Get the Finder app 🥳

Track your credit score


Compare online savings accounts

Yes, you can get a better interest rate with an online savings account.


Fact checked

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

An online savings account is an account that you manage via Internet banking or a mobile banking app, rather than at a bank branch. You can access your account online at any hour of the day, and when you're out-and-about. Online savings account rates are often better than other accounts, too.

Let's jump in compare some online savings accounts that you can open today.

High interest savings account offer

Westpac Life (18-29 year olds only)

3 % p.a.

max rate

0.40 % p.a.

standard variable rate

High interest savings account offer

You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.

  • Maximum Rate: 3% p.a.
  • Standard Variable Rate: 0.4% p.a.
  • Monthly deposit required: $1
  • Monthly fees: $0
Go to site

Compare online savings accounts today

Data indicated here is updated regularly
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
You can earn an ongoing, variable 3% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 3% p.a. is available on balances up to $30,000 for customers aged 18-29.
Westpac Life (18-29 year olds only)
You can earn an ongoing, variable 0.75% p.a. each month you grow your balance (excluding interest earned) and make 5+ debit card purchases from your linked Westpac Choice transaction account. The maximum variable rate of 0.75% p.a. is available on balances up to $30,000 for customers aged 18-29.
MyState Bank Bonus Saver Account
Ongoing, variable 1.5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
Ongoing, variable 0.15% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $25,000,000.
Bankwest Hero Saver
Ongoing, variable 1.15% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
Bankwest Hero Saver
Ongoing, variable 0.01% p.a. rate when you deposit at least $0 each month and make no withdrawals. Available on balances up to $250,000.
Westpac Life
Ongoing, variable 0.75% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.

Compare up to 4 providers

What is an online savings account?

An online savings account is an account that you can completely manage online, without the need to go into a bank branch or physical store. You can access your savings balance via Internet banking or the mobile banking app provided by the financial institution. Online savings accounts interest rates are generally better and they usually charge no fees, because there are less overheads involved. Plus, you get the flexibility of the internet, so you can access your money 24/7.

How to find the best online savings account

The best online savings account will help you manage your savings effectively to suit your savings goal and spending style. There may be more than one online savings account that is 'best' for your situation, and what is best for you might not be best for someone else.

It's important to consider what features of an online savings account are important to you, such as monthly fees, access to your balance, and interest rate when selecting an account. The accounts identified on this page are some of the best online savings accounts offered, however there are other accounts that may be better suited to your personal circumstances.'s featured online savings accounts

Online savings accountInterest rate conditions
Rabobank Online Savings High Interest Savings accountEnjoy a high rate of 2% p.a. for 4 months with this online savings account.
HSBC Serious Saver1.35% Available for 4 months, reverting to a rate of 0.1%.
Citibank Online Saver1.35% Available for 4 months, reverting to a rate of 0.35%.
UBank USave1.46% when you link to an Ultra transaction account and deposit $200 per month.
ME Online Savings account1.35% When you link to a ME Everyday Transaction account and make a weekly purchase with your Debit Mastercard using tap & go.
ING Savings Maximiser1.5% When you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month.
RAMS Savings Account0.75% When you deposit 200+ each month and make no withdrawals.

How do online savings accounts work?

You first need to ensure that you have an active transaction account (an everyday account) that can be used as a linked account for transferring funds into, and out of, your savings account. This is because most online savings accounts do not come with a debit card, therefore the only way to access your money is by transferring it to your transaction account where you can then access via EFTPOS or withdraw the cash from an ATM. Once your transaction and savings accounts are both set up, linking them simply involves logging in to your internet or mobile banking app and initiating a transfer between accounts.

Online accounts usually don't attract any transfer fees or monthly account-keeping fees, so they offer an inexpensive way to build savings. However, you might be charged account keeping fees on your linked transaction account so be sure to watch out for this. Interest on the balance is calculated daily, and deposited into the account at the beginning of the following month.

how do I deposit funds

How do I compare online savings accounts on

Using our table above, you can compare a range of popular online savings accounts side by side. If you want to find out more information about the account, click on the blue 'More' option to read our detailed product review. If you're ready to open the account, click the green 'Go to site' button to be securely taken to the bank's website where you can complete the online application.

Use the sorter button in our tables to compare the interest rates for online savings accounts, as shown in the image below.

Savings 2

Benefits of online savings accounts

Online savings account offer a range of benefits, including:

  • You can usually link your online savings account to your regular Australian bank account

Many online banks make it easy to transfer money to and from your linked account. However, some will only let you link a bank account from the same institution. This means that you might have to open a new bank account just for your online savings account.

  • You get 24/7 access to your money

One of the best aspects of an online savings account is that you can usually access your money whenever you like. While the accounts are all accessible online via a web browser, most banks make it even more convenient with mobile banking apps. These allow you to monitor your savings activity even when you are on the go.

  • Deposited funds are safe

Ensure that your bank is an authorised deposit-taking institution; this means your deposits are guaranteed up to $250,000 by the Australian Government.

  • You get a competitive interest rate

High interest online savings account usually offer a higher interest rate than standard accounts, helping your balance grow. Some of these accounts offer bonus interest each month you meet the account conditions.

