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standard variable rate
High interest savings account offer
Receive a maximum variable rate of 1.75% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
- Maximum Rate: 1.75% p.a.
- Standard Variable Rate: 0.15% p.a.
- Introductory period: 4 months
- Monthly fees: $0
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.
Our table can help you 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:
- Indicate your initial deposit.
- Indicate your monthly deposits.
- Indicate how long you want to invest for (this is the "period")
- Click "Calculate"
The top 8 savings accounts* by maximum variable rate
- Rabobank Online Savings High Interest Savings Account: 2%. This is an introductory bonus rate applied to your balance for the first four months, to give your savings a kick-start.
- HSBC Serious Saver Account: 1.75%. This is an Introductory rate for 4 months, reverting to a rate of 0.15%.
- Citibank Online Saver: 1.55%. Available for 4 months, reverting to a rate of 0.35%.
- UBank USave Account: 1.6%. When you deposit $200+ each month.
- ME Online Savings account: 1.55%. When you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go.
- ING Savings Maximiser: 1.65%. When you link to an ING Orange Everyday bank account and deposit at least $1,000 per month and make 5+ card purchases a month.
- Xinja Stash Account: 1.65%. On balances in your Xinja Stash account up to $245,000, with zero conditions to meet.
- Up Bank Save Account: 1.6%. When you make five transactions in the months from your linked Up debit card.
*Definition: The bonus interest rate may be contingent on meeting certain criteria. We haven't looked at every account in the market, and these are just some of the top rates available in our database. You might find an account with a slightly higher rate than those above elsewhere in the market.
Finder's best savings account picks for August 2020
Every month we look at savings accounts in our database and pick some of the top accounts across a few different categories, depending on what type of savings account you're looking for.
While our picks are from banks with whom Finder has a commercial relationship, they all have competitively high interest rates. You may find products with slightly higher interest rates elsewhere on the market, but we're confident our picks are quality options that are among the best savings accounts in the market. You can learn more about our selection methodology under our top picks.
Our best savings account pick for easy-to-earn interest
This account could suit you if you're looking for a high ongoing rate with low or no monthly deposit conditions to meet and easy access to your money.
Finder's top pick for easy-to-earn interest: ME Online Savings Account
- Standard Variable Rate: 0.1% p.a.
- Monthly deposit required: $0
- Monthly fees: $0
How did we choose our best savings account pics?
Click on the links below to see what we looked at for each top pick category.
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|
How do I find the best interest rate on Finder?
Our comparison tool above can sort products in ascending order so you can find the best interest rate at the time. Here's what the different table column heading mean, and how to sort the table:
- Compare check box under each bank's name: You can select multiple savings accounts in the table to compare, if you don't want to compare the whole list.
- Maximum variable rate p.a.: This is the standard variable rate plus the bonus interest rate, and is the maximum interest rate you're able to earn with each savings account.
- Standard variable rate p.a.: This is the standard, base interest rate you'll receive even if the deposit conditions aren't met.
- Bonus interest p.a.: This is extra bonus interest you'll receive on top of the standard variable rate when the account conditions are met.
- Fees. This is the monthly account keeping fee, if there is one (there usually isn't)
- Min bal / min deposit: This tells you if there's a minimum balance requirement you need to maintain.
- Interest earned. This is the amount of interest you stand to earn based on the information provided in the calculator above the table (initial deposit, ongoing deposit and length of time)
Which type of savings account is best for me?
Tips to find the best savings account
- 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. This is something to look for if you don't yet have much money to deposit into the account.
- It doesn't charge any monthly fees. It's rare to find a savings account that charges monthly account fees, so try to stay clear of these if you do find one.
- Competitive interest rate. You want a savings account that offers a competitive interest rate, but only if you can meet the deposit conditions. If you can't meet the conditions, you'll only earn the base interest rate.
- A linked bank account that suits you. Most savings accounts require a linked transaction account with the same bank. This is how you can transfer money into and out of your savings account. Check the linked transaction account has the features and benefits you're looking for.
Traps to avoid when looking for the best savings account
- Not meeting the terms of your savings account. Make sure you can realistically meet the monthly deposit requirement.
- A poor linked bank account. Make sure you look at the linked transaction account if there is one, as these can sometimes have high fees and charges.
What happens to my savings account if my bank goes bust?
Your deposit up to $250,000 is protected under the Australian Government Guarantee Scheme. This means that deposits that are guaranteed won't be affected (up to this value). If a financial crisis were to hit Australia, withdrawals could be limited for a few months.
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.
The latest news in banking
Here are the eligibility criteria you need to meet to earn 3.00% p.a. with a Westpac Life savings account and how it compares to others in the market. Read more…
Xinja Stash has been a popular choice for savers due to its market-leading rate, but there are now several savings accounts offering a better deal. Read more…
While the stock market is falling and the RBA continually cuts the cash rate, savings accounts and term deposits are going up. Read more…
Digital banks Volt and 86 400 have each cut the interest rate on their savings account by 25 basis points, following the latest RBA rate cut. Read more…
Xinja has closed its market-leading Stash savings account to new customers following the RBA rate cut, but you can still get up to 2.50% p.a. on your savings elsewhere. Read more…
86 400 customers can now link up to 3 Save accounts to their Pay account and earn up to 2.25% p.a. on each. Read more…
Commonly asked questions
Read more on this topic
Xinja cuts savings rate: Where can you get the best interest rate now? Xinja Stash has been a popular choice for savers due to its market-leading rate, but there are now several savings accounts offering a better deal.
AMP Saver account launches market-leading 2.65% p.a. savings rate While the stock market is falling and the RBA continually cuts the cash rate, savings accounts and term deposits are going up.
Volt bank and 86 400 both cut savings account rates Digital banks Volt and 86 400 have each cut the interest rate on their savings account by 25 basis points, following the latest RBA rate cut.
Xinja isn't taking new savings account customers, where else can you look? Xinja has closed its market-leading Stash savings account to new customers following the RBA rate cut, but you can still get up to 2.50% p.a. on your savings elsewhere.
Here's how your household can save $1,026 in 2020 If you're looking for easy ways to save more money in the new year, eating your leftovers is a great place to start.
ING Savings Maximiser drops interest rate following RBA's October rate cut How does the ING Savings Maximiser compare now that it has cut its rate down to 1.95% p.a?
RBA Cut: 7 predictions for October 2019 The RBA has cut interest rates for the third time this year. So what's in store for homeowners, savers and everyone else?
RBA cuts rate again: How to get up to 2.75% p.a. on your savings The cash rate is at a record low of just 0.75%, but Australians can still earn up to 2.75% p.a. on their savings account.
ING cuts interest rate on Savings Maximiser account, again The headline bonus rate offered on the ING Savings Maximiser has been cut to 2.30% p.a. after a previous cut down from 2.80% p.a. in June.
July RBA rate cut: What to do with your savings RBA rate cut: What to do with your savings
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