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The best savings accounts – high rates = awesome

We track over 150 accounts, so you don't have to. Pick your perfect match.

Highest ongoing
ME HomeME Savings Account
5.55
max rate (p.a.)
Standard variable rate: 0.55%
This account has a Finder Score of 9.7. You can get a very high 5.55% p.a. rate with this account, as long as you can deposit $2,000 a month into a linked SpendME account and grow your balance.
Best overall
Ubank High Interest Save Account
5.50
max rate (p.a.)
Standard variable rate: 0.00%
This account has a Finder Score of 9.6. It has a very high 5.5% p.a. ongoing rate. All you need to do is deposit $500 a month. That's pretty simple.
Best introductory rate
Bank of Queensland Simple Saver Account
5.35
max rate (p.a.)
Standard variable rate: 4.85%
This account has a Finder Score of 8.8. It has a competitive rate of 5.35% p.a. for the first 4 months and there are no conditions to earn this rate.

Find the best savings account in Australia

If the best savings accounts we have selected are not what you're looking for you can compare over 100 accounts in our database to find the right one for you.
1 - 12 of 188
Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Bank of Queensland Simple Saver Account
Finder score
8.8
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Ubank High Interest Save Account
Finder score
9.6
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Rabobank High Interest Savings Account
Finder score
8.3
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Finder score
9.6
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
Newcastle Permanent Online Savings Account
Finder score
3.2
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Finder score
8.6
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Finder score
8.7
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ME HomeME Savings Account
Finder score
9.7
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Finder score
6.1
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Finder score
3.3
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Finder score
9
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
St.George Maxi Saver
Finder score
3.3
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
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Showing 12 of 12 results

The lowdown on Finder Score

  • 9+ Excellent - These savings accounts offer high interest rates with minimal conditions or restrictions, making it easier for you to earn the most interest possible.
  • 7+ Great - These savings accounts have quite competitive interest rates and relatively minimal conditions and restrictions.
  • 5+ Satisfactory - Usually these savings accounts offer average or slightly above average rates and require you to meet several conditions before you can get the maximum rate
  • Less than 5 – Basic - These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.

Digging deeper into the Finder savings account score

How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.

That's where the Finder Score comes in. The score is a simple way for you to compare savings accounts at a glance.

Here's how the scores work:

  • We analyse hundreds of savings accounts in our database, from the Big Four banks to online banks and local credit unions.
  • We assess each savings account based on how competitive the interest rate is.
  • We also evaluate each account based on what kind of conditions and restrictions the account has (some banks make it easy to earn the max rate, some don't).

To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:

  • The account has a starting balance of $36,000 with a recurring monthly deposit of $760.
  • Interest is calculated daily and accrued monthly over a 2 year period.

The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

Reading the fine print: how Finder Score is calculated

The Finder Score uses 8 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.

Finder Score weightings - savings accounts

ComponentWeighting
Interest earned90%
Min deposit condition2.50%
Temporary restrictions0.50%
Age restrictions0.50%
Withdrawal restrictions3.00%
Purchase restrictions2.00%
Max balance restrictions0.50%
Notice restrictions1.00%

Finder's best savings accounts for July 2024

Highest ongoing rate

ME HomeME Savings Account

What we like about ME HomeME Savings Account:

  • Great rate. ME offers one of the highest maximum ongoing variable rates in the market at the moment with 5.55% p.a.
  • Ongoing rate. ME's maximum variable rate is ongoing each month, as long as you deposit $2,000 into a linked transaction account each month.
  • Interest on balances up to $100,000. You can earn the maximum variable rate on balances up to $100,000.

Best overall savings account

Ubank High Interest Save Account

What we like about Ubank High Interest Save Account:

  • High ongoing rate. Ubank has a very high ongoing variable interest rate of 5.5% p.a.
  • Simple conditions. To get the maximum variable rate on this account each month you only need to deposit $500. That's a simpler requirement than most high interest savings accounts.
  • Interest on balances up to $100,000. You can earn the maximum variable rate on balances up to $100,000.

Best savings intro rate

Bank of Queensland Simple Saver Account

What we like about Bank of Queensland Simple Saver Account:

  • Great intro rate. This account offers a high rate of 5.35% p.a. for the first 4 months after opening the account.
  • No conditions for bonus interest. You don't need to meet any monthly deposit conditions or spend requirements to earn the bonus intro rate.
  • No ongoing conditions. After the 4-month intro period ends, you'll still earn an ongoing variable rate of 4.85% p.a. with no conditions to meet.
  • Interest on large balances. You'll earn the bonus interest rate (then later the base interest rate) on your full balance up to $5 million.

