Savings accounts with no conditions
These savings accounts let you earn a decent ongoing interest rate on your cash with no annoying hoops to jump through.
Key takeaways
- No-conditions savings accounts offer decent interest, with top introductory rates well above 5% p.a.
- These accounts simplify saving by removing common hoops like monthly deposits or withdrawal limits.
- Look for accounts that pay interest on large balances as some cover up to $5 million.
While it's true the highest interest rates are offered on savings accounts that have lots of different monthly conditions attached, you can still get a great rate on your savings with no conditions to meet at all.
These accounts allow you to simply park your cash then set-and-forget while it earns interest.
Savings accounts with no conditions
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How we picked theseHow 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?
What is a savings account with no conditions?
A no-conditions savings account is one that lets you earn an ongoing interest rate on your money with no hoops to jump through to get it.
Most high interest savings accounts require you meet certain monthly conditions to earn the maximum variable rate advertised. This usually includes depositing a certain amount of money each month (often upwards of $1,000!) and restricting withdrawals.
A savings account with no conditions doesn't require you to do anything special to get the advertised rate.
How interest works on a no-conditions savings account
Some savings accounts with no conditions will offer one standard, ongoing rate. Others will offer a short-term introductory rate, then a standard, ongoing rate.
One ongoing rate: The advertised rate is the one you'll get from day one and you'll keep earning this ongoing without needing to do anything.
Intro rate plus ongoing rate: You'll earn a special introductory rate for the first 4 months or so, then after this you'll earn the standard, ongoing rate. You don't need to meet any monthly conditions to earn the higher introductory rate, however you often do need to be a new customer.
It's worth noting that all interest rates offered on savings accounts are variable, which means they can change at any time if the bank decides.
Best savings accounts with no conditions
Savings account conditions explained
If a savings account has monthly conditions attached, this is what you need to do in order to get the maximum variable rate available with the account.
Some of the most common conditions you'll see include:
- A monthly deposit. This could be as little as $20 or as much as $2,000, and is the amount you need to deposit into the account (or a transaction account with the same bank) each month from an external account.
- Grow your balance. This means your savings balance needs to be higher at the end of the month than it was at the start. You might need to grow it by a set amount, like $200, and it excludes any interest you've earned through the month.
- Restrict withdrawals. Some accounts allow you to make only 1 withdrawal per month, and others restrict any withdrawals at all.
- A spend requirement. Many accounts say you need to make 5 transactions per month from a bank account with the same bank. This could be as simple as 5 coffee purchases each month, but if it's not your main day-to-day bank account it could be easy to forget to do this.
Here are some examples of popular savings accounts and their monthly conditions to get the high rate:
| Savings account | Account conditions for maximum variable rate |
|---|---|
| ING Savings Maximiser | 5.5% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month. |
| Ubank Save | 5.85% when you deposit $3.15 each month. |
| Suncorp Growth Saver | 5.1% when you grow your balance by $200 each month and make no more than 1 withdrawal. |
| CommBank Goal Saver | 5% when you make a deposit and grow your balance during the month (excluding interest). |
| Westpac Life | 5% when you make a deposit and grow your balance during the month (excluding interest). |
| Bank of Queensland Smart Saver | 5.4% when you deposit $1,000 and make 5 transactions per month. |
Why do savings account conditions matter?
If you can easily meet the account conditions, that's great. But if you can't, you'll only earn the standard variable rate that month which is often very low (almost 0% p.a.!).
Some savings account conditions are harder to meet than others. If you're tempted into getting the account with the highest interest rate but tough monthly conditions, you could be setting yourself up for a lot of stress trying to meet these.
In some cases, you could be better off choosing an account with a lower rate but no conditions to meet - because at least you're guaranteed to earn it.
No conditions to save, no waiting to earn.
Get cash back into your new account.
Will a no-conditions savings account suit me?
A savings account with no conditions might suit you well if:
- You don't want to commit to any ongoing conditions
- You don't earn a regular income (e.g.: if you do contract or freelance work) and can't commit to a monthly deposit
- You want to be able to make withdrawals from your savings
- You're looking for a set-and-forget option for your cash
- You have a large balance
- You aren't fazed about having the absolute highest rate available
How to pick the right no-conditions savings account
Consider the following features when you're comparing accounts:
What's the ongoing interest rate?
Many accounts with no conditions will offer a special introductory interest rate for the first 4 months or so. After the introductory period, the rate will drop down to the standard, ongoing interest rate. When looking at accounts, make sure you check what the ongoing rate will be after the introductory period ends.
What's the balance limit?
One benefit of choosing a savings account with no conditions is they usually pay interest on large balances. In comparison, savings accounts that have higher rates and conditions to meet will often only pay the higher rate on balances up to $50,000 or $100,000.
If you've got a super large balance, look for an account that pays interest on the whole amount.
Do you need a linked account?
Some banks will require you to have a bank account open in your name as well as the savings account. This may or may not suit you, but it's worth checking if you do have a preference on this.
Pros and cons of no-conditions savings accounts
Pros
- No hoops to jump through to earn interest
- Ongoing interest rate is usually quite decent
- These accounts often pay interest on very large balances
- Stress free, set-and-forget savings option
Cons
- Ongoing rates aren't the best in market
- Special introductory rates are usually for new customers only
FAQs on no-condition savings accounts
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I have $15000 that i don’t need at the moment. I also have a reverse mortgage with 8.39% interest rate. Is it better to put the money into that account rather than open a savings account (not a term deposit).
Hi Fran,
In most cases, you’re better off putting that $15,000 straight into your reverse mortgage rather than a regular savings account, because an 8.39% interest rate is very hard to beat. Most high-interest savings accounts typically sit well below that, currently around 5%, and their rates can drop over time. By reducing your loan balance, you’re effectively getting a guaranteed 8.39% “return” and slowing the compounding interest working against you, which is especially important with reverse mortgages. It’s worth keeping a small cash buffer set aside for flexibility, since money paid into the loan may not be easily accessible again. Hope this helps!