Why get a transaction account too when all you want is a savings account?
Savings accounts are for your savings not your spendings. There are savings accounts that don’t need a linked transaction account and there are savings accounts that do.
Some accounts make it easier for you to spend your money than others, there are savings accounts that come with debit cards, wait 3 days for a transfer to clear type savings accounts and savings accounts linked to bank accounts.
We’ve sorted the savings accounts we compare into the ones that do and don’t need a linked transaction account.
Compare savings accounts that don’t need a linked transaction account below
You can apply for these savings accounts and transfer to and from your existing transaction account.
|Citibank||The Citibank Online Saver can be opened using your existing transaction account. You need to ‘activate’ the Online Saver by making an online funds transfer from your bank account.|
|Bankwest||The Bankwest Hero Saver, TeleNet Saver and Smart eSaver do not need a linked transaction account from Bankwest.|
|UBank||You can open a USaver, USaver Reach or USaver SMSF savings account and make deposits and withdrawals to and from your existing bank account.|
|Suncorp||You’re given the option of opening an Everyday Basics or 55+ transaction account when you apply for Suncorp savings accounts; however, you can skip this step if you don’t want a transaction account with Suncorp.|
|RAMS||Open the RAMS Saver and make a deposit from any bank account in Australia.|
|ING||You can link the ING Savings Accelerator or Savings Maximiser to any bank account in Australia. Enter the BSB, account number and name when you apply for the ING savings account. You get an extra 1% from ING when you open an Orange Everyday transaction account with your Savings Maximiser and make a deposit of $1,000 or more each month.|
|Commonwealth Bank||Commonwealth Bank GoalSaver and Youthsaver accounts can be opened as standalone savings accounts.|
|Westpac||The Westpac Reward Saver does not need to be linked to a Westpac Choice transaction account.|
|NAB||The NAB Reward Saver does not need to be linked to a NAB transaction account.|
|Bendigo Bank||You can make deposits and withdrawals to the Bendigo Bank EasySaver and Community Saver Accounts from any bank account in Australia.|
|Easy Street||The Easy Savings Account and Bonus Saver Account can linked to your existing transaction account.|
|Gateway Credit Union||You can make deposits to the Everyday Savings Account, eMax Saver and Dollaroo Savings Accounts from your current transaction account.|
|Greater Bank||The Bonus Saver account can be opened without a Greater Bank transaction account.|
|Heritage Bank||The Heritage Bank Online Saver and Target Bonus savings accounts can be opened without a Heritage Bank transaction account.|
|IMB||You can make transfers and withdrawals to and from the IMB Reward Saver from your everyday transaction account.|
|Teachers Mutual Bank||You can make deposits to the Online Savings Account from Teachers Mutual Bank from any bank account in Australia; however, you need to be a member of the teaching community have a relative working as a teacher to join.|
|HSBC||HSBC ask that you link their savings accounts to one of their transaction accounts or an existing transaction account in your own name.|
These ADIs require that you open a transaction account along with the savings account
You are required to open an additional account when you apply for one of these savings accounts.
|Westpac||The Westpac eSaver must be opened with a Westpac Choice transaction account.|
|NAB||The NAB iSaver must be linked to a NAB transaction account. You’re given the option of opening the NAB Classic Banking transaction account when you apply for the iSaver savings account.|
|Citibank||The Citibank Plus Transaction Account can be opened with a linked Citibank Plus Savings Account. This is a sub-account of the Citibank Plus. The Citibank Ultimate Saver is a bank account and savings account combo.|
|Rabodirect||Rabodirect are an online savings bank. If you want to open a Rabodirect High Interest Savings Account (HISA) you’ll need to open a Notice Saver, Premium Saver or term deposit. These accounts are fee free and act as an online transaction account between your everyday bank account and your Rabodirect HISA. You open one of these accounts when you apply for the HISA.|
|Bank of Melbourne||Bank of Melbourne require you to open a Complete Freedom Account. Complete Freedom is a no fee account with a Visa Debit Card.|
|BankSA||BankSA Maxi Saver must be linked to an eligible Complete Freedom Account.|
|Bank Australia||When you apply for the Bank Australia savings account you’re required to become a member of the customer owned financial institution. You get a Everyday Access Account with the option of a debit card linked to your savings account.|
|St.George||You must open a free Complete Freedom Account when you apply for a St.George savings account.|
|Commonwealth Bank||You must open a Smart Access, Complete Access, Streamline or Pensioner Security Account when you apply for a NetBank Saver account.|
|Macquarie Bank||Macquarie’s Savings Account must be linked to a Macquarie Bank transaction account.|
|Bank of Sydney||If you want to open a Bank of Sydney SuperRate Account, you need to open a Bank of Sydney transaction account too.|
|CUA||CUA will open an additional CUA Everyday Account with a Visa Debit Card when you apply for an eSaver Reward or eSaver Plus Account or CUA eSaver Youth Account.|
|Your Credit Union||The Your Credit Union NetSaver Account must be opened with the YCU Everyday Transaction Account.|
|Bank of Queensland||The Bank of Queensland Bonus Interest Savings Account account must be linked to a Bank of Queensland transaction account.|
|Beyond Bank||The Beyond Bank monEsaver online savings account must be linked to a Beyond Bank transaction account.|
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What are the different types of savings account available?
Bonus introductory period
- Savings accounts that reward you with bonus interest for an introductory period.
Conditional bonus interest
- Savings accounts that reward you with bonus interest when you meet deposit and withdrawal requirements.
A flat rate
- Savings accounts which pay a flat rate of interest.
- Savings accounts with an interest rate which increases as your account balance increases.
Each type of savings account has benefits for different types of savers. The bonus intro period savings account is a good idea for someone who doesn’t think they’ll be able to make additional contributions whereas a conditional bonus interest offer can be a good for someone who is planning on growing their savings balance long term. Compare high interest savings accounts to find the right product for you.
Get in touch with us using the form below if you have questions about the savings accounts listed on this page. A member of the finder team will get back to you shortly.