The best savings accounts – expert picks

How we calculate Savings Accounts Finder Scores

Read full methodology

What different scores mean

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+

Standard

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.

0+

Basic

These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Finder's best savings accounts for October 2024

Highest ongoing rate

ME HomeME Savings Account

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What we like about ME HomeME Savings Account:

This account has a Finder Score of 9.7.

• 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

Go to site Read our review

What we like about Ubank High Interest Save Account:

This account has a Finder Score of 9.61.

• 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

Macquarie Savings Account

Go to site Read our review

What we like about Macquarie Savings Account:

This account has a Finder Score of 8.73.

• Great intro rate. This account offers a high rate of 5.5% 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 5% p.a. with no conditions to meet.

Best Big Four bank savings account

Westpac Life (18-29 year olds only)

Go to site Read our review

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

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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:

This account has a Finder Score of 9.61.

• Great rate for under 35s. This account currently offers one of the highest maximum variable rates in the market 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 if you meet the account conditions.
• Make withdrawals. As long as you've deposited $1000 monthly, you can withdraw 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 (under 18) savings account

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

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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:

This account has a Finder Score of 3.6.

• Great rate for under 17s. This account currently offers 5.5% p.a. for customers aged under 17.
• Ongoing rate. The maximum variable rate of 5.5% p.a. is available ongoing each month.
• No conditions. There are no monthly deposit conditions 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

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.

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.

Conditions you can meet

Savings accounts typically have monthly deposit requirements or spending conditions 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.

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!

Our expert says: 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. It is safer and delivers a more predictable return than shares, and you can quickly access your cash when needed."

Alison Banney

Editor

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 its 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.

How do I open an Australian savings account?

In most cases, you can apply and open a 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, most banks will allow an Australian to have an account opened in their name from birth.

Find the right savings account

FAQs on best savings accounts

• Will saving rates continue to go up in 2024?

  The Reserve Bank of Australia raised interest rates quite rapidly in 2022 and early 2023 to combat soaring inflation.

  This has slowed down in 2024. Right now (August 2024) it's hard to say where rates will go in the near future. Inflation is still higher than the RBA wants it to be. But possibly not enough for another rate increase.

  And while rate cuts could happen later in the year, we certainly don't feel confident making a prediction. Luckily, we survey economists about this every month if you want some actual predictions.

• Are introductory rates worth it?

  Introductory savings rates are often among the highest in the market, but they're only available for a short period of time. If you have a short-term savings goal, or you're willing to move your money around every 4-6 months, then a high introductory savings rate could be worth considering.

• Is ING Savings Maximiser the best savings account?

  ING's savings account is popular, and became even more so after Scott Pape recommended it in his book The Barefoot Investor. ING's savings rate has been the best in market since 2016. However, ING's account does come with several conditions to earn that rate, which could be difficult to meet for some customers. In comparison, some other accounts with similar rates have minimal conditions to meet. ING Savings Maximiser also only pays bonus interest on balances up to $100,000, while many other accounts pay interest on larger balances up to $250,000.

• Should I declare the interest earned on my tax return?

  Any interest earned on your savings account is treated as income and should be declared when lodging your tax return. This will often already be pre-filled for you, as the ATO usually already has access to your annual bank statements.

• What is a good interest rate for a savings account?

  Currently, any savings rates above 5% are good. The highest rates are around 5.50%. But remember, a good savings rate is one that you can easily earn by meeting the account conditions. There's no point opting for the highest rate in the market if you can't meet the account conditions.

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Alison Banney

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 624 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living