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Locked savings accounts

Locked savings accounts that you can't withdraw from can help you grow your savings balance. A locked savings account could include a term deposit or a savings account with restrictions on withdrawals.

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
Ubank High Interest Save Account
Ubank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
ING Savings Maximiser
ING logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
IMB Reward Saver Account
IMB logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
Earn up to 3.25% p.a. after the introductory period ends.
Bankwest Easy Saver
Bankwest logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000.99
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
Westpac Life (18-29 year olds only)
Westpac logo
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
BCU Bonus Saver
BCU logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Showing 8 of 8 results

An account you can't withdraw from could help you save money, as you're restricted from making impulse purchases. Your options include a term deposit or a savings account with withdrawal restrictions. Here's the difference:

  • Savings account with withdrawal restrictions. Also called a bonus saver account, these offer extra interest each month you save money and make no withdrawals. You can access the money if you really need to, but it means you'll give up your interest that month, so it would certainly make you think twice before making any impulse purchases.
  • Term deposit. This is a type of savings account that locks your money away for a certain period of time, from one month to five years, while earning a fixed interest rate. It's more restrictive than a high interest savings account, as you typically need to give 31 days notice to make a withdrawal and you'll likely lose all your interest.

Check out a range of locked savings accounts accounts that you can't touch below.

Promoted
Finder Award
5% p.a. for 12 months terms
Terms between 3 months and 5 years
$1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit

1 - 10 of 173
Name 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 11 Mths p.a. 12 Mths p.a. 24 Mths p.a.
Newcastle Permanent Term Deposit
Newcastle Permanent logo
$1,000 min. deposit
3 Mths p.a.
4.00%
4 Mths p.a.
4.00%
5 Mths p.a.
4.00%
6 Mths p.a.
4.75%
7 Mths p.a.
3.80%
11 Mths p.a.
-
12 Mths p.a.
4.55%
24 Mths p.a.
4.00%
Go to siteMore Info
Judo Bank Term Deposit
Judo Bank logo
Finder Award$1,000 min. deposit
3 Mths p.a.
5.00%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.15%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
5.00%
24 Mths p.a.
4.75%
Go to siteMore Info
Rabobank Term Deposit
Rabobank logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.85%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.90%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.55%
24 Mths p.a.
4.00%
Go to siteMore Info
BCU Term Deposit
BCU logo
$1,000 min. deposit$999,999 max. deposit
3 Mths p.a.
4.30%
4 Mths p.a.
4.90%
5 Mths p.a.
4.00%
6 Mths p.a.
4.95%
7 Mths p.a.
4.00%
11 Mths p.a.
-
12 Mths p.a.
3.80%
24 Mths p.a.
3.80%
Go to siteMore Info
Bankwest Term Deposit
Bankwest logo
$1,000 min. deposit$10,000,000 max. deposit
3 Mths p.a.
3.75%
4 Mths p.a.
3.00%
5 Mths p.a.
3.00%
6 Mths p.a.
4.25%
7 Mths p.a.
4.00%
11 Mths p.a.
-
12 Mths p.a.
4.70%
24 Mths p.a.
3.90%
Go to siteMore Info
Judo Bank Business Term Deposit
Judo Bank logo
$1,000 min. deposit
3 Mths p.a.
5.00%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
5.15%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
5.00%
24 Mths p.a.
4.75%
Go to siteMore Info
Rabobank Term Deposit (SMSF)
Rabobank logo
$1,000 min. deposit$2,000,000 max. deposit
3 Mths p.a.
4.85%
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
4.90%
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.55%
24 Mths p.a.
4.00%
Go to siteMore Info
Australian Unity Term Deposit
Australian Unity logo
$5,000 min. deposit
3 Mths p.a.
4.65%
4 Mths p.a.
1.15%
5 Mths p.a.
1.15%
6 Mths p.a.
4.70%
7 Mths p.a.
1.50%
11 Mths p.a.
1.75%
12 Mths p.a.
4.55%
24 Mths p.a.
3.95%
More Info
ING Term Deposit
ING logo
$10,000 min. deposit
3 Mths p.a.
4.85%
4 Mths p.a.
4.85%
5 Mths p.a.
-
6 Mths p.a.
4.95%
7 Mths p.a.
4.65%
11 Mths p.a.
-
12 Mths p.a.
4.95%
24 Mths p.a.
4.40%
More Info
Great Southern Bank Platinum Plus 55+
Great Southern Bank logo
$5,000 min. deposit$1,000,000 max. deposit
3 Mths p.a.
-
4 Mths p.a.
-
5 Mths p.a.
-
6 Mths p.a.
-
7 Mths p.a.
-
11 Mths p.a.
-
12 Mths p.a.
4.45%
24 Mths p.a.
4.10%
More Info
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Showing 10 of 173 results
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
BOQ Specialist Bank 32 Day Notice Account
BOQ Specialist logo
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
4.50%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
South West Slopes Bank Seven Day Notice
South West Slopes Bank logo
Maximum Variable Rate p.a.
0.01%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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Showing 2 of 2 results

Savings accounts you can't touch

Savings accounts are packed with features to help you save money and grow your balance. They offer high interest rates, charge minimal or no fees and typically include a range of incentives to encourage you not to touch the money in your account. These are also called bonus saver accounts. Bonus savers offer a higher interest rate each month you make limited or no withdrawals and when you make regular deposits, providing a great incentive to keep your money in the account and to keep adding to it.

