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

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

Last updated:

High interest savings account offer

UBank USaver

2.10 % p.a.

max rate

1.04 % p.a.

standard variable rate

High interest savings account offer

Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.

  • Maximum Rate: 2.10% p.a.
  • Standard Variable Rate: 1.04% p.a.
  • Monthly deposit required: $200.00
  • Monthly fees: $0.00
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Do you currently have one of Australia's best savings accounts*?

Rates last updated January 28th, 2020
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
UBank USaver
2019 Winner
UBank USaver
$0 / $0
Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
Rabobank Online Savings High Interest Savings Account
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
AMP Saver Account
$0 / $0
Introductory rate of 2.36% p.a. for 4 months, reverting to a rate of 1.40% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $250,000 deposited.
CUA eSaver Reward Account
$1 / $1
Ongoing, variable 2.00% p.a. when you link to an CUA bank account and deposit $1,000+ each month. Available on balances up to $100,000.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 1.95% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 1.75% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 1.85% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Citibank Online Saver
$0 / $0
Introductory rate of 2.30% p.a. for 4 months, reverting to a rate of 0.85% p.a. Available on balances below $500,000.
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 2.35% p.a. for 4 months, reverting to an ongoing rate of 0.45% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.

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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. 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 8 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 Finder?

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 accounts below to choose the best one for you.

High interest savings Maximum variable rate (p.a.) Standard variable rate (p.a.) Linked bank account
HSBC Serious Saver 2.35% p.a., First 4 months 0.45% p.a. Any bank
Rabobank Online Savings High Interest Savings Account 2.50% p.a., First 4 months 1.05% p.a. Any bank
Bank of Queensland Fast Track Saver Account 2.15% p.a. Ongoing, conditions apply 0.35% p.a. Same bank
Citibank Online Saver 2.30% p.a. First 4 months 0.85% p.a. Any bank
UBank USaver Account 2.10% p.a. Ongoing, deposit at least $200 1.04% p.a. Not required
ME Online Savings Account 2.05% p.a. Ongoing, conditions apply 0.35% p.a. Same bank
ING Savings Maximiser 1.95% p.a. Ongoing, conditions apply 0.25% p.a. Same bank
Australian Unity Active Saver 2.00% p.a. Ongoing, conditions apply 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.

Read more on this topic

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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.


    • Avatarfinder Customer Care
      NikkiAugust 7, 2019Staff

      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.


  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,

  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?


    • 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!


  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.


  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!


  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!


  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,

  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,

    • 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


  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.


  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.

    • 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.


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