Best Savings Accounts: Our top picks for April 2021 🏆 Finder

Best savings accounts

Want to make your money work harder for you? A good savings account keeps your cash safe and can earn you money while you sleep.

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The best savings account should have a high interest rate and monthly deposit conditions you can easily meet. Check out our Top Picks below or use our table to see how much you can earn based on your balance and monthly savings goals. Under 30? Lucky you. You'll have higher-interest options available. 🔥

Finder's Top Picks: Best savings accounts in April 2021

Our top pick for

Under 30s

3.00
%
p.a.
max rate
Standard variable rate: 0.20%
This market-leading bonus rate is available for customers aged 18-29 on balances up to $30,000, so it's a great choice if you're looking to kick-start your savings.

You'll get this rate when you make 5+ transactions from a Westpac Choice account and grow your balance during the month.

Our top pick for

Easy bonus interest

1.10
%
p.a.
max rate
Standard variable rate: 0.10%
Compared to other accounts it's quite easy to earn this bonus rate, so it's a good choice if you want bonus interest without having to meet a large monthly deposit requirement.

Each month, just deposit $20 and make 5+ Visa Debit card to earn the bonus rate.

Our top pick for

Large balances

1.10
%
p.a.
max rate
Standard variable rate: 0.35%
It’s rare for an account to pay interest on amounts over $250,000, so this one is a good choice if you're looking to earn interest on a larger balance.

New customers will get the bonus rate for the first 4 months on balances up to $500,000.

Your search for the best savings account starts here

Data updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
Westpac Life (18-29 year olds only)
0.4%
0.2%
0.2%
$0
If you’re between 18-29, you can earn a 0.4% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
MyState Bank Bonus Saver Account
1.1%
0.1%
1%
$0
Ongoing, variable 1.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $25,000,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
3%
0.05%
2.95%
$0
Only available to those aged 14-24. Ongoing, variable 3% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn the standard variable base rate.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
1.05%
0.05%
1%
$0
Only available to those aged 14-24. Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn the standard variable base rate.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
1.05%
1.05%
0%
$0
Only available to those aged 14-24. Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn the standard variable base rate.
CUA Youth eSaver Account (10-17 year olds only)
1%
1%
0%
$0
Ongoing, variable 1% p.a. Available on balances up to $5,000,000,000. Available for those aged 10-17 years.
CUA Youth eSaver Account (10-17 year olds only)
2.5%
2.5%
0%
$0
Ongoing, variable 2.5% p.a. Available on balances up to $5,000. Available for those aged 10-17 years.
Bankwest Hero Saver
0.8%
0.01%
0.79%
$0
Ongoing, variable 0.8% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
0.01%
0.01%
0%
$0
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% 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.
Bank of Queensland Fast Track Saver Account
0.05%
0.05%
0%
$0
Ongoing, variable 0.05% 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 $1,000,000.
HSBC Flexi Saver Account
0.25%
0.05%
0.2%
$0
Ongoing, variable 0.25% 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.
HSBC Flexi Saver Account
0%
0%
$0
Ongoing, variable 0% 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 $5,000,000,000.
Westpac Life
0.4%
0.2%
0.2%
$0
Ongoing, variable 0.4% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
HSBC Serious Saver
0.3%
0.15%
0.15%
$0
Receive a maximum variable rate of 0.3% 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.
HSBC Serious Saver
0%
0%
$0
Receive a maximum variable rate of 0% p.a. for months, reverting to an ongoing rate of 0% 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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What are the best savings accounts?

We've broken down the best savings accounts into a few categories to help you find an option that suits you. Keep in mind that there's no best savings account and that everyone's needs are different. With that in mind, be sure to take into consideration your own circumstances before signing that dotted line.


🏆 Best high-interest savings account

A savings account with a high-interest rate can help boost your savings and earn you money while you sleep. If you're on the hunt for a high-interest rate, we've got you. Here are two of the highest bonus rates available today.


🏆 Best savings account for regular savers

Regularly setting cash away? Good on you! A Bonus saver accounts can reward you even more with a higher bonus interest rate each month when you deposit a certain amount. These are great for those that might need a bit of extra incentive and be rewarded for good saving habits.

Some good options include:

  • MyState Bonus Saver: 1.1% p.a. when you deposit $20/ month and make 5+ Visa Debit card transactions.
  • ING Savings Maximiser: 1.35% when you deposit at least $1,000 / month and make 5+ card purchases a month.

🏆 Best savings account for young people

If you're under 30 you'll have access to some of the best savings accounts with better interest rates - lucky you! By having a lower monthly deposit condition and more flexible access to your savings, you'll be able to develop good savings habits at the beginning of your savings journey.

Some good options include:


🏆 Best savings accounts for short-term saving goals

If you're saving for something for three to six months only like a holiday, an introductory saver might be a good option for you. These offer special high bonus rates for a few months only, with little to no conditions to meet to get this bonus rate, as long as you're a new customer. It's a low-maintenance, set-and-forget option for short-term goals.

Some good options include:


How to find the best savings account

Let's get the boring stuff out of the way first: you've got to make sure you're able to meet the minimum conditions of a savings account, which usually is something like minimum cash deposits each month. Also make sure you check to see if your bank charges account fees as these monthly fees could cause you to lose interest on your earnings, or even eat into your savings.

