Get a higher interest rate when comparing the best savings accounts*

The best savings account* can make your money work harder for you.

High interest savings account offer

ING Savings Maximiser

2.80 % p.a.

max rate

1.00 % p.a.

standard variable rate

High interest savings account offer

Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.

  • Maximum Rate: 2.80% p.a.
  • Standard Variable Rate: 1.00% p.a.
  • Monthly deposit required: $1,000.00
  • Monthly fees: $0.00
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Do you currently have one of Australia's best savings accounts*?

*Definition: The best savings account accommodates your savings style and will help you earn maximum interest, so you can achieve your financial goals sooner. There is no one account that is best, and what is best for you may not be best for someone else. It's important to differentiate between a savings account and a bank account. A bank account, or everyday transaction account, is used for daily transactions and day-to-day spending. A savings account is designed to keep your money safe while you earn interest on it.

The top 7 savings accounts* by maximum variable rate

*Definition: By top savings accounts, we’re referring to accounts which offer competitive bonus interest rates. The bonus interest rate may be contingent on meeting certain criteria. Before signing up to an account, always consider your circumstances carefully and your ability to service these requirements ongoing.

How do I find the best savings account for me?

Match your savings style to the points below to help you choose the best savings account type for your situation.

Introductory rate savings account Bonus saver savings account
  • Great for beginner savers
  • You can make withdrawals
  • You're happy to regularly switch accounts
  • "Set and forget" option until the introductory bonus offer is over
  • Great for experienced and advanced savers
  • You don't intend to make withdrawals
  • You make regular deposits
  • Offers an incentive to regularly save

Our table can find the best savings account for you

By following these four easy steps, our table will find the savings account that gives you the most interest:

      1. Indicate your initial deposit
      2. Indicate your monthly deposits
      3. Indicate how long you want to invest for
      4. Click "Calculate"


How does the best savings account work for me?

It's common practice to have a savings accounts and bank account linked together. A bank account, or everyday transaction account has features like paying bills via BPAY and a linked debit card. A savings account doesn't have any of these features, but it does give you an interest rate. You can even go one step further and lock your funds away in a term deposit.

Is a joint savings account best for me?

Joint accounts are a great way to reach joint financial goals, but pose some risks too. Generally joint accounts allow up to two joint account holders. If you need more than two, you can consider adding the third or fourth person as a signatory here.

Where can I find the best savings account for my lump sum?

When the official cash rate is low, where can you get the best return for your money? For some, there's peer-to-peer investing or high interest savings accounts.

      • If you have a lump sum of less than $10,000. At-call savings accounts still pay a decent amount of interest, but only up to limited balances, and it comes with a number of conditions. However, they may still be worth the hassle of applying.
      • If you want to put away a lump sum every month (about $500 per month as a general rule of thumb). Bonus saver accounts pay the highest interest but usually on small amounts and only if you can make a deposit for that month. If you're not a starter saver, there may be better options.
      • If you have more than $10,000. There are two options you may want to consider. You can invest in a term deposit or notice saver, if you're willing to lock in the funds for a set amount of time. The second option, if you prefer a bit of risk, is peer-to-peer investing. Peer-to-peer lending providers act like middlemen by matching investors who are willing to lend money to other people or small businesses who want to borrow it. Remember to check whether the rates quoted are gross rates and if you have to pay tax.

How do I find the best interest rate on

Our comparison tool above can sort products in ascending order so you can find the highest interest rate at the time.


Which type of savings account is best for me?

What are the benefits of the best savings account?

      • Aussies are spoilt for choice. When looking at the best savings accounts, there are several different types available which are structured to meet specific needs, making it easy to find one that suits your financial goals.
      • You can get started with a $0 minimum deposit. With some savings accounts, you can open the account with a low, or even no, initial deposit. In addition, some accounts won’t have a minimum monthly balance requirement.
      • It doesn't charge any monthly fees. Due to competition within the financial sector, you’ll find that a number of Australian lenders waive monthly maintenance or account-keeping fees.
      • Kickstart your savings plan today. Savings accounts allow you to grow your available funds without any work. Whichever savings account you opt for, you’ll have the opportunity to earn interest on your funds.
      • Transfer funds between your accounts online. With the continual improvement of mobile and internet banking, you can easily transfer money between your savings account and transaction account.

Traps to avoid

The Australian Government Guarantee Scheme was designed to promote financial stability in Australia. On 1 February 2012, the amount was changed to $250,000 per person, per institution. In the case of a financial crisis in Australia, these amounts are insured by the Australian government.

      • Risk: Not meeting the terms of your bonus saver account

If you are unsure whether you will be able to meet the bonus saver’s monthly deposit requirement, then an online savings account may suit you better.