  • There are few or no fees

Generally, an online savings account does not attract any monthly account-keeping fees or transaction fees. Avoid accounts that charge monthly maintenance fees, statement fees and ATM charges.

  • $0 minimum deposit requirements

Some banks may require that you make a minimum deposit when first opening the account, or on an ongoing basis. Understand what you can and can't commit to in terms of deposits to choose the account that's best for you.

  • Flexible transaction limits

Check how many withdrawals you can make per month and how much you can take out. Your daily transfer limit may be capped around the $10,000 mark; you may be able to adjust this by calling the bank.

Pros and cons of an online savings account

The pros

  • Generally no minimum balance required. An online savings account should not have any minimum balance requirements. Some even allow you to open an account without any initial deposit.
  • Competitive rates. Interest rates on online savings accounts are competitive with those of other savings accounts. You may even qualify for a bonus introductory rate.
  • Flexible terms. Deposit what you can and make withdrawals whenever you can. Most online savings accounts don't have specific terms you need to meet, though bonus interest rates will often require a minimum deposit each month.
  • 24/7 access. Use the internet to access your account 24/7.

The cons

  • Needs to be linked to a bank account. Although you won’t have any fees on the account, there may be fees associated with the linked account used to manage it.
  • Can be delayed if funds are from different banks. Funds transfers may not be instant if they are coming from a separate financial institution.

Online savings account FAQs: The most common account questions answered

Do I get instant access to transferred funds?

If your online savings account is linked to a transaction account from the same institution, then you generally do get instant access. However, if the money comes from a different financial organisation, it usually takes up to three business days for the funds to appear in your account.

Can non-residents open an online high-interest savings account in Australia?

No. Even though the account is based online, the account holder must be a resident of Australia with an Australian residential address.

Are the accounts available for businesses?

There are online savings accounts designed specifically for businesses. Business owners need to apply for one of those rather than an account which is structured for personal use only.

Will I have to pay taxes on the interest earned on an online savings account?

Yes, interest is considered income and must be included in your annual tax return. Whether you will have to pay tax on it depends on the amount, your income and your personal circumstances.

Picture: Shutterstock

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

8 Responses

  1. Default Gravatar
    ShabnamApril 8, 2020


    Please send me the newsletter.
    please send me updated news of coronavirus.


    • Avatarfinder Customer Care
      MayApril 19, 2020Staff

      Hi Shabnam,

      Thank you for reaching out to Finder.

      We’re glad that you are interested in our newsletter! A great way to sign up is to check out this guide on which the process is just as quick and easy as it can be.

      Our general newsletter has been very coronavirus-related, so you won’t miss any updates related to the pandemic. Apart from signing up for our email newsletter, if you’ve downloaded the Finder App, you can also get the most updated coronavirus articles and contents. If you haven’t yet, please feel free to download the Finder App from here.

      Please let us know if you encounter problems when signing up or downloading the app. We can help via live chat. :)


  2. Default Gravatar
    ChristySeptember 24, 2019

    Which bank will give me interest on an account with a large amount that I simply want access to at any time?

    • Default Gravatar
      NikkiSeptember 25, 2019

      Hi Christy,

      Thanks for getting in touch! A high interest-earning savings account will be able to give you a bonus interest rate when you meet their bonus criteria such as no withdrawals or minimum deposits for a certain period of time. You can participate in this bonus criteria otherwise you are set to earn the standard variable rate as offered by the banks.

      It would be a good idea to compare your options on the page above, starting by entering the amount you wish to deposit and period of commitment on the calculator found on the table above. Hit calculate and it will show the interest earned per bank. Note that the longer you keep the money in the bank, the more interest you earn. You can also click the compare box beside each bank option and compare up to 4 options side by side for easier comparison. If you need further help, “how to find the best online savings account” is also stated on the page.

      As a friendly reminder, review the eligibility criteria, fees, interest rates, and terms & conditions of this account before applying. You may also contact the bank should you have any questions about their product.

      Hope this helps!


  3. Default Gravatar
    BevSeptember 2, 2017

    Why don’t you have Ubank as a comparable option?
    Is there some downside with Ubank that I haven’t noticed?

    • Default Gravatar
      LiezlSeptember 4, 2017

      Hi Bev,

      Thanks for reaching out.

      The offers compared on this page are chosen from a range of products has access to track details from and is not representative of all the products available in the market. Moreover, it doesn’t mean that products not featured on this page are subpar to those listed in here neither does the product arrangements signify order or ranking. That said, you may check this page for UBank USaver’s rates and features.


  4. Default Gravatar
    LayaApril 14, 2016

    I applied for iSaver account. I have account number,there is no answer for my application.

    • Avatarfinder Customer Care
      ShirleyApril 15, 2016Staff

      Hi Laya,

      Thanks for your question.

      During your application for the NAB iSaver, you’ll need to link it to an everyday bank account.

      If you’ve opened your account online, you’ll be able to select the option of having your ID verified electronically.

      Otherwise, you’ll need to visit a NAB branch to complete the standard 100-point ID check.

Go to site