Best Big Four bank savings account

Westpac Life (18-29 year olds only)

We examined every savings account in Finder's database from the Big Four banks. That's CBA, Westpac, NAB and ANZ, and their subsidiaries. We looked at the highest rate for the big 4 banks. Any monthly conditions to earn the ongoing bonus rates were presumed to be met.

What we like about Westpac Life (18-29 year olds only):

  • Competitive rate. This account has the highest savings rate offered by the Big Four banks. While some accounts may have slightly higher rates as part of temporary special offers, Westpac's rate is a high ongoing rate.
  • Ongoing rate. Westpac Life's savings rate is an ongoing rate. You just need to meet the conditions.
  • Reasonable conditions. To get the maximum rate you just need to grow your balance each month and make 5+ eligible debit card purchases.

Best savings account for under 35s

Bank of Queensland Future Saver Account - 14 to 35 years

This account is chosen as part of our annual Finder Awards. First, we filtered for the accounts in our database that have an ongoing bonus interest rate and only available to customers aged 18-30. We then looked at 12 months' worth of rate data, with more weight applied to the most recent quarter, to determine the account with the highest bonus rate for the most amount of time. Any monthly conditions to earn the ongoing bonus rates were presumed to be met.

What we like about Bank of Queensland Future Saver:

  • Great rate for under 35s. This account offers one of the highest maximum variable rates in the market at the moment with 5.5% p.a. for customers aged 14-35. p.a.
  • Ongoing rate. Bank of Queensland's maximum variable rate is ongoing each month you meet the account conditions.
  • Make withdrawals. As long as you've deposited $1000 per month, you can make withdrawals while still being eligible for bonus interest.
  • Finder Awards winner. This account won the Best Young Adult Savings Account in this year's Finder Awards.

Best youth savings account

Great Southern Bank Youth eSaver Account (0-17 year olds only)

This account is chosen as part of our annual Finder Awards. First, we filtered for the accounts in our database that have an ongoing bonus interest rate and only available to customers aged 17 or under. We then looked at 12 months' worth of rate data, with more weight applied to the most recent quarter, to determine the account with the highest bonus rate for the most amount of time. Any monthly conditions to earn the ongoing bonus rates were presumed to be met.

What we like about Great Southern Bank Youth eSaver Account:

  • Great rate for under 17s. This account currently offers 5.5% p.a. for customers aged under 17.
  • Ongoing rate. This maximum variable rate of 5.5% p.a. is available ongoing each month.
  • No conditions. There are no monthly deposit conditions to meet to earn interest, so it's an easy account for kids to use.
  • Finder Awards Winner. This account won the Best Kid Savings Account in this year's Finder Awards.

What to look for when you compare savings accounts

***ALT HERE***

High interest rate

The higher the interest rate, the more interest you'll earn and the more your balance will grow. This is the most important feature to consider when choosing your account.

Savings no fee icon

No fees

Savings accounts shouldn't charge you any fees. If you're getting charged a fee, know that this is not common and there are plenty of fee-free accounts.

People celebrating win

Conditions you can meet

Savings accounts typically have monthly deposit requirements or spend conditions in order to earn the high bonus rate. Make sure you can meet these.

How to find the best savings account

The best savings account for you will depend on your age, financial situation, savings goals and spending habits. Here are a few different hypothetical examples of how you might pick a savings account based on your personal savings style.

You earn a regular income and are able to meet a monthly deposit condition

The best savings account for you will likely be one with the following:

  • An ongoing bonus interest rate: Because you earn a regular income and are confident in your ability to save, a savings account with an ongoing, high bonus rate would offer the best rate for you.
  • A monthly deposit condition: Usually the accounts with the best bonus rates have a monthly deposit condition, often $1000 per month, which is ideal for people with good savings habits and a regular income.

You have a short-term savings goal

Let's say you want to give your savings a boost for 3-5 months only to help you save for an overseas holiday or another large purchase. Because you're saving for a specific goal in the near future, you aren't planning to keep your cash in the account for too long and you don’t want to have to meet any ongoing monthly conditions.

The best savings account for you will likely be one with the following:

  • An introductory bonus interest rate: Accounts with an introductory bonus rate offer a higher rate for the first 3-5 months only, with no conditions to meet.
  • A term deposit: A term deposit allows you to lock your money away for a set period of time and earn a fixed return, with no monthly conditions to meet.

You can't commit to a monthly deposit condition

Let's say you don't earn a regular income, or you're currently not in a position to meet a monthly deposit condition. Plus, perhaps you're also prone to dipping into your savings from time to time for impulse purchases or unexpected expenses.

The best savings account for you will likely be one with the following:

  • An ongoing bonus interest rate: An account with an ongoing bonus interest rate will give your balance the best chance at growing (just make sure you check the conditions!)
  • No (or low) monthly deposit condition: Look for a bonus saver account that doesn't have a monthly deposit condition. Or, look for one that you can comfortably meet (some accounts only ask you to deposit $20 per month).

