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?
9+ Excellent - These savings accounts offer high interest rates with minimal conditions or restrictions, making it easier for you to earn the most interest possible.
7+ Great - These savings accounts have quite competitive interest rates and relatively minimal conditions and restrictions.
5+ Satisfactory - Usually these savings accounts offer average or slightly above average rates and require you to meet several conditions before you can get the maximum rate
Less than 5 – Basic - These accounts have poor interest rates and make it much more difficult to qualify for the maximum interest rate.
Digging deeper into the Finder savings account score
How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.
That's where the Finder Score comes in. The score is a simple way for you to compare savings accounts at a glance.
Here's how the scores work:
We analyse hundreds of savings accounts in our database, from the Big Four banks to online banks and local credit unions.
We assess each savings account based on how competitive the interest rate is.
We also evaluate each account based on what kind of conditions and restrictions the account has (some banks make it easy to earn the max rate, some don't).
To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:
The account has a starting balance of $36,000. We assume you meet any monthly conditions required to get the bonus rate where applicable.
Interest is calculated daily and accrued monthly over a 2 year period.
The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.
Reading the fine print: how Finder Score is calculated
The Finder Score uses 8 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.
Finder Score weightings - savings accounts
Component
Weighting
Interest earned
90%
Min deposit condition
2.50%
Temporary restrictions
0.50%
Age restrictions
0.50%
Withdrawal restrictions
3.00%
Purchase restrictions
2.00%
Max balance restrictions
0.50%
Notice restrictions
1.00%
Which Australian bank has the highest savings interest rate in November 2024?
These are 5 top savings account on the market right now, based on their Finder Scores (which includes rates and other factors):
ME Bank HomeME Savings Account has a Finder Score of 9.25. It offers 5.25% when you deposit $2,000 and grow your balance each month.
ING Savings Maximiser has a Finder Score of 9.7. It offers 5.5% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month.
Bank of Queensland Future Saver Account (14-35 year olds) has a Finder Score of 9.7. It lets savers earn a maximum rate of 5.5%. As the name suggests, you need to be aged between 14 and 35 to open this account. You'll also need to deposit $1,000 a month to get the maximum rate.
Rabobank PremiumSaver has a Finder Score of 9.56. It has a maximum rate of 5.35% when you grow your balance by at least $200 a month.
Where are savings rates headed?
It's very hard to predict interest rate movements at the moment. Inflation is still too high but it is slowing, making more interest rate increases by the Reserve Bank unlikely.
This is good news for savers, with high interest savings account rates now holding well above 5%.
When selecting your savings account, the interest rate is key. A higher rate means greater growth potential for your balance.
Conditions you can meet
Check what conditions you need to meet to earn the bonus or introductory rate and make sure you can easily meet them.
No fees
Most banks don't charge a monthly fee for a savings account. If you're looking at a savings account that does charge a monthly account fee, know that this is not the norm and most accounts have no fees.
Easy access to your money
Some savings accounts allow you to withdraw money a few times each month, while some require you make no withdrawals at all. If you need regular access to your savings, pick a savings account that has no limits to withdrawals.
Linked accounts
Some banks require you to link your savings account with an everyday account in the same bank to qualify for their interest rate or bonus rate. If you do need to get a bank account with the same bank, make sure the bank account doesn't charge high fees.
Deposit requirements
Some savings accounts will require you to deposit just $20 each month in order to earn bonus interest, while others will require much higher monthly deposits (some up to $2000 a month). Choose one that fits in with your ability to save.
Savings tip
Set up an automatic recurring transfer from your bank account into your savings account to ensure you always meet the monthly deposit requirement to earn bonus interest.
Compare CommBank, Westpac, ANZ and NAB savings accounts
The big 4 banks have been increasing their monthly savings rates along with the RBA cash rate increases. CommBank, Westpac, ANZ and NAB do not have the highest rates in the market, however, do offer easy to meet conditions. Check out the savings rates for the big 4 below.
If you're after higher rates than what the big 4 banks are offering, then use our comparison table.
How do savings account interest rates work?
Savings rates explained
Standard variable rate: This is the base interest rate that you'll earn each month, whether you meet the conditions or not.
Bonus variable rate: This is the additional interest you'll earn on top of the standard rate when you meet the account conditions (such as meeting a monthly deposit amount).
Total or maximum variable rate: This is the standard rate plus the bonus rate, and is the total interest rate you'll earn when all the conditions are met.
Introductory rate: Some savings accounts offer a special, higher introductory rate for the first few months after you open the account. This is an incentive to open the account, but after the introductory period ends the rate will drop to a standard variable rate that's usually much lower.
How do I get the bonus interest rate on my savings account?
For a Bonus Saver account, the bonus interest is usually awarded when you're able to deposit a certain amount per month and make no withdrawals. It doesn't matter if you're a new customer or not, but there may be restrictions on the number of accounts you can have.
There's a difference between a headline rate and base rate. For an Introductory Bonus account, the bonus interest rate is only awarded for the first couple of months (normally up to 4) and you need to be a new customer.
