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Best savings accounts in December 2023

To help you find the best high interest savings accounts in Australia, we have narrowed down a selection of over 100 accounts to present the top 5 savings accounts based on the highest interest rates, age criteria, and account conditions.

Best savings account overall: ING Savings Maximiser

ING Savings Maximiser

5.5%
Max variable rate p.a.
0.55%
Base interest rate p.a.
$1,000
Minimum deposit
The ING Savings Maximiser is the best overall savings account. With this account you can earn an ongoing, variable rate of 5.5% p.a. if you deposit $1000 into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow your nominated Savings Maximiser balance (excluding interest) each month. The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser account.
  • Won Best Savings Account in 2023 Finder Awards
  • Competitive ongoing bonus rate of 5.5% p.a. is one of the highest in market
  • $0 Account keeping fees
  • Fee-free ATMs in Australia and no international transaction fees with the linked transaction account (conditions apply)
  • Several monthly conditions to meet to earn the bonus rate
  • Bonus interest rate only applies up to balances of $100,000
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Best savings intro rate: Rabobank High Interest Savings Account

Rabobank High Interest Savings Account

5.75%
Max variable rate p.a.
4.4%
Base interest rate p.a.
$0
Minimum deposit
The Rabobank High Interest Savings Account is the best savings intro rate account. This account has a maximum variable rate of 5.75% p.a. for the first 4 months. After that it reverts to a rate of 4.4% This account has no deposit or withdrawal conditions. Available on balances below $250,000.
  • Introductory rate of 5.75% p.a. for first 4 months
  • Flexible, transfer funds in and out and still earn the bonus rate
  • $0 Account keeping fees
  • Interest rate drops to 4.4% after the introductory period
  • No branches available
  • Online or phone access only
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Best savings account for under 35s: Bank of Queensland Future Saver

Bank of Queensland Future Saver Account - 14 to 35 years

5.4%
Max variable rate p.a.
0.05%
Base interest rate p.a.
$1,000
Minimum deposit
The Bank of Queensland Future Saver Account is the best savings account for under 35s. You can get an ongoing variable rate of 5.4% p.a. when you deposit $1,000+ per month and make 5 eligible transactions. Available on balances up to $50,000.
  • High ongoing bonus rate available
  • Make withdrawals and still earn bonus interest
  • Set personal savings goals and track your progress
  • Deposit condition to achieve bonus interest is lower than some other savings accounts
  • Won Best Young Adult Savings Account in 2023 Finder Awards
  • Age restrictions
  • The $1000 monthly deposit condition may be challenging for some people to meet
  • The total bonus rate isn't available in balances over $50,000
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Best high interest savings account rate: ME HomeME Savings Account

ME HomeME Savings Account

5.55%
Max variable rate p.a.
0.55%
Base interest rate p.a.
$2,000
Minimum deposit
The ME HomeME Savings Account is the best high interest savings account. This account has an ongoing, variable bonus rate of 5.55% p.a. on balances up to $100,000 when you deposit $2,000 into the linked SpendME transaction account and grow your balance each month.
  • Ongoing bonus rate is one of the best in market
  • Tiered bonus rates means you still earn interest on larger balances
  • Savings tools offered in the app
  • High monthly deposit of $2000 required for bonus interest
  • Low variable base rate if bonus interest criteria isn’t met
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

Best youth savings account: Great Southern Bank Youth eSaver Account

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

5.5%
Max variable rate p.a.
5.5%
Base interest rate p.a.
$0
Minimum deposit
The Great Southern Bank Youth eSaver Account is the best youth savings account. If you're aged between 0 and 17 you can get this ongoing variable rate of 5.5% p.a. Available on balances up to $5,000.
  • Won the Best Kid Savings Account in 2023 Finder Awards
  • No monthly fee
  • Competitive interest rate for under 17s
  • No monthly deposit conditions to meet
  • Age restrictions apply
  • Interest only available on balances up to $5,000
Rewards program N/A
Annual Fee $0
Purchase Rate
Welcome offer
Interest-free period Up to days on purchases
Balance transfer N/A
Bonus points N/A
Rewards points per $ spent N/A
Foreign currency conversion fee

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.
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
Go to siteView details
First Option Bank Savings Account
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Go to siteView details
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Bank of Queensland Smart Saver Account - 36+ years
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible purchases
Go to siteView details
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Methodology: How we choose our top picks

Every month we look at the 140+ savings accounts in our database to determine which are the best offers for a range of different purposes and account types. Specifically, here's how we determine each of our top pick recommendations:

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.

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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.

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

Although shares historically offer better long-term returns, people often ask why keep cash in a savings account. The answer is simple: 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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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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