In order to activate this bonus interest rate each month you will need to satisfy certain requirements, which may include:

  • Depositing a specific minimum amount into your account each month.
  • Making a minimum number of deposits each month.
  • Making no or limited withdrawals each month.
  • Maintaining a minimum account balance.
  • Opening a linked transaction account and using it to perform a specific number of transactions each month.

Finder survey: How long are Australians holding term deposits?

Response
I am not planning to get a term deposit61.37%
12 months16.26%
6 months6.29%
24 months4.31%
9 months3.77%
3 months3.5%
60 months1.98%
36 months1.26%
48 months1.26%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

What happens when I withdraw from my savings account?

If you don't meet the conditions of the savings account, for example if you don't deposit any money into the account for a month, you'll earn a lower interest rate on your balance for that month, which could be as low as 0.01% p.a. By scheduling an automatic transfer from your salary into your savings account each month, you can quickly build a sizable savings balance. Our savings calculator will help you work out just how much interest you can earn.

As the name suggests, savings accounts are designed to help you save money, not spend it. If you want an account that allows easy access to your money, we suggest opening an everyday transaction account.

How to compare bonus saver accounts you can't touch

Make sure to compare the following when researching the benefits of bonus saver accounts:

  • Research the maximum interest rate you can earn on each account. Remember that you will only earn this high rate if you satisfy all the account terms and conditions each month, so check out the base interest rate that will apply if you miss a deposit or make too many withdrawals.
  • Check if there are deposit requirements. Is there a minimum amount you need to deposit each month in order to receive the best rate? Also check to see whether there is a minimum deposit required to open an account.
  • Check if there are limits on the number of withdrawals you can make. Many accounts will limit the number of withdrawals you can make each month and this limit could possibly be as low as zero. If you fail to meet this requirement, you won’t earn any bonus interest for that month.
  • Linked account requirements. Some banks will require you to also open a linked transaction account with them in order to open a bonus saver account. If this is the case, make sure the transaction account is suited to your needs and doesn’t have any hidden fees.
  • Check for any hidden account fees. Exorbitant bank fees can quickly defeat the purpose of any bonus interest earned on an account, so read the fine print to make sure you’re aware of any ongoing fees, withdrawal fees and other transaction charges.
  • How accessible is your cash? Check to see whether your account can only be managed online or whether you also have branch, mobile banking and phone banking access. Easy accessibility to customer service and support is another important factor.

Term deposits you can't withdraw from

A term deposit is another type of savings account that you can't withdraw from. Term deposits are more restricting than savings accounts, as you need to lock your money away for a certain length of time and can't access it at all until the term is finished. If you do need to make a withdrawal, you'll need to give 31 days' notice and pay a penalty. You can choose to lock your money away in a term deposit for one month up to five whole years at a time and the term deposit will pay a fixed rate of interest for the length of the term.

There are a couple of key benefits to term deposits. First, you get the security of a fixed interest rate and a guaranteed return on your investment. If interest rates drop while your money is locked away in a term deposit, you won’t be affected.

Second, these accounts are set up in a way to discourage you from dipping into your savings balance. You typically can’t access the funds in a term deposit without having to give 31 days' notice and paying a sizable fee, so any money you deposit is safe from the risk of impulse-buying and unnecessary spending.

On the other side of the coin, term deposits are not all that convenient if you ever need fast access to your funds in an emergency and you also won’t be able to benefit from any interest rate rises that occur until your deposit matures.

How to compare term deposits you can't touch

Consider the following features when comparing the pros and cons of term deposit accounts:

  • The fixed interest rate. As the table above shows, interest rates can vary greatly between banks and depending on the term you choose. Look around for the best interest rate you can find – but make sure there are no unexpected fees attached.
  • When interest is calculated. Check to see whether interest is calculated on the account daily, monthly, quarterly or yearly. The more often interest is calculated, the more your balance will grow as you'll earn interest on your interest.
  • Compare the terms and conditions. When comparing accounts, make sure you evaluate the features of accounts with the same term length. For example, only compare six month term deposits with other six month term deposits. If your bank doesn’t offer the term you want, look elsewhere.
  • Check the fees for early withdrawal. It’s worth checking what sort of fee you will incur if you need to withdraw your money before the term ends.
  • Check where interest is paid on maturity. Is the interest you earn paid back into the same account or into a different account? Do you need to open a linked account with the same financial institution to receive interest payments?
  • Are there loyalty bonuses? If you want to re-invest your money into another term deposit after your first deposit matures, will you be rewarded for your loyalty with a bonus interest rate?

I want a locked savings account, should I get a bonus saver or a term deposit?

Term deposits and bonus saver accounts can both offer many benefits to people who struggle to save money. Make sure you research the benefits and drawbacks of both types of accounts before deciding if either one is right for you.

The main differnce between the two types of accounts is that a bonus saver offers extra interest as an incentive to leave your money in the account, but there's nothing really stopping you from withdrawing. On the other hard, a term deposit requires 31 days notice to withdraw, so it's a lot harder to touch. If you're really bad with impulsive purchases, a term deposit will be harder to access.

Karen Eley is the founder of Women Talking Finance, which provides money coaching and financial literacy and education services. An experienced and former financial adviser who has worked in financial services industry for 22 years, Karen is a Certified Money Coach (CMC), holds a Bachelor of Accounting and an Advanced Diploma in Financial Planning and CFP.

Karen Eley's headshot
To make sure you get accurate and helpful information, this guide has been reviewed by Karen Eley, a member of Finder's Editorial Review Board.
Alison Banney's headshot
Written by

Editor

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:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

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