Why keep your cash in a savings account?

  • Savings accounts are safe - your deposit up to $250k is protected by the Australian government
  • Savings accounts offer compound interest, so you can earn interest on your interest
  • The money in your savings account is quick and easy to access if you ever need it
  • Interest rates on savings accounts are going up!

The role of a savings account

People often ask why keep cash in a savings account when shares can offer better long-term returns historically. There are several answers: a savings account offers certainty, security, and acts as a financial safety net. Unlike volatile shares, you won't lose money, and you can quickly access your cash when needed.


How does a savings account work?

Usually savings accounts are connected to transaction accounts and instead of the money sitting in your bank account, you can transfer it to your savings account and it'll earn interest (if you meet the account conditions, of course). The special thing about savings account interest is it's compound interest, meaning you'll earn interest on your interest.

Is it best to stick with the Big Four or go with a smaller bank?

Wondering which bank is best to open up your savings account with? Chances are you may be thinking of joining the Big Four. We've put together this pros and cons list of the Big Four VS smaller banks to help you make a decision easier.

ProsCons
Big Four
  • May offer better customer service as they operate 24/7
  • Easy access to ATM's (and no-fee withdrawals) due to large distribution
  • Can easily manage other loans through the same network
  • Better funding to these banks mean more advanced banking technology
  • Comprehensive range of products offered
  • Able to operate in person and online
  • Depersonalised customer experience due to large customer base – can get "lost in the noise"
  • Interest rates may not be as competitive
Smaller Banks
  • May offer more competitive interest rates
  • May offer more personalised customer service
  • Some banks may offer advanced banking technologies like app banking
  • You may be able to negotiate waiving fees on a case-by-case basis
  • Not likely to have in-person support – may be online only
  • Limited access to ATM's due to low distribution

How do I open an Australian savings account?

In most cases you can 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.

FAQs on best savings accounts

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Richard Whitten's headshot
To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten as part of our fact-checking process.
Alison Banney's headshot
Written by

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 656 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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61 Responses

    Default Gravatar
    AllanMay 15, 2023

    I am 40+ years of age and have a Saver a/c and my other a/cs with a Big 4 bank. The Saver a/c interest rate is less than 2%. Please suggest the best alternative Saver a/c which does not require opening additional a/cs with that bank, nor has minimum transaction requirements.

      AvatarFinder
      SarahMay 16, 2023Finder

      Hi Allan,

      We’re not licenced to provide personalised advice, but we are able to share a number of options with you to review. There are dozens of high interest accounts listed in this table. A return of 2% is very low at the moment, so it’s worth checking the conditions of each of the accounts in this table to see which ones best match your requirements.

      Best of luuck!

    Default Gravatar
    FrankMarch 18, 2023

    Hi Alison,
    if I have an account with 2 banks of the NAB Group (e.g. Ubank and citibank) do I have separate government guarantee of 250 T$ for both banks or only once for both banks together?
    Thanks very much!
    Frank

      AvatarFinder
      AlisonMarch 20, 2023Finder

      Hi Frank,
      The scheme applies per person, per ADI. So in this case, because Citi and Ubank operate under the same ADI (NAB’s ADI), only your first $250,000 is covered under this scheme.
      Thanks,
      Alison

    Default Gravatar
    vasNovember 30, 2022

    what are the best investment options for kids below 1yr?

    thank you

      AvatarFinder
      AlisonDecember 10, 2022Finder

      Hi Vas,

      You can see our guide on children’s savings accounts here which may be of interest.

      For other investment options, we suggest you speak with a financial adviser who can offer you personal advice based on your situation.

      Thanks,
      Alison

    Default Gravatar
    MichaelNovember 3, 2022

    Hi Alison
    I am interested in placing funds into the MyStateBank but the reviews on that bank are appalling. What is your experience or knowledge of this bank’s customer service reputation?
    Many thanks
    Michael

      AvatarFinder
      AlisonNovember 11, 2022Finder

      Hi Michael,

      I haven’t used this bank personally so I’m unable to comment on its customer service, and we don’t have any customer reviews of the bank yet, unfortunately.

      Thanks,
      Alison

    Default Gravatar
    GiuseppeJuly 20, 2022

    Looking to park an amount of over $250000 in an interest bearing account without locking into a fixed term. The funds belong to a SMSF. Can you advise the institutions that accept funds from s super fund and where the best interest rates will come from

      AvatarFinder
      AlisonSeptember 6, 2022Finder

      Hi Giuseppe,

      You can view a range of SMSF bank accounts that pay interest here.

      Thanks,
      Alison

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