The good news? You can easily find an account that helps give a bit of oomph to your savings goals, and might even help you earn money while you sleep thanks to a nice interest-rate.

Here's what you should be looking for in the best savings account:

  • High interest rate. This one kind of goes without saying. The best savings account will likely have a high interest rate, letting you earn more cash from your savings. The
  • Low fees. The best savings account shouldn't charge you huge fees - and even better if it charges you none at all.
  • Easy withdrawals and deposits. Yeah, your savings account is for growing your money. But you also need to be able to access it when you need to. You might be able to access your savings online or through an ATM, so if the way you get cash is important consider this in your comparison.
  • Bonuses, baby! Some banks offer new customers some sweet bonuses when they open a new account. This could be a cash reward, or a higher interest rate for a certain period. Keep an eye on these and you could get an extra deal.

Finding the best savings account: Tips and traps

Tips

  • Look for a good 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 won't earn the good bonus rate anyway.
  • Make sure you can comfortably meet the account conditions. Don't open a savings account with a high monthly deposit requirement if you'll struggle to meet this each month. You're likely better off opting for an account with a slightly lower interest rate and account conditions that are easier for you to meet.
  • Consider smaller, less known banks. Don't be afraid to consider a smaller bank that you might not have heard of. These banks often offer more competitive interest rates, and they're regulated in the same way as the Big Four so your savings are protected under the Government Guarantee Scheme.

Traps

  • The linked transaction account could charge high fees. Most savings accounts will require you to also open an everyday transaction account with the same bank. This is how you can move money in and out of your savings account. When picking a savings account, make sure you check the fees charged on the linked transaction account. Some transaction accounts can charge monthly account fees of $5 or more, while others change no monthly account fees.
  • The variable base rate could be very poor. Don't fall into the trap of picking a savings account with a high bonus rate only to discover you can't meet the account conditions. If this is the case, you'll then earn the variable base rate instead which could be as low as 0.01% p.a.
  • The bonus rate might only apply on a set balance. Some savings accounts offer a really attractive bonus interest rate, however it's only applied on a set balance (for example up to $100,000). If you have a balance larger than the limit, you could actually earn no interest at all.

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

Wondering which banks 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.

You can also learn more about these guys in our dedicated Big Four guide.

Big FourSmaller Banks
Pros
- May offer better customer service as they operate 24/7
- Larger distribution of ATMs, making it easier to take cash out fee-free
- Can also be easier to manage other loans in the same network
- Technology can also be more advanced as these banks have more funds to work with
- Comprehensive range of products offered
- Able to operate in person and online
- May offer more competitive interest rates
- May offer more personal customer service
- Some are more on the ball with technological advancements, offering really cool apps that can help you save
- May be able to negotiate waiving of fees on a case-by-case basis
Cons
- Can get 'lost in the noise' as they have many customers
- Can feel not as personal
- Interest rates may not be as competitive
- May only operate online and not have in-person support
- May not have ATMs you can easily access

Do I need a savings account, a transaction account or both?

Most people will have a savings account and a bank account (or what's usually called an everyday transaction account) linked together.

The everyday transaction account lets you pay bills via BPAY and usually comes with a linked debit card. This is the account you can use for your day to day purchases and transactions.

A savings account on the other hand doesn't have any of these spending features. This is because the aim of a savings account is to keep depositing rather than spending the money. The most important difference is that a savings account gives you an interest rate.

Most savings accounts require a linked transaction account with the same bank. This is because you'll use the transaction account to move money back and forth from your savings when you need to.

Why keep your cash in a savings account?

Noel Whittaker is a leading personal finance expert, author and journalist. Picture not described

"Over the long term much better returns will come from property and shares. But property is illiquid and may have high entry and exit costs, while shares are volatile and can bounce around by more than 15% a year. The role of cash is to give certainty."

"For example, if you're saving for a house deposit, a holiday, or to start a business in the short to medium term a savings account is the only place to be. Remember, every investment decision has advantages and disadvantages – the advantage of cash is certainty," Noel told Finder.

How do I open a 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.

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45 Responses

    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

    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 cases, term deposits will give you the highest interest rate than a savings account. Generally, a high-interest savings account requires 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 of 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 rates. You can use the term deposit calculator to know your estimated interest rates.

      Hope you find this useful.

      Kind Regards,
      Mai

    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 consider putting the funds into a 12-month term deposit account. You can use our table to help you find the account that suits you. When you are ready, press the “Go to site” button to apply. 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

    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

    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 consider putting the funds into a 12-month term deposit. Please use our table to help find the provider that suits you. When you are ready, press the “Go to site” button to apply. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this helps!

      Cheers,
      Reggie

    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.

      If you are not an Australian resident or citizen yet, you may refer to our list of migrant bank accounts and saving accounts for temporary residents. You can use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      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

    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.

      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 an introductory rate?

      You can also compare bonus saver accounts if you want an account that pays extra interest each month you top up your savings.

      On the other hand, you may check our list of introductory savings accounts.

      Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      I hope this helps.

      Best regards,
      Judith

    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 from our guide in opening an Australian bank account. 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.

      Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      Hope this information helps

      Cheers,
      Arnold

    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

    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 want to compare bonus savings accounts on our website.

      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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