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.
We've scoured the internet and found you the best* savings accounts you can open without having to create a new linked transaction account. These accounts can be opened using your existing transaction account.
standard variable rate
High interest savings account offer
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
- Maximum Rate: 2.50% p.a.
- Standard Variable Rate: 1.05% p.a.
- Introductory period: 4 months
- Monthly fees: $0.00
Compare savings accounts that don’t need a linked transaction account below
These accounts don't require you to open a linked transaction account with the same financial institution. You can make deposits and withdrawals from these accounts using your existing transaction account, as long as the account is with an Australian financial institution.
These accounts 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.|
|Rabobank||Rabobank Online Savings are an online savings bank. If you want to open a Rabobank Online Savings 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 Rabobank Online Savings 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.|
How to choose a savings account on finder.com.au
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.
I'm a business owner
If you're a business owner, you may want to consider opening a Business Savings account that allows you to stow surplus cash and earn interest on it at the same time.
I'm an investor
If you're an investor, you may want to consider opening a Cash Management account, some of which allow you to link it to an online trading account.
I can regularly save
If you're a regular saver, you may want to consider an Online Savings Account that allows you to easily transfer funds between your savings account and your transaction account.
I don't need access to my money once I deposit it into a savings account
You may want to consider a Bonus Saver account that provides a high interest rate when you deposit every month and/or don't make withdrawals.
What are the different types of savings accounts 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.