Best savings accounts – expert picks

Finder's best savings accounts for December 2024

These accounts all have a Finder Score of at least 8 out of 10.

• Best overall savings account: Ubank High Interest Save Account
• Best ongoing rate: ING Savings Maximiser
• Best intro rate: Rabobank High Interest Savings
• Best no-conditions account: Macquarie Savings Account
• Best for large balances: Suncorp Bank Growth Saver
• Best Big Four savings account: Westpac Life
• Best for under 35s: Bank of Queensland Future Saver

Best overall savings account

Ubank High Interest Save Account

Go to site Read our review

What we like about Ubank High Interest Save Account:

This account has a Finder Score of 9.7.

• Earn 5.5% p.a. You'll earn this rate every month you meet the account conditions.
• Simple conditions. To get the maximum variable rate on this account each month you only need to deposit $500. That's a simpler requirement than most high interest savings accounts.
• Interest on balances up to $100,000. You can earn the maximum variable rate on balances up to $100,000.

Best ongoing rate

ING Savings Maximiser

Go to site Read our review

What we like about ING Savings Maximiser:

This account has a Finder Score of 9.7.

• Earn 5.5% p.a. This is one of the best ongoing rates in the market.
• Ongoing rate. Earn the bonus rate every month you deposit $1,000, grow your balance and make 5+ transactions.
• Interest on balances up to $100,000. You can earn the maximum variable rate on balances up to $100,000.

Best intro rate

Rabobank High Interest Savings Account

Go to site Read our review

What we like about Rabobank High Interest Savings Account:

This account has a Finder Score of 8.28.

• Earn 5.6% p.a. This high rate is available for the first 4 months.
• Ongoing rate of 4.35%. After the 4 month intro period you'll still earn a great rate ongoing.
• No conditions. There are no monthly conditions to meet to earn the intro rate or the ongoing rate.

Best no-conditions savings rate

Macquarie Savings Account

Go to site Read our review

What we like about Macquarie Savings Account:

This account has a Finder Score of 9.18.

• 5.35% p.a. intro rate. Earn 5.35% p.a. for the first 4 months after opening the account.
• No conditions for bonus interest. You don't need to meet any monthly deposit conditions or spend requirements to earn the bonus intro rate.
• No ongoing conditions. After the 4-month intro period ends, you'll still earn an ongoing variable rate of 5% p.a. with no conditions to meet.

Best savings account for large balances

Suncorp Bank Growth Saver Account

Go to site Read our review

What we like about Suncorp Growth Saver:

This account has a Finder Score of 9.02.

• Earn 5.05% p.a. A great rate that's available on super large balances.
• Ongoing rate. You can earn 5.05% each month you grow your balance by $200+ and make no more than 1 withdrawal.
• No balance limit. There's no balance limit to earn the high, ongoing bonus rate!

Best Big Four bank savings account

Westpac Life (18-29 year olds only)

Go to site Read our review

What we like about Westpac Life (18-29s):

This account has a Finder Score of 9.08.

• Competitive 5.2% p.a. rate. This account has the highest, ongoing savings rate offered by the Big Four banks.
• Ongoing rate. Westpac Life's savings rate is an ongoing rate. You just need to meet the conditions.
• Reasonable conditions. To get the maximum rate you just need to grow your balance each month (by any amount!) and make 5+ eligible debit card purchases.

Best savings account for under 35s

Bank of Queensland Future Saver Account - 14 to 35 years

Read review

What we like about Bank of Queensland Future Saver:

This account has a Finder Score of 9.7.

• Great rate for under 35s. This account currently offers one of the highest maximum variable rates in the market with 5.5% p.a. for customers aged 14-35. p.a.
• Ongoing rate. Bank of Queensland's maximum variable rate is ongoing each month if you meet the account conditions.
• Make withdrawals. As long as you've deposited $1000 monthly, you can withdraw while still being eligible for bonus interest.

How we choose our top savings account picks

Every month, our banking experts take a look at the top scoring products in our Finder Score data to find the best savings account picks from our partners.

We know that every customer has different criteria for an account, which is why we select the best accounts for a varierty of different purposes. For example, the best pick for customers with a large balance or the best pick for customers looking for a no-condition account.

How to pick the best savings account

These are the 4 main things to look for when you're choosing a savings account:

1. A high interest rate

Put simply, 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 comfotably 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.

3. Balance limits that suit your savings

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 linked transaction account along with your savings account (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 bank 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."

Alison Banney

Editor

FAQs on best savings accounts

• Will saving rates continue to go up in 2025?

  We can't predict what savings rates will do in 2025. Savings rates have climbed in recent years as the RBA has increased the cash rate. However, now that inflation is back towards target levels the RBA may now start dropping the cash rate, which means we could see savings rates start to drop a bit too.

• Are introductory rates worth it?

  Introductory savings rates are often among the highest in the market, but they're only available for a short period of time. If you have a short-term savings goal, or you're willing to move your money around every 4-6 months, then a high introductory savings rate could be worth considering.

• Is ING Savings Maximiser the best savings account?

  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 the best in market since 2016. It offers one of the best savings rates in the market. However, ING's account does come with several conditions to earn that rate, which could be difficult to meet for some customers.

• Which bank is offering 7% p.a. interest on savings?

  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.

• What is a good interest rate for a savings account?

  Currently, any savings rates above 5% are good. The highest rates are around 5.50%. 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.

To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.

Written by

Alison Banney

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 625 Finder guides across topics including:

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