Compare best savings accounts

Find the best savings account for your needs and make your money work harder for you.

ME Online Savings Account

Online Savings Account Offer

Ongoing 3.05% p.a. variable 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.

  • Bonus Rate: 1.75% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

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

    Rates last updated October 28th, 2016
    Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
    ME Online Savings Account
    Ongoing 3.05% p.a. variable 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.
    3.05% 1.30% 1.75% $0 $0 / $0 Open More
    RaboDirect High Interest Savings Account
    Introductory rate of 3.20% p.a. for 4 months, reverting to a rate of 2.05% p.a. Available on balances below $250,000.
    3.20% 2.05% 1.15% $0 $0 / $0 Open More
    ING DIRECT Savings Maximiser
    Ongoing, variable 2.75% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month. Available on balances up to $100,000.
    2.75% 1.60% 1.15% $0 $0 / $0 Open More
    Bankwest Hero Saver
    Ongoing, variable 2.65% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $5,000,000.
    2.65% 0.01% 2.64% $0 $0 / $0 Open More
    AMP Saver Account
    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.
    2.55% 2.10% 0.45% $0 $0 / $0 Open More
    Citibank Online Saver
    Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.75% p.a. Available on balances below $500,000.
    3.05% 1.75% 1.30% $0 $0 / $0 Open More
    ANZ Online Saver
    Introductory rate of 2.75% p.a. for 3 months, reverting to 1.30% p.a. Available on the entire balance.
    2.75% 1.30% 1.45% $0 $0 / $0 Open More
    Westpac eSaver
    Introductory rate of 2.71% p.a. for 5 months, reverting to a rate of 1.25% p.a. Available on the entire balance.
    2.71% 1.25% 1.46% $0 $0 / $0 Open More
    HSBC Serious Saver
    Introductory rate of 2.25% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
    2.25% 1.60% 0.65% $0 $0 / $0 Open More
    St.George Maxi Saver
    Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on balances below $5,000,000.
    3.00% 1.05% 1.95% $0 $1 / $1 Open More
    BankSA Maxi Saver
    Introductory rate of 3.00% p.a. for 3 months, reverting to a rate of 1.05% p.a. Available on the entire balance.
    3.00% 1.05% 1.95% $0 $1 / $1 Open More
    Bank of Melbourne Maxi Saver
    Introductory rate of 3.00% p.a. for 3 months, reverting to 1.05% p.a. Available on the entire balance.
    3.00% 1.05% 1.95% $0 $0 / $1 Open More
    BankSA Incentive Saver Account
    Ongoing, variable 1.85% p.a. when you make at least one deposit each month and no withdrawals. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $0 / $0 Open More
    Bank of Melbourne Incentive Saver
    Ongoing, variable 1.85% p.a. when you make at least one deposit and no withdrawals each month. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $0 / $1 Open More
    ANZ Progress Saver
    Ongoing, variable 2.01% p.a. when you link to any Australian everyday bank account and deposit $10+ each month. Available on balances up to $5,000,000.
    2.01% 0.01% 2.00% $0 $10 / $10 Open More
    Westpac Reward Saver
    Ongoing, variable 1.85% p.a. when you deposit at least $50 and make no withdrawals each month. Available on the entire balance.
    1.85% 0.01% 1.84% $0 $0 / $0 Open More

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    Definition: best savings account

    The best savings account accommodates for your savings style and will help you earn maximum interest in the process. It's important to find the best savings account for your situation because you want to earn the highest interest rate you possibly can. With a savings plan in place and the best savings account for you, you can achieve your financial goals sooner.

    It's important to differentiate a savings account and 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.

    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 experience and advanced savers
    • You don't intend to make withdrawals
    • You make regular deposits
    • Offers an incentive to regularly save

    In 4 simple steps our table can find the best savings account for you

    Our table can find the savings account that will give you the most interest. Follow these steps to find the best savings account:

    1. Indicate your initial deposit
    2. Indicate your monthly deposits
    3. Indicate how long you want to invest for
    4. Click "Calculate"

    Savings Account 1

    Is a savings account or bank account best 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 are pose some risks too. Read more about them here. 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 part ways with the funds for a set amount of time. The second option, if you prefer a bit of risk, is to consider 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.
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    How do I find the best interest rate on your site?

    Our comparison tool above can sort products in ascending order so you can find the highest interest rate at the time. how-highest-rates

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    Which type of savings account is best for me?

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    What are the benefits of a savings account?

