linked-account-not-required

Savings accounts that don’t need a linked transaction account

Information verified correct on December 5th, 2016

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

Rates last updated December 5th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $5,000,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open More
Rates last updated December 5th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Westpac Reward Saver
Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
1.85% 0.01% 1.84% $0 $0 / $0 Open More
Bankwest Hero Saver
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $5,000,000.
2.65% 0.01% 2.64% $0 $0 / $0 Open More
Bendigo Bank EasySaver Account
Ongoing, variable 1.25% p.a. when you link to Bendigo Bank transaction account. Available on the entire balance.
1.25% 1.25% 0.00% $0 $1 / $1 More
UBank USaver
Ongoing, variable 1.81% p.a. when you link to any Australian bank transaction account and deposit $200+ each month. Available on balances up to $5,000,000.
1.81% 1.81% 0.00% $0 $0 / $0 More
UBank USaver Reach
Receive a competitive interest rate with no minimum balance required for this account. Available for Aussies aged between 18 - 29 years old.
2.31% 2.31% 0.00% $0 $0 / $0 More
UBank USaver SMSF
Ongoing, variable 2.06% p.a.. Available on balances up to $5,000,000.
2.06% 1.66% 0.40% $0 $0 / $0 More
RAMS Saver Account
Ongoing, variable 3.15% p.a. when you deposit $200+ each month and make no withdrawals. Available on balances up to $500,000.
3.15% 1.50% 1.65% $0 $0 / $0 More
Commonwealth Bank Goal Saver Account
Ongoing, variable 1.95% p.a. rate when you deposit at least $200 p/m with no withdrawals. Available on balances up to $100,000.
1.95% 0.01% 1.94% $0 $0 / $0 More
Commonwealth Bank Youthsaver Account
Ongoing, variable 2.30% p.a. when you make at least one deposit with no withdrawals each month. Available on the entire balance.
2.30% 0.01% 2.29% $0 $0 / $0 More
NAB Reward Saver
Ongoing, variable 2.70% p.a. when you link to NAB transaction account and deposit $200+ each month and make no withdrawals in the month . Available on balances up to $5,000,000.
2.70% 0.50% 2.20% $0 $0 / $0 More
Greater Bank Bonus Saver
Ongoing, variable 2.20% p.a. when you deposit $1+ each month. Available on the entire balance.
2.20% 2.20% 0.00% $0 $1 / $1 More
Heritage Bank Online Saver
Ongoing, variable 2.25% p.a. when you link to an eligible Heritage Bank account or an account held by another Australian financial institution if approved by Heritage Bank. Available on balances $750,000 plus.
2.25% 2.25% $0 $1 / $1 More
Heritage Bank Target Bonus
Ongoing, variable 2.20% p.a. when you make at least one deposit and no withdrawals. Available on the entire balance.
2.20% 0.20% 2.00% $0 $1 / $1 More

You can apply for these savings accounts and transfer to and from your existing transaction account.

Institution Accounts
CitibankThe 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.
BankwestThe Bankwest Hero Saver, TeleNet Saver and Smart eSaver do not need a linked transaction account from Bankwest.
UBankYou can open a USaver, USaver Reach or USaver SMSF savings account and make deposits and withdrawals to and from your existing bank account.
SuncorpYou’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.
RAMSOpen the RAMS Saver and make a deposit from any bank account in Australia.
ING DirectYou can link the ING Direct Savings Accelerator or Savings Maximiser to any bank account in Australia. Enter the BSB, account number and name when you apply for the ING Direct savings account.  You get an extra 1% from ING Direct when you open an Orange Everyday transaction account with your Savings Maximiser and make a deposit of $1,000 or more each month.
Commonwealth BankCommonwealth Bank GoalSaver and Youthsaver accounts can be opened as standalone savings accounts.
WestpacThe Westpac Reward Saver does not need to be linked to a Westpac Choice transaction account.
NABThe 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 StreetThe 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 BankThe 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.
IMBYou 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.
HSBCHSBC ask that you link their savings accounts to one of their transaction accounts or an existing transaction account in your own name.
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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.

Institution Accounts
WestpacThe Westpac eSaver must be opened with a Westpac Choice transaction account.
NABThe 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.
CitibankThe 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.
RabodirectRabodirect 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 or Express Freedom transaction account. Complete Freedom is a no fee account and both come with a Visa Debit Card.
BankSABankSA Maxi Saver must be linked to an eligible Complete Freedom or Express Freedom transaction account.
Bank AustraliaWhen 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.GeorgeYou must open a free Complete Freedom or Express Freedom transaction 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 BankMacquarie’s Savings Account must be linked to a Macquarie Bank transaction account.
Bank of SydneyIf you want to open a Bank of Sydney SuperRate Account, you need to open a Bank of Sydney transaction account too.
CUACUA 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 UnionThe 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.

Tiered rate

  • 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.

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Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
ING DIRECT Savings Maximiser

Maximum Variable Rate

2.75%

Standard Variable Rate

1.60
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.20%

Standard Variable Rate

2.05

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