Best savings accounts for – 7 expert picks

The best savings account is one that has a high interest rate and doesn't make you jump through too many hoops to get it. Our data-driven Finder Score ranks savings accounts based on rates, fees, account conditions and restrictions.

Finder's best savings accounts for April 2025

Our best savings accounts this month all suit different types of saver and have Finder Scores of at least 8.7 out of 10. Of the hundreds of accounts we assessed, less than 10% earned a score above 8.5.

• Best overall savings account: Ubank Save Account
• Best ongoing rate: ING Savings Maximiser
• Best no-conditions account: Australian Unity Freedom Saver
• Best no-conditions account runner up: Macquarie Savings Account
• Best for large balances: Suncorp Growth Saver
• Best Big Four savings account: ANZ Plus Save
• Best kids savings account: Great Southern Bank Youth eSaver

Best savings account overall

Ubank Save Account

• Earn up to 5.1% p.a. on your balance
• No account keeping fees
• Link to a ubank Spend Transaction Account and deposit $500 a month to earn bonus interest

Read review

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Pros & cons

• $0 Account keeping fees
• Earn up to 5.1% p.a. on your balance
• Can setup savings targets

• You earn no interest if you don't meet the bonus criteria each month

Why we like it

This account has a Finder Score of 9.4. It has a high 5.1% p.a. ongoing variable rate. All you need to do is deposit $500 a month. That's pretty simple.

This account was named the best savings account in our 2025 Finder Awards as it consistently had one of the highest total variable rates in the market over the 12-month judging period, with very minimal conditions.

Best ongoing savings account rate

ING Savings Maximiser

• 5.4% p.a. maximum bonus rate
• Deposit $1,000, make 5+ card purchases and grow your balance each month to earn bonus interest

Go to site Read our review

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Pros & cons

• $0 Account keeping fees
• Ongoing bonus rate of 5.4% p.a. is one of the highest in market
• Make withdrawals and still earn bonus interest (as long as you replace the money by end of month)
• Linked ING Orange Everyday account offers rebates on international fees

• More monthly conditions to meet to earn the bonus rate than other accounts
• Bonus interest rate only applies up to balances of $100,000

Why we like it

This account has a Finder Score of 9.7. This makes it the highest scoring savings account in our database.

It offers a high, ongoing bonus rate of 5.4% p.a. which is the highest in the market (in comparison, the average savings account rate is less than 2.95% p.a.). Some accounts offer their bonus rate for the first few months only, however ING's bonus rate is available ongoing each month you meet the conditions.

You can make withdrawals during the month if you need to and still be eligible for bonus interest as long as you replace the money by the end of the month, to make sure your balance grows.

Best no-conditions savings account

Australian Unity Freedom Saver (Up to $50,000)

• 4.85% p.a. max variable rate

Read review

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Pros & cons

• 4.85% p.a. ongoing, standard variable rate
• No deposit or withdrawal conditions
• No monthly fees

• Maximum interest rate only applies to the first $50,000

Why we like it

This account has a Finder Score of 9. This is higher than 95% of scores in our database.

This account won the best no-conditions savings account in our 2025 Finder Awards, as it offers one of the highest ongoing variable rates in the market for an account with no conditions to meet. You don't need to meet a monthly deposit requirement, there's no restriction on withdrawals, nothing! It's just a great rate with no strings attached.

Highly commended: No-conditions savings account runner up

Macquarie Savings Account

• 5.1% p.a. for the first 4 months
• 4.75% p.a. ongoing, standard variable rate

Go to site Read our review

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Pros & cons

• Bonus rate is one of the highest in market
• After intro period ends, ongoing standard rate is still very competitive
• No monthly account keeping fee
• No monthly deposit conditions to meet
• Make withdrawals and still earn interest
• Earn interest on balances up to $1 million

• Bonus interest only available for 4 months

Why we like it

This account has a Finder Score of 8.8. This is higher than 90% of scores in our savings account database.

You'll get 5.1% p.a. for the first 4 month, and then 4.75% p.a. ongoing after the intro period ends with no conditions to meet. This is a great rate considering the average rate for a savings account with no conditions to meet is less than 2.40% p.a.

Unlike most savings accounts, you don't have to deposit a set amount each month, you don't have to grow your balance or make a set number of purchases and you aren't restricted from making withdrawals at all. Plus, you'll earn interest on balances up to $1 million, which is much higher than many competing accounts which only pay bonus interest on the first $100,000.

Best savings account for large balances

Suncorp Bank Growth Saver Account

• Ongoing 4.8% p.a. bonus rate
• 0.35% standard variable rate

Go to site Read our review

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Pros & cons

• Maximum interest rate of 4.8% p.a.
• No monthly account keeping fees
• The monthly growth requirement of $200 to earn bonus interest is lower than what's required with many other savings accounts available
• No balance limit for interest

• Standard interest rate of just 0.35% if account conditions are not met

Why we like it

This account has a Finder Score of 8.7. This is higher than 90% of scores in our savings account database.