    • Aussies are spoilt for choice. When looking at the best savings accounts, there are several different types offered which are structured to meet specific needs, making it easy to find one that suits your financial goals.
    • You can get started today with a $0 minimum deposit. With some savings accounts, you’ll be able to open the account without making an initial deposit, or by simply making a low initial deposit. In addition, some will also not 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 involved. Whichever savings account type you opt for, you’ll have the opportunity to earn interest on your funds which in turn, increases your wealth.
    • You get flexible online access, 24/7.  Unlike a transaction account, you won’t be able to easily access your savings or use it to make purchases without first transferring the money to your transaction account.
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    Traps to avoid when you've opened your savings account

    As a result of the Australian Government’s guarantee on deposits of up to $250,000, there are few risks involved in taking advantage of a banking institution’s savings account products. However, there are some things to watch out for.

    What's the Government Guarantee?

    The Australian Government Guarantee Scheme was designed to promote financial system 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 that you will be able to meet a monthly deposit requirement of a bonus saver, then an online savings account may suit you better.

    • Risk: What happens to my savings account if my bank goest 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. Hypothetically, if a financial crisis was to hit Australia, withdrawals could be limited up to 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. 

    Have you come across these issues with your savings account?

    Are coin counters normally inside or outside the branch?

    For security reasons, coin counters are inside the branch.

    I've just come out of 7 years of bankruptcy, can I still get a savings account?

    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.[/fin_tab]

    • 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 to a third party, although it's best to do it in person when getting banks to accept third-party cheques.

    What’s the best way to organise financial records?

    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.

    How do I stop unsolicited phone calls from banks?

    You can ensure that you don’t receive any annoying telemarketing calls by joining the Do Not Call Register.

    Are there any alternative sources of income other than bank interest?

    You could consider earning an income from shares, property, or a range of other investments.

    How does paying tax as a sole trader work?

    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.

    Why does it take so long to transfer money from savings account to my bank account?

    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. summary of the best savings accounts

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

    ProductMaximum RateBase Rate
    Citibank Online Saver3.05% 4 months1.75%
    Bank of Melbourne Maxi Saver3.00% 3 months1.05%
    RAMS Saver Account3.15% No end date (conditions apply)1.50%
    ME Online Savings3.05% No end date (conditions apply)1.30%
    RaboDirect High Interest Savings Account3.20% 4 months2.05%
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    ME Online Savings Account

    Maximum Variable Rate


    Standard Variable Rate

    ING DIRECT Savings Maximiser

    Maximum Variable Rate


    Standard Variable Rate

    Citibank Online Saver

    Maximum Variable Rate


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    Bankwest Hero Saver

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    Standard Variable Rate


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    21 Responses to Compare best savings accounts

    1. Default Gravatar
      Jazmine | August 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.

    2. 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
        Clarizza | June 15, 2016

        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
        Clarizza | June 14, 2016

        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.


    3. Default Gravatar
      Julia | May 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
        Shirley | May 26, 2016

        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.

    4. Default Gravatar
      Ebony | April 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
        Shirley | April 20, 2016

        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.

    5. Default Gravatar
      Damien | April 17, 2016

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

      • Staff
        Shirley | April 18, 2016

        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.

    6. Default Gravatar
      | February 26, 2016


      • Staff
        Shirley | February 29, 2016

        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.

    7. Default Gravatar
      ejay | February 24, 2016

      Can i accsess payment asap

      • Staff
        Shirley | February 24, 2016

        Hi Ejay,

        Thanks for posting your question on – a third party comparison website.

        To answer your question properly I’ll need a bit more information.

    8. Default Gravatar
      Tom | February 19, 2016

      Hey, i was wondering if i am 15 years old and i am looking for a combination of high interest rates for a savings account and e banking accessibility what is my best option. Thanks

    9. Default Gravatar
      caroline | December 4, 2015

      we have $300,000 to invest for initially 12 months (may be longer) and will add around $3,000 each month to this. What is the best way to do this please ?
      thanks so much – great website by the way

      • Staff
        Shirley | December 4, 2015

        Hi Caroline,

        Thanks for your question. Please be mindful that an only offer general advice and can’t recommend the best product or service.

        You can insert those figures into our calculator above and then sort by the ‘interest earned’ column – this will generate the accounts that award you the most interest.

        You may also be interested in our page – accounts Where the Maximum Rate Applies Over $250,000.

        Hope this helps,

    10. Default Gravatar
      john | September 5, 2015

      if i deposit 100 dollars a week for 32 years at the standard compound interest rate how much will i have after 32 years

      • Staff
        Shirley | September 7, 2015

        Hi John,

        The amount you receive will depend on the interest rate. Please use our calculators to help you figure this out.


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