You will also need to be within the balance your bonus rate applies to. In most cases, any balance beyond $250,000 usually earns the standard variable rate.
Benefits of savings accounts
Savings accounts are a safe investment and are covered under the Government Guarantee.
They're a great tool to help you save and budget.
Savings accounts are liquid, meaning you can easily access the cash.
You can use a savings account to help you save up for your house deposit.
Drawbacks of savings accounts
You are usually required to deposit a set amount each month and make no or minimal withdrawals to receive the high bonus interest rate.
Savings accounts do not come with a debit card so you're unable to access your cash as easily as transaction accounts.
Interest rates for some savings accounts are quite low - you need to shop around for the best rates.
"At the moment, most of my money is in a high interest savings account because I appreciate the simplicity. I also know I can take some money out relatively quickly if I need to, which is not the case with some other investments that have higher potential returns."
I'm looking for a set-and-forget account with no conditions: Perhaps a term deposit could suit you better, as these don't have any ongoing conditions to meet and are locked until the term expires.
How do I open a savings account?
Compare savings accounts until you find one that meets your needs.
Apply online. You'll need to provide ID with proof of your residential address, such as your passport and/or drivers license.
Transfer money into your new account for it to become officially activated.
Done! Start earning interest and putting your savings to work.
FAQs on savings accounts
As of November 2024, the highest ongoing savings rate in the Finder database is the ME HomeME Savings Account, which offers 5.25% p.a. You can get this rate when you deposit $2,000 into the linked SpendME transaction account and grow your balance each month.
Rabobank's High Interest Savings Account has an even higher rate of 5.6% but only for the first 4 months.
Yes, the majority of banks allow consumers to set up savings accounts online. This is as easy as completing the application process on the bank's website, which should only take 10 minutes or so. You'll need to verify your identity online, so make sure you have your driver's license or another form of ID handy. Once the application is done, you can download the bank's mobile banking app to start using your account.
No, savings accounts do not usually offer an overdraft feature. This is something that is usually offered with a transaction account instead, as that account is designed for spending while a savings account is designed for saving.
Bank accounts are designed for your daily spending, and come with a debit card to access your money at shops, ATMs and online. A savings account isn't designed to help you spend, but to help you save, so there's no debit card attached. Savings accounts pay interest on our balance each month, as an incentive to save, while bank accounts typically pay no interest.
It's not an either or situation: you can have both a savings account and a bank account (in fact it's encouraged that you do!).
Savings accounts usually don't come with a debit card like everyday transaction accounts, so you can withdraw money from the account at ATMs.
To access the money in your savings account, simply transfer your money from your savings to your linked everyday account using your mobile banking app or via Internet banking. If you've got your bank account and savings account with the same bank (this is a good idea!), the money will be transferred instantly which you can then access with your debit card.
Keep in mind that, depending on the savings account you choose, there may be restrictions as to how often you can withdraw from the account before you forfeit your bonus interest. If you know you want to lock away your funds for a longer period, you may want to consider a term deposit instead of a savings account.
Why you can trust Finder's banking experts
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
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 626 Finder guides across topics including:
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See some of the best savings accounts in Australia right now with high interest rates and no fees, plus tips to help you find the best savings account for you.
Hi, I’m an author and will receive OS payments monthly from Amazon ( royalties). I’m trying to find the best account for these to be deposited into. I need to keep these separate, I’d prefer an account with no minimum deposit,no fees and a debit card. I am 62 and I’m aware some banks remove fees if over a certain age.
Many thanks Rose
Finder
AngusOctober 9, 2024Finder
Hi Rose, A big complicating factor here is where the royalties are coming from. Sales from Amazon’s Australian site can be transferred by direct deposit – but sales from overseas locations require a wire transfer, which can have high fees, especially for small amounts. You’ll likely want a specific transaction account to keep these funds in, rather than a high-interest savings account – you can transfer into one of those once you’ve received the payments if you want. Hope this helps.
GojkoOctober 5, 2024
I need a savings account similar to Ubank ( monthly deposit of less than 500 and an option to transfer money to another account and not lose a high interest rate, but can receive international payments. Ubank does not do that anymore.
Do any savings accounts use an IBAN account number to receive money?
Finder
RichardOctober 7, 2024Finder
Hi Gojko,
My understanding is Australian banks don’t use IBANs but you can use your BSB and account number combined (with no spaces) if an IBAN is required instead.
I have followed your advice and opened up a number of high interest savings accounts and term deposits. All is going well. I have invested in 5 banks and now want to set up an XL (type) automatic feed so that each day I can see if the rates are changing and also what we have earned. Do you have an RSS feed I can access – or do you have a better way of doing this. Many thanks
Finder
AngusSeptember 20, 2024Finder
Hi Philip, That’s a great approach! Sorry, but we don’t have an RSS feed of rates. Remember too that once you’ve set up a term deposit, the rate is fixed for that term – so checking rates for new accounts won’t really be relevant to what you’re earning. Similarly with savings accounts, the rate you’re earning won’t necessarily be the same as that offered to new customers, especially if the bank is offering a promotional rate that only runs for a few months. My own approach here is to just set myself a monthly reminder to check rates at other banks, and then decide if it’s worth moving any cash to a new account.