You can get a decent ongoing, total variable rate of 4.8% p.a. on your entire balance - there is no balance limit for earning the bonus interest. This makes the account ideal if you've got a large amount of cash.

To earn the bonus rate you need to grow your balance by $200 each month (excl. interest), which is lower than many other accounts, and make no more than 1 withdrawal per month.

Best big four bank savings account

ANZ Plus Save Account

• 4.75% p.a. maximum bonus rate
• 0.4% p.a. standard variable rate
• Grow balance by $100/month for bonus rate

Read review

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Pros & cons

• Earn up to 4.75% p.a.
• Make withdrawals and still earn bonus interest
• No balance limit for bonus interest
• Round up extra cents on eligible card transactions and send them to your savings
• Set and track up to 99 savings goals
• Track savings progress in the ANZ Plus app

• You need to grow your balance by $100 or more each month to earn the bonus interest
• Only available via ANZ Plus mobile app (not regular ANZ banking app)

Why we like it

This account has a Finder Score of 8.8. This is higher than any other savings account without age restrictions offered by one of the Big Four banks. It's also a higher score than 95% of savings accounts in our database.

You can earn an attractive 4.75% p.a. bonus rate when you simply grow your balance by $100+ during the month. This makes the account very flexible as you can still make withdrawals when needed - as long as your balance grows by $100 by the end of the month.

You don't need to make a certain number of purchases during the month, and there is no balance limit for bonus interest. It's a great, ongoing rate with very few hoops to jump through to get it.

Best kids savings account

Great Southern Bank Youth eSaver Account (0-17 year olds only)

• 5.25% p.a. max variable rate
• Max rate applies to first $5,000

Read review

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Pros & cons

• 5.25% p.a. ongoing, standard variable rate
• No monthly fee
• No monthly deposit conditions to meet
• Make withdrawals and still earn interest

• Age restrictions apply
• Max interest rate only available on balances up to $5,000

Why we like it

This account has a Finder Score of 9.7. This is one of the highest scores in our savings account database.

This account was named the best kids savings account in our 2025 Finder Awards as it had the highest ongoing variable rate for under 18s over the judging period. Plus, there are no conditions to meet to earn the full interest rate, making it ideal for young savers.

How we choose our top savings account picks

Each month we assess hundreds of savings accounts in our databse and assign each a Finder Score out of 10. Put simply, the savings accounts with the highest Finder Scores allow you to earn the most amount of interest on your money, for the least amount of effort.

Once we get the accounts with the highest scores (8+), we then look at these to select the account that we feel best suits each of the different savings account categories featured above.

In sereral categories the account was chosen as it was a winner in the 2025 Finder Awards.

Finder Score levels

• 9+ Excellent: Only 5% of savings accounts in our database earned a score of 9 or above.
• 7+ Great: These savings accounts have quite competitive interest rates, but they're not the best in the market.
• 5+ Satisfactory: Usually these savings accounts offer average or slightly above average rates.
• Less than 5 – Basic: These accounts have poor interest rates, lower than the industry average.

Digging deeper into the Finder savings account score

The Finder 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 (this is roughly how much money Australians have in their savings, according to Finder data). 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.

• How Finder Score is calculated

  The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

  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%

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 comfortably 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 transaction account along with your savings account with the same bank (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 transaction accounts do. For example, if you open a transaction account with the same bank in order to move money in and out of your new savings account, make sure the transaction account doesn't have any monthly account fees.

The best savings rate vs an average savings rate

How much difference does the interest rate on your savings account make, really? It's actually more than you might think!

Let's assume you have a savings balance of $40,000 and you're able to deposit $1,000 per month. Here's how much interest you'll earn over 1, 3 and 5 years if your savings account has a below-average rate (2.00% p.a.), an above-average rate (3.50% p.a.) or a market-leading rate (5.50% p.a.).

Bonus interest rate	Interest after 1 year	Interest after 3 years	Interest after 5 years
2.00% p.a.	$938	3,603	$7,356
3.5% p.a.	$1,653	$6,432	$13,295
5.50% p.a.	$2,620	$10,380	$21,825

As you can see, you could earn quite a lot more money by simply switching to one of the best savings account rates in the market.

FAQs on best savings accounts

• Will saving rates continue to go up in 2025?

  No, it's unlikely that savings account rates will go up in 2025. Now that inflation is back towards target levels the RBA has already made one cut to the cash rate, which means we've started to see savings rates drop too.

• Are introductory rates worth it?

  Introductory savings rates can be a great way to earn a higher return in the short term, but remember, they're not permanent. If you're only planning on saving for a few months or don't mind switching accounts later, they can be a solid option. Otherwise, you'll likely be better off choosing an account with a strong, ongoing bonus rate instead.

• 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 one of the best in market since 2016. However, ING's account does come with several conditions to earn that rate. You need to despoit $1000 per month, grow your balance and also make 5+ transactions during the month, which some people may find too difficult.

• 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 5.40%, and the average rate is closer to 2.5-3% p.a. 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.