      • Risk: What happens to my savings account if my bank goes bust?

Normally, shareholders are affected first followed by the bonds that are issued by the banks. Deposits that are guaranteed by the Australian government won't be affected. If a financial crisis were to hit Australia, withdrawals could be limited for a few months. For more information, see our page on what happens if your lender goes bust.

How do I open a savings account?

In most cases you will be able to apply and open the savings account online, as long as you’re able to provide documentation that confirms your identity and residency. If you're a new customer to the bank, you'll need to verify your identity for legal reasons. For the online savings and bonus saver accounts, some banks will allow an Australian as young as 12 years old to have an account opened in their name. Open a bank account online in 7 easy steps.

The latest news in banking

Commonly asked questions

Compare the best savings accounts*

Compare the features of the savings below to choose the best one for you.

High interest savings Maximum variable rate (p.a.) Standard variable rate (p.a.) Linked bank account
RaboDirect High Interest Savings Account 3.05% p.a., First 4 months 1.80% p.a. Any bank
ME Online Savings Account 2.85% p.a. Ongoing, conditions apply 1.30% p.a. Same bank
Citibank Online Saver 3.05% p.a. First 4 months 1.70% p.a. Any bank
UBank USaver Account 2.87% p.a. Ongoing, deposit at least $200 1.81% p.a. Not required
St.George Maxi Saver 2.85% p.a. First 3 months 0.50% p.a. Same bank
ANZ Online Saver 2.30% p.a. First 3 months 0.50% p.a. Same bank

*The best savings account will help you manage your savings effectively to suit your savings and spending style. There may be more than one savings account that is 'best' for your situation. It is important to consider what features of an online savings account are important to you, such as monthly fees, access to your balance, and the interest rate when selecting an account. The accounts identified on this page are some of the best savings accounts offered, however this list is not exhaustive and there are other additional accounts that may be better suited to your personal circumstances.

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate


Standard Variable Rate

RaboDirect High Interest Savings Account

Maximum Variable Rate


Standard Variable Rate

AMP Saver Account

Maximum Variable Rate


Standard Variable Rate

Bankwest Hero Saver

Maximum Variable Rate


Standard Variable Rate


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35 Responses

  1. Default Gravatar
    RBOctober 13, 2018

    Which savings bank accounts are open to those applying for Australian citizenship?

    • finder Customer Care
      JeniOctober 13, 2018Staff

      Hi RB,

      Thank you for getting in touch with finder.

      On this page that you’re viewing, you need first to choose from the drop-down menu on what you’re looking for a savings account like high interest, everyday savings etc. Once you have chosen, click on “More” of your chosen bank then you may check the residency requirement on the “How to apply” tab of the review page. Most Australian banks would ask for your Australian residential address rather than your residency status in order to be eligible for a savings account with them. You may also see your other savings account options on this PAGE.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


  2. Default Gravatar
    harimauOctober 18, 2017

    I want to open a savings account with another bank other than Westpac (closed today because of bad service), have a bank cheque), to have DEFT and other payments deducted. Commonwealth? St George? Bank West? ANZ? Bendigo Bank?

    • finder Customer Care
      JudithOctober 19, 2017Staff

      Hi Harimau,

      Thanks for contacting finder, a comparison website and general information service.

      Since we are a comparison website and can’t recommend a specific savings account to you, the best thing to do is to check your options that would best suit your needs.

      I can see that you are viewing this page for high interest savings accounts. When choosing a high interest savings account, you may need to factor in which type are you needing. Would you be needing a savings account with a bonus rate or would you be needing one with introductory rate?

      For a list of options for bonus savers accounts, you may check this page.

      On the other hand, you may check this page for a list of introductory savings accounts.

      I hope this helps.

      Best regards,

  3. Default Gravatar
    SamSeptember 29, 2017

    Hi there – are there any savings accounts available for immigrants living in Australia on 457 (Temporary Skilled Work) Visas? I have a TFN, and my permanent residency application is in process.

    Many thanks,

    • Default Gravatar
      ArnoldSeptember 30, 2017

      Hi Sam,

      Thanks for your inquiry

      Many banks have migrant services to help facilitate the process of opening a bank account in Australia. You can find more about this here. Charges will be dependent on what type of account you open with each bank. Please contact the bank directly to discuss the best account for your situation.

      Hope this information helps


  4. Default Gravatar
    ZdravkoJuly 1, 2017

    Bank of Melbourne is advertising 3% on Maxi Saver yet mums only getting 2.75% and me worse 2.55%.

    • Default Gravatar
      JonathanJuly 1, 2017

      Hi Zdravko!

