to buy something in the short term (a few months or a year), high bonus rates and a lower standard rate may be great. However, if you are saving to buy something over the long term (a few years), you might benefit more from an account with moderate but stable rates. Use our calculator to do the math and see which account will get you to your goal.

Easy access

Some savings accounts allow you to withdraw money a few times each month, while some require you make no withdrawals at all. If you anticipate needing regular access to your savings, you won’t want an account that will charge you for doing so. However, being charged for accessing your account is also a great incentive for not touching your money and letting it grow. Compared to term deposits, savings accounts offer relatively easy access to your money.

Linked accounts

Some banks require you to link your savings account with an everyday account in the same bank to qualify for their interest rate or bonus rate.

Deposit requirements

If you can consistently deposit money into your account (for example your regular salary), you should look for accounts offering bonus rates for meeting monthly minimum deposits, like a Bonus Saver account. Otherwise, an Introductory Bonus savings account might be best.

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

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 four) and you need to be a new customer.

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 usually doesn’t matter if you’re a new customer or not, but there may be restrictions on the amount of accounts you can have.

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. To learn more about these restrictions, select the range that best describes your total balance to compare these types of accounts.

How do I find a savings account for my situation?

Are youDescriptionFeatures
Youth and studentWhether you're studying, doing an apprenticeship or under 18, there are still a range of accounts available for you. Every dollar counts at this stage, so check if you're eligible for a low-cost student account.
Saving for a goalSetting a goal and developing a savings plan is easier than you think. There are a few ideas that can help, including taking advantage of a sweep facility or locking it away in a term deposit. Also, take note of the interest rate and understand the features you can use.
  • Sweep facility
  • Bonus interest awarded when deposit and withdrawal requirements are met
  • Automatic savings plan
Retired and seniorsWhether you love the convenience of Internet and phone banking, or prefer face-to-face banking in a branch – financial institutions offer a range of options.
Accounts for childrenMost parents want to help their kids manage their money responsibly and learning to save is an important skill for the future. Help your child's savings grow by choosing the right account.
  • Bonus interest awarded for saving
Moving to AustraliaWhether you've moved to Australia for work or study, Australian banks have a wide range of options for you. You'll need an everyday bank account for your everyday banking and most likely a savings account to store any surplus cash.

What's the best account for my savings style?


Video: How do I always get the highest interest rate?

How to apply for a savings account online

The process involves filling in an online application, verifying 100 points of identification if you’re a new customer and depositing funds into the account to get your savings plan started. Items such as a passport or birth certificate are worth 70 points, while secondary documents such as driver’s licences are worth 40 points. If you already have an account with the same bank you will not have to satisfy the 100-point check.

Not an Australian resident? Don’t worry, you can still apply for a savings account if you’re an expat or intend to move to Australia permanently.

You’ll need the following documents to apply online:

  • Your personal details. This includes your full name, address, phone number and email address.
  • Your Tax File Number. This ensures that you get taxed the correct rate when earning interest and not at the highest marginal rate.
  • Identification. A driver's licence, passport or birth certificate will do.

Savings Account Offers

Important Information*
ANZ Online Saver

Maximum Variable Rate


Standard Variable Rate

RaboDirect High Interest Savings Account

Maximum Variable Rate


Standard Variable Rate

HSBC Serious Saver

Maximum Variable Rate


Standard Variable Rate


Ask an Expert

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6 Responses

  1. Default Gravatar
    JanNovember 3, 2017

    Enquiry is regarding interest bearing savings accounts, which banks offer these to over 55′s?

    • Default Gravatar
      JonathanNovember 3, 2017

      Hi Jan,

      Thank you for your inquiry.

      You may compare your options on this page for retirement savings accounts. There is a calculator at the top of our comparison table where you can put in your deposit and select your term to get an estimate of your interest earnings. Also, we have listed some tips on how you can look into the features of these accounts.

      It is noteworthy to state the eligibility and product terms vary across different savings accounts, so you need to review them fully before applying.

      Hope this helps.


  2. Default Gravatar
    MarjorieAugust 31, 2016

    How do I find -if a lost bank a/c many years ago?

    • Staff
      ClarizzaAugust 31, 2016Staff

      Hi Marjorie,

      Thanks for your comment.

      Our guide on How to find unclaimed money might help. This page outlines a few options available to you in Australia.

      Hope that helps.


  3. Default Gravatar
    MargaretNovember 6, 2015

    Can I get a Day to Day interest account at Suncorp bank

    • Staff
      BelindaNovember 12, 2015Staff

      Hi Margaret,

      Thanks for your enquiry.

      If you’re interested in applying for a high-interest savings account with Suncorp bank, you can compare their transaction, savings and term deposit accounts on this page.

      With a Suncorp savings account, interest is calculated daily and paid into your account each month, quarter or six months depending on which account you hold. If you’d like to find out more about how and when interest is calculated for a particular account, you can view their ‘Product Features at a Glance’ section of the Personal Deposit Account Product Information document on their website.


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