If the best savings accounts we have selected are not what you're looking for you can compare over 180 accounts in our database to find the right one for you.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
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?
Ubank High Interest Save Account
This account has a Finder Score of 9.7.
ING Savings Maximiser
This account has a Finder Score of 9.7.
Macquarie Savings Account
This account has a Finder Score of 9.18.
Westpac Life (18-29 year olds only)
Bank of Queensland Future Saver Account - 14 to 35 years
This account has a Finder Score of 9.7.
Great Southern Bank Youth eSaver Account (0-17 year olds only)
This account has a Finder Score of 3.65.
The higher the interest rate, the more interest you'll earn and the more your balance will grow. This is the most important feature to consider when choosing your account.
Savings accounts shouldn't charge you any fees. If you're getting charged a fee, know that this is not common and there are plenty of fee-free accounts.
Savings accounts typically have monthly deposit requirements or spending conditions to earn the high bonus rate. Make sure you can meet these.
The best savings account for you will depend on your age, financial situation, savings goals and spending habits. Here are a few different hypothetical examples of how you might pick a savings account based on your personal savings style.
The best savings account for you will likely be one with the following:
Let's say you want to give your savings a boost for 3-5 months only to help you save for an overseas holiday or another large purchase. Because you're saving for a specific goal in the near future, you aren't planning to keep your cash in the account for too long and you don’t want to have to meet any ongoing monthly conditions.
The best savings account for you will likely be one with the following:
Let's say you don't earn a regular income, or you're currently not in a position to meet a monthly deposit condition. Plus, perhaps you're also prone to dipping into your savings from time to time for impulse purchases or unexpected expenses.
The best savings account for you will likely be one with the following:
"People often ask why keep cash in a savings account when shares can offer better long-term returns historically. There are several answers: a savings account offers certainty, security, and acts as a financial safety net. It is safer and delivers a more predictable return than shares, and you can quickly access your cash when needed."
Usually savings accounts are connected to transaction accounts and instead of the money sitting in your bank account, you can transfer it to your savings account and it'll earn interest (if you meet the account conditions, of course). The special thing about savings account interest is its compound interest, meaning you'll earn interest on your interest.
Wondering which bank is best to open up your savings account with? Chances are you may be thinking of joining the Big Four. We've put together this pros and cons list of the Big Four VS smaller banks to help you make a decision easier.
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In most cases, you can apply and open a savings account online, as long as you're able to provide documentation that confirms your identity and residency. If you're a new customer to the bank, you'll need to verify your identity for legal reasons. For the online savings and bonus saver accounts, most banks will allow an Australian to have an account opened in their name from birth.
Australian households will save 4.8% of their disposable household income in 2025, equivalent to $2,716 per year.
You can open a joint savings account with another person to save for a shared goal. Here's how they work and how to find the best joint savings account for you.
Four steps to creating an emergency savings fund and how much money you should aim to keep in it.
Wanting to save money doesn’t make it easier, but this free template helps.
Financial difficulties can compound the problems faced by survivors of domestic violence. This guide includes a list of support services that can help, and advice on how to financially plan an exit strategy for abusive relationships.
Gift savings accounts are just the beginning for starting kids off on the right track to a secure financial future.
A simple feature like compound interest can make a big difference in how your savings grow.
Kickstart your savings plan with a high interest savings account.
Our range of simple calculators can help you plan your finances and compare potential interest earned.
Hi
the app is not for Aust is there an Aust app? for Virgin Savings
Hi Clive,
Virgin Money Australia has a mobile app where you can link and access your Virgin Money savings account. You can download it on their website or via the App Store or Google Play store.
Best,
Alison
i would appreciate more information on your top picks for larger balances (over $250,000)
with tha
Hi Elaine,
Of the accounts featured in our comparison table, usually for balances over $250,000 you’ll earn the standard variable rate. There are a few accounts that offer the total variable rate on large balances. Some examples include:
– Citibank Online Saver pays 1.1% p.a. on balances up to $500,000 for 4 months
– Macquarie Bank Savings Account pays 0.70% p.a. on balances over $250,000
– ING Savings Accelerator Account pays 0.65% p.a. on balances over $100,000
– Suncorp Growth Saver Account pays 0.45% p.a. on the entire balance
These are just a few examples, and might not be right for you. Don’t forget to check the product’s terms and conditions and eligibility requirements to make sure that it would suit your needs.
I hope this helps!
Alison
What about compound interest for 10,000 where is the best place to invest , what Bank
Thanks,
Bernard
Hi Bernard,
When it comes to choosing the best bank, it would depend on the factors that are most important to you and your current circumstances. There’s no one account that is considered best.
Most savings accounts come with compound interest. Look for an account with a high interest rate, but make sure to check the account conditions you need to meet to get that high rate.
Thanks,
Alison
Hi guys, when was this page last updated? I feel like these rates are changing on a daily basis.
Thanks,
Erin
Hi Sarah,
Thanks for getting in touch! This page was updated last August 7th, 2019. Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki
What would be the best bank to invest around $400,000? A high interest rate savings account or a term deposit?
Hi Kylie,
Thank you for reaching out.
In most cases, term deposits will give you the highest interest rate than a savings account. Generally, a high-interest savings account requires some conditions before you are able to receive a high-interest rate such as required monthly deposit, no withdraw, etc.
But regardless, it will depend on you how you wish to deposit your money. I suggest that you use the estimate calculator on this page to have an idea of what savings account can give you the highest interest and if you are good with the terms set. Alternatively, you can also check our term deposit page to check on the term deposit interest rates. You can use the term deposit calculator to know your estimated interest rates.
Hope you find this useful.
Kind Regards,
Mai