      The bonus 2% introductory offer is only for the first 3 months from account opening and is subject to tax and other changes imposed by the bank.

      You may want to verify this with the bank directly.

      Hope this helps.


  5. Default Gravatar
    robertMay 28, 2017

    My partner and i are wanting to start a joint savings account for mostly travelling. We are going to be depositing 800 per month and our first withdrawal will be mid October. Am wanting to know what bonus saving account would be best.

    • finder Customer Care
      LouMay 28, 2017Staff

      Hi Robert,

      Thanks for your question.

      You may check this page to compare bonus savings account.

      Given that you will deposit $800 per month and you’ll withdraw on October, the savings account that can give you high interest earnings are: Bankwest Hero Saver, ME Online Savings Account and Bank Australia Bonus Saver Account.

      You may take advantage of the savings calculator on the page to see how much interest you’ll earn per account if you have an initial deposit or if you want a longer term.


  6. Default Gravatar
    NMarch 22, 2017

    I want to open a savings account with a lump sum to pay for funeral, which is best, also can i have it in my name with my son as signatures.

    • finder Customer Care
      LouMarch 23, 2017Staff

      Hi Nuala,

      Thanks for your question.

      You may want to use our savings account calculator above to see how much interest earning you’ll get under each savings account.

      If you want to have your son as a signatory, you may opt for a joint account application. Most of the savings accounts we feature above allow that option.


  7. Default Gravatar
    MarkNovember 1, 2016

    Just want to know why some financial institutions with better rates are never in the “compare” table?
    For example RAMS – 3.15% (ongoing), UBank – 2.81% (ongoing).
    RAMS is mentioned way below the main table, UBank no even shown anywhere.
    What are the reasons for this?
    Thank you

    • finder Customer Care
      ClarizzaNovember 1, 2016Staff

      Hi Mark,

      Thanks for your question.

      Although we cover a wide range of products, providers and services we don’t cover every product, provider or service available in the market so there may be other options available to you. For more information, please see our UBank USaver review and our RAMS Saver account review.


  8. Default Gravatar
    JazmineAugust 30, 2016

    Hey guys,

    2 questions hopefully you can help me out.

    First one, looking to start saving about 100 a month for the next 30 years, just wondering what sort of account would give me the best return on interest wise?

    Second one, I have also got a lump sum, we will say 30,000. Now I’m interested in putting it away for a year maybe two with weekly deposits in to the account, what sort of account should I be looking for? Or should I just put it in to a house deposit, flip it and hopefully make my money back with some spending money?

    Cheers guys appreciate it so much.

  9. Default Gravatar
    June 14, 2016

    i want to set up a savings account that earns interest. i am going overseas in 20 months time. i want to add money in either weekly or fortnightly. can you help

    • finder Customer Care
      ClarizzaJune 15, 2016Staff

      Hi Cassandra,

      In addition to my previous reply, you may want to consider a Bonus saver account. This type of savings account offers incentives to enable you to save. Provided you meet minimum deposit requirements, you’ll be able to earn the bonus interest rate on your savings. The bonus rate is an additional percentage to the standard variable interest rate. You can find out more, compare and open a Bonus Saver account from our page. Be sure to check the ‘Bonus saver accounts comparison’ tab on our comparison table.


    • finder Customer Care
      ClarizzaJune 14, 2016Staff

      Hi Cassandra,

      Thanks for your question. Our savings account comparison tables on this page shows potential interest earned on your savings. Compare savings accounts, bonus savings accounts and introductory savings accounts to see which works best for you.

      Simply fill in the ‘initial deposit’, ‘monthly deposit’ and ‘period’ fields to calculate and compare how much interest you can earn. You can compare interest rates and interest earned. Most banks allow you to choose how often you pay across the month, including weekly or fortnightly – it will depend on the account you choose and the bank – however, check with the bank what the minimum deposit is for the month (if there is a minimum).

      If you want to compare and find out more about the different types of savings accounts, there’s information further down the page. Of course each account comes with its own terms and conditions, so it’s best to check this in detail.

      Hope that helps.


  10. Default Gravatar
    JuliaMay 25, 2016

    hi there, I tried to open an online savings account and it wouldn’t accept linking to an Australian credit union, despite this being the account I have my salary paid into. I have two other online accounts linked to this reputable credit union and have never had this problem. Can you please explain why Citibank has made this decision? I have a reasonably substantial amount to invest as well.

    • finder Customer Care
      ShirleyMay 26, 2016Staff

      Hi Julia,

      Thanks for your question.

      It seems like there may be an issue with the Citibank system since you were able to link your bank account to other savings accounts, in this case I’d recommend that you get in touch with Citibank directly to enquire about this.

      Sorry that I couldn’t be much of an assistance.

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