Ongoing bonus rate of 4.75% p.a. is one of the highest in market
Make withdrawals and still earn bonus interest (as long as you replace the money by end of month)
Linked ING Orange Everyday account offers rebates on international fees
More monthly conditions to meet to earn the bonus rate than other accounts
Bonus interest rate only applies up to balances of $100,000
Why we like it
This account offers a high, ongoing bonus rate of 4.75% p.a. which is one of the highest in the market (in comparison, the average savings account rate is less than 2.50% p.a.). Some accounts offer their bonus rate for the first few months only, however ING's bonus rate is available ongoing each month you meet the conditions. Plus, it isn't restricted by age and it's available on balances up to $100,000.
You can make withdrawals during the month if you need to and still be eligible for bonus interest as long as you replace the money by the end of the month, to make sure your balance grows.
Must grow your balance each month to earn bonus interest
Ongoing bonus rate is lower than others in market
Why we like it
This account has a really strong welcome bonus rate of 5.1% p.a. for the first 4 months (for new customers). After the welcome period ends, it has an ongoing bonus rate of 4.35% p.a. on balances up to $1 million (this is a higher balance limit than a lot of other accounts).
This account was named the best savings account in our 2025 Finder Awards as it consistently had one of the highest total variable rates in the market over the 12-month judging period, with very minimal conditions. All you need to do is hold a Ubank Spend account, and grow your Save balance by at least $1 (excluding interest) each month to earn bonus interest.
Requires a Macquarie Transaction Account to open, limiting access for those without one.
Why we like it
You'll get 4.6% p.a. for the first 4 month on balances up to $250,000, and then 4.25% p.a. ongoing after the intro period ends with no conditions to meet. This is a really great rate considering the average rate for a savings account with no conditions to meet is less than 2.30% p.a.
Unlike most savings accounts, you don't have to deposit a set amount each month, you don't have to grow your balance or make a set number of purchases and you aren't restricted from making withdrawals at all. Plus, you'll earn the ongoing interest rate on balances up to $2 million, which is much higher than many competing accounts.
The monthly growth requirement of $200 to earn bonus interest is lower than what's required with many other savings accounts available
No balance limit for interest
Standard interest rate of just 0.05% if account conditions are not met
Why we like it
This account has a Finder Score of 8.7. This is higher than 90% of scores in our savings account database.
You can get a decent ongoing, total variable rate of 4.3% p.a. on your entire balance - there is no balance limit for earning the bonus interest. This makes the account ideal if you've got a large amount of cash.
To earn the bonus rate you need to grow your balance by $200 each month (excl. interest), which is lower than many other accounts, and make no more than 1 withdrawal per month.
Best big four bank savings account
Westpac Life (18-34 year olds only)
5% p.a. maximum bonus rate
0.1% p.a. standard variable rate
Grow balance & make 20 transactions / month for bonus interest
Top bonus rate only available on balances under $30,000.
Must make 20 transactions per month to earn top bonus rate.
Why we like it
This account has a Finder Score of 8.7. This is higher than any other savings account offered by one of the Big Four banks. It's also a higher score than 95% of savings accounts in our database.
If you’re between 18-34, you can earn an ongoing bonus rate of 5% p.a. each month you grow your balance and make 20+ eligible debit card purchases. This means you can make withdrawals throughout the month, just as long as your balance finishes higher at the end of the month than it was at the start.
The bonus rate is available on balances up to $30,000. While this is lower than other accounts, the age range of 18-34 means it's tailored to customers starting out on their savings jouney.
Best kids savings account
Great Southern Bank Youth eSaver Account (0-17 year olds only)
Access to funds without losing interest, encouraging saving while offering flexibility.
One account per eligible child, limiting flexibility for those with multiple savings goals.
Children under 10 cannot transact on the account without a parent or guardian as a signatory.
Why we like it
This account has a Finder Score of 9.6. This is one of the highest scores in our savings account database.
This account was named the best kids savings account in our 2025 Finder Awards as it had the highest ongoing variable rate for under 18s over the judging period. Plus, there are no conditions to meet to earn the full interest rate, making it ideal for young savers.
How we choose our top savings account picks
Each month we assess 150+ savings accounts in our databse and assign each a Finder Score out of 10. Our data-driven Finder Score ranks savings accounts based on rates, fees, account conditions and restrictions. Put simply, the savings accounts with the highest Finder Scores allow you to earn the most amount of interest on your money, for the least amount of effort.
