What we like about Ubank High Interest Save Account:
This account has a Finder Score of 9.7.
Earn 5.5% p.a. You'll earn this rate every month you meet the account conditions.
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.
Competitive 5.2% p.a. rate. This account has the highest, ongoing savings rate offered by the Big Four banks.
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 (by any amount!) and make 5+ eligible debit card purchases.
Best savings account for under 35s
Bank of Queensland Future Saver Account - 14 to 35 years
What we like about Bank of Queensland Future Saver:
This account has a Finder Score of 9.7.
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.
Want to dive deeper? Compare over 180 savings accounts and find the right one for you
Every month, our banking experts take a look at the top scoring products in our Finder Score data to find the best savings account picks from our partners.
We know that every customer has different criteria for an account, which is why we select the best accounts for a varierty of different purposes. For example, the best pick for customers with a large balance or the best pick for customers looking for a no-condition account.
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?
These are the 4 main things to look for when you're choosing a savings account:
1. A high interest rate
Put simply, the higher the rate, the more interest you can earn. The best savings rates at the moment all start with a 5.
Check if the high interest rate on offer is an ongoing rate available each month, or if it's an intro rate only on offer for a few months. If it's the latter, set yourself a reminder to consider switching accounts after the intro period is over when the rate drops down to the lower, standard rate.
2. Conditions you can easily meet
Most of the best savings rates will require you to deposit a set amount each month (anywhere from $20-$2000) and perhaps also limit withdrawals or make a number of purchases.
Make sure you can comfotably meet the monthly conditions before opening the account. If you can't, you'll only earn the variable base rate which is often very low.
3. Balance limits that suit your savings
Some savings accounts only offer the maximum interest rate on smaller balances up to $10,000, while others are up to $5 million. Depending on the size of your savings balance, make sure that the account you choose pays interest on your entire balance (or at least most of it).
4. A low-fee, linked transaction account
If you're planning to open a linked transaction account along with your savings account (a lot of these are opened as a pair automatically), don't forget to check out the fees and charges for that account too. Because savings accounts don't charge fees, but some bank accounts do.
Our expert says: The highest savings rate isn't always best
"Of course the interest rate is important when choosing a savings account, but I always tell people that the account conditions are just as - if not more - important. There's no point choosing the account with the highest rate if you're going to be pushed to your limit meeting the deposit conditions each month.
Savings account rates change quite frequently - what's best one month might not be best the next. So you're better off choosing a good account with conditions you can easily meet and other features that suit you. Because if you opt for the account with the highest rate but then you can't meet the conditions, you'll likely earn no interest at all."
We can't predict what savings rates will do in 2025. Savings rates have climbed in recent years as the RBA has increased the cash rate. However, now that inflation is back towards target levels the RBA may now start dropping the cash rate, which means we could see savings rates start to drop a bit too.
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.
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. It offers one of the best savings rates in the market. However, ING's account does come with several conditions to earn that rate, which could be difficult to meet for some customers.
No Australian banks offer 7% p.a. interest on savings account, currently the best rates are around 5.50% p.a. If there is a product offering 7% p.a., it is likely to be in investment product not 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.
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 625 Finder guides across topics including:
You can open a joint savings account with another person to save for a shared goal. Here's how they work and how to find the best joint savings account for you.
Financial difficulties can compound the problems faced by survivors of domestic violence. This guide includes a list of support services that can help, and advice on how to financially plan an exit strategy for abusive relationships.
I am 40+ years of age and have a Saver a/c and my other a/cs with a Big 4 bank. The Saver a/c interest rate is less than 2%. Please suggest the best alternative Saver a/c which does not require opening additional a/cs with that bank, nor has minimum transaction requirements.
Finder
SarahMay 16, 2023Finder
Hi Allan,
We’re not licenced to provide personalised advice, but we are able to share a number of options with you to review. There are dozens of high interest accounts listed in this table. A return of 2% is very low at the moment, so it’s worth checking the conditions of each of the accounts in this table to see which ones best match your requirements.
Best of luuck!
FrankMarch 18, 2023
Hi Alison,
if I have an account with 2 banks of the NAB Group (e.g. Ubank and citibank) do I have separate government guarantee of 250 T$ for both banks or only once for both banks together?
Thanks very much!
Frank
Finder
AlisonMarch 20, 2023Finder
Hi Frank,
The scheme applies per person, per ADI. So in this case, because Citi and Ubank operate under the same ADI (NAB’s ADI), only your first $250,000 is covered under this scheme.
Thanks,
Alison
vasNovember 30, 2022
what are the best investment options for kids below 1yr?
For other investment options, we suggest you speak with a financial adviser who can offer you personal advice based on your situation.
Thanks,
Alison
MichaelNovember 3, 2022
Hi Alison
I am interested in placing funds into the MyStateBank but the reviews on that bank are appalling. What is your experience or knowledge of this bank’s customer service reputation?
Many thanks
Michael
Finder
AlisonNovember 11, 2022Finder
Hi Michael,
I haven’t used this bank personally so I’m unable to comment on its customer service, and we don’t have any customer reviews of the bank yet, unfortunately.
Thanks,
Alison
GiuseppeJuly 20, 2022
Looking to park an amount of over $250000 in an interest bearing account without locking into a fixed term. The funds belong to a SMSF. Can you advise the institutions that accept funds from s super fund and where the best interest rates will come from
Finder
AlisonSeptember 6, 2022Finder
Hi Giuseppe,
You can view a range of SMSF bank accounts that pay interest here.
Thanks,
Alison
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I am 40+ years of age and have a Saver a/c and my other a/cs with a Big 4 bank. The Saver a/c interest rate is less than 2%. Please suggest the best alternative Saver a/c which does not require opening additional a/cs with that bank, nor has minimum transaction requirements.
Hi Allan,
We’re not licenced to provide personalised advice, but we are able to share a number of options with you to review. There are dozens of high interest accounts listed in this table. A return of 2% is very low at the moment, so it’s worth checking the conditions of each of the accounts in this table to see which ones best match your requirements.
Best of luuck!
Hi Alison,
if I have an account with 2 banks of the NAB Group (e.g. Ubank and citibank) do I have separate government guarantee of 250 T$ for both banks or only once for both banks together?
Thanks very much!
Frank
Hi Frank,
The scheme applies per person, per ADI. So in this case, because Citi and Ubank operate under the same ADI (NAB’s ADI), only your first $250,000 is covered under this scheme.
Thanks,
Alison
what are the best investment options for kids below 1yr?
thank you
Hi Vas,
You can see our guide on children’s savings accounts here which may be of interest.
For other investment options, we suggest you speak with a financial adviser who can offer you personal advice based on your situation.
Thanks,
Alison
Hi Alison
I am interested in placing funds into the MyStateBank but the reviews on that bank are appalling. What is your experience or knowledge of this bank’s customer service reputation?
Many thanks
Michael
Hi Michael,
I haven’t used this bank personally so I’m unable to comment on its customer service, and we don’t have any customer reviews of the bank yet, unfortunately.
Thanks,
Alison
Looking to park an amount of over $250000 in an interest bearing account without locking into a fixed term. The funds belong to a SMSF. Can you advise the institutions that accept funds from s super fund and where the best interest rates will come from
Hi Giuseppe,
You can view a range of SMSF bank accounts that pay interest here.
Thanks,
Alison