MagdiAugust 24, 2023
ING Maximiser Account>
The conditions for obtaining a reasonable interest rate on this account seem unreasonable. Initially, interest is only paid on savings up to $100,000. Furthermore, they require consistent account growth each month to qualify for a decent interest rate. If you hold over $100,000 and wish to access the surplus funds, you forfeit the interest accrued for that month. The interest rate on the balance beyond $100,000 is merely 0.05%. Consequently, if you have, for example, an extra $5,000 above the $100,000 threshold, you earn a rate of 0.05%, rather than the more competitive rate offered by other banks on the same amount. I’m uncertain if ING’s terms comply with legal regulations by preventing customers from withdrawing amounts surpassing their established $100,000 limit. Please verify this for me.
Finder
AlisonSeptember 21, 2023Finder
Hi, you can withdraw money from your ING Savings Maximiser at any time.
ChristopherJune 30, 2023
What are the fees on these banking accounts? Ongoing fees, setup fees, monthly fees, not reaching transfer target fees, withdrawal of own money fees, or expensive atm fees?
Finder
SarahJuly 3, 2023Finder
Hi Chris,
If you click the “more info” button for each product, you can see a short summary of the benefits of that account, along with a link to a bigger review page that outlines all the fees and charges.
Hope this helps!
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
Hi, I’m an author and will receive OS payments monthly from Amazon ( royalties). I’m trying to find the best account for these to be deposited into. I need to keep these separate, I’d prefer an account with no minimum deposit,no fees and a debit card. I am 62 and I’m aware some banks remove fees if over a certain age.
Many thanks Rose
Hi Rose, A big complicating factor here is where the royalties are coming from. Sales from Amazon’s Australian site can be transferred by direct deposit – but sales from overseas locations require a wire transfer, which can have high fees, especially for small amounts. You’ll likely want a specific transaction account to keep these funds in, rather than a high-interest savings account – you can transfer into one of those once you’ve received the payments if you want. Hope this helps.
I need a savings account similar to Ubank ( monthly deposit of less than 500 and an option to transfer money to another account and not lose a high interest rate, but can receive international payments. Ubank does not do that anymore.
Do any savings accounts use an IBAN account number to receive money?
Hi Gojko,
My understanding is Australian banks don’t use IBANs but you can use your BSB and account number combined (with no spaces) if an IBAN is required instead.
Some suggestions for accounts similar to Ubank (low or no monthly deposit requirement, decent rate and no penalty for transferring money out):
Rabobank (no conditions but the top rate only lasts for 4 months) https://www.finder.com.au/bank-accounts/rabobank-savings-accounts/rabobank-high-interest-savings-account
ANZ Plus (deposit $100 a month) https://www.anz.com.au/plus/accounts/anz-save/
I have followed your advice and opened up a number of high interest savings accounts and term deposits. All is going well. I have invested in 5 banks and now want to set up an XL (type) automatic feed so that each day I can see if the rates are changing and also what we have earned. Do you have an RSS feed I can access – or do you have a better way of doing this. Many thanks
Hi Philip, That’s a great approach! Sorry, but we don’t have an RSS feed of rates. Remember too that once you’ve set up a term deposit, the rate is fixed for that term – so checking rates for new accounts won’t really be relevant to what you’re earning. Similarly with savings accounts, the rate you’re earning won’t necessarily be the same as that offered to new customers, especially if the bank is offering a promotional rate that only runs for a few months. My own approach here is to just set myself a monthly reminder to check rates at other banks, and then decide if it’s worth moving any cash to a new account.
ING Maximiser Account>
The conditions for obtaining a reasonable interest rate on this account seem unreasonable. Initially, interest is only paid on savings up to $100,000. Furthermore, they require consistent account growth each month to qualify for a decent interest rate. If you hold over $100,000 and wish to access the surplus funds, you forfeit the interest accrued for that month. The interest rate on the balance beyond $100,000 is merely 0.05%. Consequently, if you have, for example, an extra $5,000 above the $100,000 threshold, you earn a rate of 0.05%, rather than the more competitive rate offered by other banks on the same amount. I’m uncertain if ING’s terms comply with legal regulations by preventing customers from withdrawing amounts surpassing their established $100,000 limit. Please verify this for me.
Hi, you can withdraw money from your ING Savings Maximiser at any time.
What are the fees on these banking accounts? Ongoing fees, setup fees, monthly fees, not reaching transfer target fees, withdrawal of own money fees, or expensive atm fees?
Hi Chris,
If you click the “more info” button for each product, you can see a short summary of the benefits of that account, along with a link to a bigger review page that outlines all the fees and charges.
Hope this helps!