Once we get the accounts with the highest scores (8+), we then look at these to select the account that we feel best suits each of the different savings account categories featured above.
In sereral categories the account was chosen as it was a winner in the 2025 Finder Awards.
These are the 4 main things to look for when you're choosing a savings account:
1. A high interest rate
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 comfortably 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.
Want a no-hoops savings account?
Compare more savings accounts that have no conditions.
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 transaction account along with your savings account with the same bank (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 transaction 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.
You still want to make sure you have an account with one of the best rates in the market as this will make a huge difference to the amount of interest you can earn - it just doesn't have the be the absolute highest rate available."
How much difference does the interest rate on your savings account make, really? It's actually more than you might think!
Let's assume you have a savings balance of $40,000 and you're able to deposit $1,000 per month. Here's how much interest you'll earn over 1, 3 and 5 years if your savings account has a below-average rate (2.00% p.a.), an above-average rate (3.50% p.a.) or a market-leading rate (5.50% p.a.).
Bonus interest rate
Interest after 1 year
Interest after 3 years
Interest after 5 years
2.00% p.a.
$938
3,603
$7,356
3.5% p.a.
$1,653
$6,432
$13,295
5.50% p.a.
$2,620
$10,380
$21,825
As you can see, you could earn quite a lot more money by simply switching to one of the best savings account rates in the market.
FAQs on best savings accounts
It's unlikely that savings account rates will go up in the initial few months of 2026. However, if we see inflation go up the RAB might choose to raise the cash rate later in the year, which could result in some banks raising interest rates on savings accounts.
Introductory savings rates can be a great way to earn a higher return in the short term, but remember, they're not permanent. If you're only planning on saving for a few months or don't mind switching accounts later, they can be a solid option. Otherwise, you'll likely be better off choosing an account with a strong, ongoing bonus rate instead.
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 one of the best in market since 2016. However, ING's account does come with several conditions to earn that rate. You need to despoit $1000 per month, grow your balance and also make 5+ transactions during the month, which some people may find too difficult.
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 4.00% p.a. are good. The highest rates are around 5.00% p.a., and the average rate is closer to 2.50% p.a. 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 is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards.
See full bio
Alison's expertise
Alison
has written
660
Finder guides across topics including:
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.
Finder
DeeMarch 23, 2017Finder
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.
Cheers,
Anndy
MarkNovember 1, 2016
Hi,
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
Finder
ClarizzaNovember 1, 2016Finder
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.
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.
Finder
ShirleySeptember 6, 2016Finder
Hi Jazmine,
Thanks for your question.
If you intend on making regular deposits every month, you may want to consider a bonus saver account.
Your second question goes beyond the scope of our advice and into financial advice. If you’re looking for investment guidance, we recommend speaking to a financial planner. We can only provide general advice that’s specific to the products we display.
Hope this helps.
cassandraJune 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
Finder
ClarizzaJune 15, 2016Finder
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 learn more and compare Bonus Saver account from our website. Be sure to check the ‘Bonus saver accounts comparison’ tab on our comparison table.
Cheers,
Clarizza
Finder
ClarizzaJune 14, 2016Finder
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.
Clarizza
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.
Finder
ShirleyMay 26, 2016Finder
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.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
Rabobank PremiumSaver account is an option worth considering for savers looking to boost their savings balance, offering no ongoing fees, a competitive variable rate and 24/7 online access to your funds.
Our range of simple calculators can help you plan your finances and compare potential interest earned.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
The information provided by Frankie is general in nature and has been prepared without considering your objectives, financial situation or needs. Frankie may make mistakes so it's important that you review the information before deciding. By messaging Frankie, you agree to our Terms and have read our Privacy Policy.
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.
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.
Cheers,
Anndy
Hi,
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
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.
Cheers,
Clarizza
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.
Hi Jazmine,
Thanks for your question.
If you intend on making regular deposits every month, you may want to consider a bonus saver account.
An alternative is to regularly switch introductory bonus savings accounts when the introductory period ends.
Your second question goes beyond the scope of our advice and into financial advice. If you’re looking for investment guidance, we recommend speaking to a financial planner. We can only provide general advice that’s specific to the products we display.
Hope this helps.
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
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 learn more and compare Bonus Saver account from our website. Be sure to check the ‘Bonus saver accounts comparison’ tab on our comparison table.
Cheers,
Clarizza
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.
Clarizza
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.
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.