The best savings account for you might not be the best for someone else. When searching for the best savings account in Australia, look for a competitive interest rate and ongoing account conditions you're comfortable with.
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High interest savings account offer
Rabobank Online Savings High Interest Savings Account
standard variable rate
High interest savings account offer
Maximum variable rate of 2.25% p.a. for 4 months, reverting to a rate of 0.80% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
Do you currently have one of Australia's best savings accounts*?
Rates last updated April 4th, 2020
*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.
Our table can help you 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:
Indicate your initial deposit.
Indicate your monthly deposits.
Indicate how long you want to invest for (this is the "period")
The top 8 savings accounts* by maximum variable rate
ME Online Savings account: 1.80%. When you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go.
ING Savings Maximiser: 1.80%. When you link to an ING Orange Everyday bank account and deposit at least $1,000 per month and make 5+ card purchases a month.
Xinja Stash Account: 2.25%. On balances in your Xinja Stash account up to $245,000, with zero conditions to meet.
Up Bank Save Account: 2%. When you make five transactions in the months from your linked Up debit card.
*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.
Cash management accounts are suitable for investors who want to park their funds while waiting for the next investment. Read more
Tips to find the best savings account
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. This is something to look for if you don't yet have much money to deposit into the account.
It doesn't charge any monthly fees. It's rare to find a savings account that charges monthly account fees, so try to stay clear of these if you do find one.
Competitive 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'll only earn the base interest rate.
A linked bank account that suits you. Most savings accounts require a linked transaction account with the same bank. This is how you can transfer money into and out of your savings account. Check the linked transaction account has the features and benefits you're looking for.
Traps to avoid when looking for the best savings account
Not meeting the terms of your savings account. Make sure you can realistically meet the monthly deposit requirement.
A poor linked bank account. Make sure you look at the linked transaction account if there is one, as these can sometimes have high fees and charges.
What happens to my savings account if my bank goes bust?
Your deposit up to $250,000 is protected under the Australian Government Guarantee Scheme. This means that deposits that are guaranteed won't be affected (up to this value). If a financial crisis were to hit Australia, withdrawals could be limited for a few months.
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.
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.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University with a double major in journalism and public relations. She has ASIC RG146 compliance certificates for financial advice, securities and managed investments and superannuation.
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