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

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

Do you currently have one of Australia's best savings accounts*?


Rates last updated August 17th, 2017
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
Bankwest Hero Saver
$0 / $0
Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ME Online Savings Account
$0 / $0
Ongoing, variable 2.95% p.a. rate when you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go. Available on balances up to $250,000.
ANZ Progress Saver
$10 / $10
Ongoing, variable 1.81% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
HSBC Serious Saver
$0 / $0
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
AMP Saver Account
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
ANZ Online Saver
$0 / $0
Introductory rate of 2.55% p.a. for 3 months, reverting to 1.00% p.a. Available on the entire balance.
Westpac Reward Saver
$0 / $0
Ongoing, variable 1.75% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
Bank of Melbourne Incentive Saver
$1 / $1
Ongoing, variable 1.75% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
Westpac eSaver
$0 / $0
Introductory rate of 2.51% p.a. for 5 months, reverting to a rate of 1.00% p.a. Available on the entire balance.
BankSA Incentive Saver Account
$0 / $0
Ongoing, variable 1.75% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.

Compare up to 4 providers

*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 5 savings accounts by maximum variable rate

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 accountBonus 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

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. 

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Commonly asked questions

For security reasons, coin counters are inside the branch.
Yes. Credit checks are only conducted for credit card and loan applications. They are not conducted on savings accounts. More information on credit checks can be found here.
      • Two parallel lines – This typically means that the money must be paid into an account and not as cash. If you want to write a pre-crossed cheque to cash, cross out the lines and sign the alteration. Then, make it out to cash.
      • Endorsing – You can endorse a cheque assigned to you by a third party, although it's best to do it in person when asking banks to accept third-party cheques.
The best way to organise your financial records is the way that works for you and allows you to quickly and easily locate important documents when you need them. You may wish to split your documents up into separate folders, such as one for bank accounts, one for shares and other investments, one for insurance and one for superannuation. While some people prefer to keep paper records, many people find that electronic records are easier to organise. Just make sure to back up your files regularly.
You can ensure that you don’t receive any annoying telemarketing calls by joining the Do Not Call Register.
You could consider earning an income from shares, property, or a range of other investments.
Sole traders pay the same tax as any other individual taxpayer. With a tax-free threshold of $18,200 per annum, sole traders receive the same income tax rates as individual taxpayers. As a sole trader, you are required to declare your business income on your personal tax return. Following your first year as a sole trader, you will generally be required to make Pay As You Go (PAYG) instalments each quarter towards the total sum of income tax you will have to pay at the end of the financial year.
Transfer times vary depending on the cut-off time for transfers imposed by your bank and the sending or receiving bank. As different financial institutions have different systems in place for handling transfers, there can be discrepancies in how long it takes for your funds to arrive in your recipient’s account.

Compare the best savings accounts*

Compare the features of the savings below to choose the best one for you.

High interest savingsMaximum variable rate (p.a.)Standard variable rate (p.a.)Linked bank account
RaboDirect High Interest Savings Account3.05% p.a., First 4 months1.90% p.a.Any bank
ME Online Savings Account2.95% p.a. Ongoing, conditions apply1.30% p.a.Same bank
Citibank Online Saver2.85% p.a. First 4 months1.70% p.a.Any bank
RAMS Saver Account3.00% p.a. Ongoing, deposit at least $2001.35% p.a.Not required
St.George Maxi Saver3.00% p.a. First 3 months1.00% p.a.Same bank
ANZ Online Saver2.55% p.a. First 3 months1.00% p.a.Same bank
UBank USaver1.81% p.a.  Ongoing, conditions apply1.81% 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.

Savings Account Offers

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ME Online Savings Account

Maximum Variable Rate


Standard Variable Rate

ANZ Progress Saver

Maximum Variable Rate


Standard Variable Rate

AMP Saver Account

Maximum Variable Rate


Standard Variable Rate

Bankwest Hero Saver

Maximum Variable Rate


Standard Variable Rate


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29 Responses

  1. 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%.

    • Staff
      JonathanJuly 1, 2017Staff

      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.


  2. 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.

    • Staff
      AnndyMay 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.


  3. Default Gravatar
    NMarch 22, 2017

    I want to open a savings account with a lump sum to pay for funeral, which is best, also can i have it in my name with my son as signatures.

    • Staff
      AnndyMarch 23, 2017Staff

      Hi Nuala,

      Thanks for your question.

      You may want to use our savings account calculator above to see how much interest earning you’ll get under each savings account.

      If you want to have your son as a signatory, you may opt for a joint account application. Most of the savings accounts we feature above allow that option.


