Compare savings accounts

Compare savings accounts interest rates, features and fees side-by-side with our handy guide.

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There are a few things to consider when you compare savings accounts, but 2 of the most important are the rate and the account criteria. Make sure you look for a savings account with a high interest rate and monthly deposit conditions you can easily meet.

Compare savings accounts

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee
AMP Saver Account - 1.35% from 1 Feb 2022
Westpac Life (18-29 year olds only)
Virgin Money Boost Saver (25+ year olds)
MyState Bank Bonus Saver Account
Virgin Money Boost Saver (18-24 year olds)
Virgin Money Grow Saver
Westpac Life

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What's happening with savings accounts in January 2022?

One savings account has already raised its bonus rate this year.

The AMP Saver Account now offers an ongoing total bonus variable rate of 1.35% p.a. each month you deposit at least $250 into your AMP Saver Account, with no monthly spend requirements to meet. This bonus variable rate is available on balances up to $250,000.

With the RBA predicted to raise the cash rate this year, we could see more savings account rates go up. We'll be keeping a close eye on rates and updating this page when they change.

Updated by Alison Banney on 24 January 2022.

    Use our savings calculator to see how much you could earn

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How do I open a savings account?

  1. Compare savings accounts until you find 1 that meets your needs.
  2. Submit your application. You'll need to provide certain identification documents with proof of your residential address, such as your passport and/or drivers licence, 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.

Why do banks offer high interest and bonus rates?

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.

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 savings accounts

How to compare savings accounts if...

Use your savings style as a guide for getting to your savings goal. Each savings account has different terms and conditions, so take the time to find out what they are. This can affect how quickly or slowly you reach your financial goals.

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 should think about putting some money away in a savings account.

There are a lot of factors to consider when you compare savings accounts to find the right option. We made this guide to help you find the best savings account for your situation – without you having to open a dozen tabs in your browser and scour the web for answers.

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.

Benefits of savings accounts

  • 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.

Drawbacks of savings accounts

  • You are usually required to deposit a set amount each month and make no or minimal withdrawals 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 for savings accounts are becoming quite low, as the official cash rate falls.

How to compare savings accounts interest rates

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 won't be as lucrative for you.

When comparing interest rates, it's important to pay attention to the requirements set 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. Don't just opt for the account with the highest interest rate because you might not be able to meet the deposit conditions to get that rate.

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 savings 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 penalise 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.

How to compare savings accounts

There are certain features to keep in mind when comparing savings accounts, including fees, interest rates and your personal savings goals. Read below to find out how these factors can help you compare savings accounts and choose the right one for your needs.

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 vs 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, such as a Bonus Saver account. Otherwise, an Introductory Bonus savings account might be better.

How do compare ethical savings account?

If you want to make sure your savings account is ethical and aligns with your values, consider the following when choosing an account.

  • Check your current bank's values. If you already have a savings account, check its website to examine what the bank's investment values are now. If this information is not disclosed you can call or visit a branch to get more information.
  • Look at how your money is being invested. Once you understand what your bank's investment policies are, you can find out where your savings are being invested in now. In most cases, banks that provide ethical savings accounts will disclose this information openly.
  • Your personal beliefs and values. Think about the causes that you are passionate about and how you can make a positive difference to society or to the environment. Then narrow down your choices based on those.
  • Make the switch if necessary. If you are not comfortable with the investing principles of your current bank, or find one that is more suited to your morals, it is typically easy to switch your accounts by providing your new bank with the details of your current accounts.

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 4) 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 doesn't matter if you're a new customer or not, but there may be restrictions on the number 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.

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.
  • Fee-free everyday banking
  • Linked debit card
  • 24/7 access to your banking
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.
  • Competitive interest rate
  • Fee-free everyday banking
  • Pensioner benefits
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.
  • Migrant services
  • Multilingual ATMs and bank staff
  • 24/7 banking
  • Cheap overseas money transfers
  • Multi currency features
Looking for an online account with no feesFee-free banking means every dollar you deposit gets you closer to your savings goal. Plus, online accounts typically offer higher interest rates.

What's the right account for my savings style?


How to apply for a savings account online

So you have gone through, compared savings accounts available on the market and are ready to apply. 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.

Read more on this topic

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8 Responses

    Default Gravatar
    KarenNovember 21, 2018

    I want to find the best saving account but not be restricted in having to also have an everyday transaction account with that bank.

      Avatarfinder Customer Care
      JhezNovember 30, 2018Staff

      Hello Karen,

      Thank you for your comment.

      If you are referring to easy access to your savings account, you can check everyday transaction accounts and compare the interest rates, features, and fees of the account. Please click the “Go to Site” button to submit an application.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.


    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 from our list of 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.

      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.


    Default Gravatar
    MarjorieAugust 31, 2016

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

      Avatarfinder Customer Care
      ClarizzaAugust 31, 2016Staff

      Hi Marjorie,

      Thanks for your comment.

      Our finding lost super guide should help you know how to find unclaimed money. This page outlines a few options available to you in Australia.

      Hope that helps.


    Default Gravatar
    MargaretNovember 6, 2015

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

      Default Gravatar
      BelindaNovember 12, 2015

      Hi Margaret,

      Thanks for your enquiry.

      If you are interested in applying for a high-interest savings account with Suncorp bank, you can compare their transaction, savings and term deposit accounts on a range of Suncorp Bank savings accounts to compare.

      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 would 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.

      Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.


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