Best savings accounts

The best savings account* can make your money work harder for you with a competitive interest rate and no fees.

Updated

Fact checked
The best savings account for you might not be the best for someone else. When searching for the best savings account in Australia, look for a competitive interest rate and ongoing account conditions you're comfortable with.

High interest savings account offer

HSBC Serious Saver

2.10 % p.a.

max rate

0.15 % p.a.

standard variable rate

High interest savings account offer

Receive a maximum variable rate of 2.1% 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: 2.10% p.a.
  • Standard Variable Rate: 0.15% p.a.
  • Introductory period: 4 months
  • Monthly fees: $0
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Do you currently have one of Australia's best savings accounts*?

Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
HSBC Serious Saver
2.1%
0.15%
1.95%
$0
$0 / $0
Receive a maximum variable rate of 2.1% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
Rabobank Online Savings High Interest Savings Account
2.25%
0.8%
1.45%
$0
$0 / $0
Maximum variable rate of 2.25% p.a. for 4 months, reverting to a rate of 0.8% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
Rabobank Online Savings High Interest Savings Account
0.55%
0.55%
0%
$0
$0 / $0
Maximum variable rate of 0.55% p.a. for 4 months, reverting to a rate of 0.55% p.a. No deposit or withdrawal conditions. Available on balances below $1,000,000
Rabobank Online Savings High Interest Savings Account
0.55%
0.55%
0%
$0
$0 / $0
Maximum variable rate of 0.55% p.a. for 4 months, reverting to a rate of 0.55% p.a. No deposit or withdrawal conditions. Available on balances below $100,000,000
MyState Bank Bonus Saver Account
1.75%
0.15%
1.6%
$0
$0 / $0
Ongoing, variable 1.75% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Citibank Online Saver
2.05%
0.35%
1.7%
$0
$0 / $0
Introductory rate of 2.05% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
Citibank Online Saver
2.05%
0.35%
1.7%
$0
$0 / $0
Introductory rate of 2.05% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances below $500,000.
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*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:

      1. Indicate your initial deposit.
      2. Indicate your monthly deposits.
      3. Indicate how long you want to invest for (this is the "period")
      4. Click "Calculate"

The top 8 savings accounts* by maximum variable rate

*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 July 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 ongoing interest

This account could suit you if you're looking for a high interest rate that's available ongoing each month, and you're a regular saver who's able to commit to a monthly deposit requirement.

Finder's top pick for ongoing interest: Bank of Queensland Fast Track Saver Account

  • Standard Variable Rate: 0.2% p.a.
  • Monthly deposit required: $1,000
  • Monthly fees: $0
Bank of Queensland Fast Track Saver Account
You'll get a competitive ongoing, variable 1.85% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.

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.

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 accountBonus saver savings account
  • Great for beginner savers
  • You can make withdrawals
  • Usually no deposit conditions to meet
  • You have a short term savings goal
  • 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 many withdrawals
  • You can make regular monthly deposits
  • Offers an incentive to regularly save
  • You have a long term savings goal
  • You're happy to link it to a transaction 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.

Open a bank account online in 7 easy steps.

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45 Responses

  1. Default Gravatar
    SarahAugust 6, 2019

    Hi guys, when was this page last updated? I feel like these rates are changing on a daily basis.

    Thanks,
    Erin

    • Default Gravatar
      NikkiAugust 7, 2019

      Hi Sarah,

      Thanks for getting in touch! This page was updated last August 7th, 2019. Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

  2. Default Gravatar
    KylieApril 25, 2019

    What would be the best bank to invest around $400,000? A high interest rate savings account or a term deposit?

    • Avatarfinder Customer Care
      MaiApril 26, 2019Staff

      Hi Kylie,

      Thank you for reaching out.

      In most case, term deposits will give you a highest interest rate than savings account. generally, high interest savings account require some conditions before you are able to receive a high interest rate such as required monthly deposit, no withdraw, etc.

      But regardless, it will depend on you how you wish to deposit your money. I suggest that you use the estimate calculator on this page to have an idea what savings account can give you the highest interest and if you are good with the terms set. Alternatively, you can also check our Term Deposit page to check on the term deposit interest dates. You can use the term deposit calculator to know your estimated interest rates.

      Hope you find this useful.

      Kind Regards,
      Mai

  3. Default Gravatar
    BenJanuary 15, 2019

    Can I invest $1,000,000.00 over 12 months with 3.1% interest giving a straight $31,000.00 return?

    Thanks.

    • Avatarfinder Customer Care
      JeniJanuary 20, 2019Staff

      Hi Ben,

      Thank you for getting in touch with finder.

      This maximum variable rate of 3.10% from HSBC is an introductory rate for 4 months only and for balances below $1,000,000. If you are planning to invest your $1,000,000 for 12 months, you may check out your options on this page. Please make sure that you’ve read the relevant T&Cs or PDS of the account to help consider whether the product is right for you.

      Please note that the government guarantee covers deposits up to $250,000 only.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  4. Default Gravatar
    JohnDecember 6, 2018

    Thanks for your website – very informative!! I notice that there is one question
    you haven’t covered anywhere that I can see ie. Is there a penalty for closing
    an account after the ‘bonus’ period of 3 or 4 months on a Savings account has
    finished? This area seems to be kept very quiet!!

    • Avatarfinder Customer Care
      MayDecember 12, 2018Staff

      Hi John,

      Thanks for your inquiry.

      For on-call accounts (or high savings accounts), usually, it doesn’t charge you anything when you close them (anytime) even after you’ve earned the ‘bonus’ interest rate, say after the 4-month period. This information is typically mentioned in the terms and conditions of the account, so best to check it out.

      Hope this helps.

      Cheers,
      May

  5. Default Gravatar
    CraigNovember 20, 2018

    What’s the best account for me. I will deposit $700 per month $175 per week and leave it alone for 12 months.

    • Avatarfinder Customer Care
      JohnNovember 20, 2018Staff

      Hi Craig,

      Thank you for reaching out to finder.

      You may visit this link to see a panel of banks as well as the interest rate for each on a 12 month term deposit. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have. Hope this helps!

      Cheers,
      Reggie

  6. Default Gravatar
    RBOctober 13, 2018

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

    • Avatarfinder 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!

      Cheers,
      Jeni

  7. 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?

    • Avatarfinder 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,
      Judith

  8. 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,
    Sam

    • 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

      Cheers,
      Arnold

  9. 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.

      Cheers,
      Jonathan

  10. 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.
    Thankyou
    Robert

    • Avatarfinder Customer Care
      DeeMay 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.

      Cheers,
      Anndy

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