  4. Default Gravatar
    MarkNovember 1, 2016

    Just want to know why some financial institutions with better rates are never in the “compare” table?
    For example RAMS – 3.15% (ongoing), UBank – 2.81% (ongoing).
    RAMS is mentioned way below the main table, UBank no even shown anywhere.
    What are the reasons for this?
    Thank you

    • Staff
      ClarizzaNovember 1, 2016Staff

      Hi Mark,

      Thanks for your question.

      Although we cover a wide range of products, providers and services we don’t cover every product, provider or service available in the market so there may be other options available to you. For more information, please see our UBank USaver review and our RAMS Saver account review.


  5. Default Gravatar
    JazmineAugust 30, 2016

    Hey guys,

    2 questions hopefully you can help me out.

    First one, looking to start saving about 100 a month for the next 30 years, just wondering what sort of account would give me the best return on interest wise?

    Second one, I have also got a lump sum, we will say 30,000. Now I’m interested in putting it away for a year maybe two with weekly deposits in to the account, what sort of account should I be looking for? Or should I just put it in to a house deposit, flip it and hopefully make my money back with some spending money?

    Cheers guys appreciate it so much.

  6. Default Gravatar
    June 14, 2016

    i want to set up a savings account that earns interest. i am going overseas in 20 months time. i want to add money in either weekly or fortnightly. can you help

    • Staff
      ClarizzaJune 15, 2016Staff

      Hi Cassandra,

      In addition to my previous reply, you may want to consider a Bonus saver account. This type of savings account offers incentives to enable you to save. Provided you meet minimum deposit requirements, you’ll be able to earn the bonus interest rate on your savings. The bonus rate is an additional percentage to the standard variable interest rate. You can find out more, compare and open a Bonus Saver account from our page. Be sure to check the ‘Bonus saver accounts comparison’ tab on our comparison table.


    • Staff
      ClarizzaJune 14, 2016Staff

      Hi Cassandra,

      Thanks for your question. Our savings account comparison tables on this page shows potential interest earned on your savings. Compare savings accounts, bonus savings accounts and introductory savings accounts to see which works best for you.

      Simply fill in the ‘initial deposit’, ‘monthly deposit’ and ‘period’ fields to calculate and compare how much interest you can earn. You can compare interest rates and interest earned. Most banks allow you to choose how often you pay across the month, including weekly or fortnightly – it will depend on the account you choose and the bank – however, check with the bank what the minimum deposit is for the month (if there is a minimum).

      If you want to compare and find out more about the different types of savings accounts, there’s information further down the page. Of course each account comes with its own terms and conditions, so it’s best to check this in detail.

      Hope that helps.


  7. Default Gravatar
    JuliaMay 25, 2016

    hi there, I tried to open an online savings account and it wouldn’t accept linking to an Australian credit union, despite this being the account I have my salary paid into. I have two other online accounts linked to this reputable credit union and have never had this problem. Can you please explain why Citibank has made this decision? I have a reasonably substantial amount to invest as well.

    • Staff
      ShirleyMay 26, 2016Staff

      Hi Julia,

      Thanks for your question.

      It seems like there may be an issue with the Citibank system since you were able to link your bank account to other savings accounts, in this case I’d recommend that you get in touch with Citibank directly to enquire about this.

      Sorry that I couldn’t be much of an assistance.

  8. Default Gravatar
    EbonyApril 20, 2016

    I have saved up some money for my daughter what is the best account to open for her with the best interest rate so we can keep saving for her ? Thanks :)

    • Staff
      ShirleyApril 20, 2016Staff

      Hi Ebony,

      Thanks for your question.

      The best savings account for your daughter will depend on whether she intends to make regular monthly deposits into the account. I’d encourage you to play around with our calculator above this page to see which savings account can give you the most interest.

  9. Default Gravatar
    DamienApril 17, 2016

    What is the government tax on interest earned on deposit/savings accounts for individuals not living in Australia?

    • Staff
      ShirleyApril 18, 2016Staff

      Hi Damien,

      Thanks for your question.

      Non-residents who aren’t able to provide a TFN are taxed the highest threshold, which is about 45% of the interest earned. For more information, please speak to your bank directly.

  10. Default Gravatar
    February 26, 2016


    • Staff
      ShirleyFebruary 29, 2016Staff

      Hi Jay,

      Thanks for your question.

      The Australian Government offers the Government Guarantee to financial institutions that are Authorised Deposit-taking Institutions (ADIs) and are registered under ASIC and APRA – so most Australian banks, credit unions and building societies.

      Here on we only display the financial institutions that are covered.

      Hope this helps.

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