![ME HomeME Savings Account image](https://dvh1deh6tagwk.cloudfront.net/global/images/providers/melogofinal.png)
![ME HomeME Savings Account image](https://dvh1deh6tagwk.cloudfront.net/global/images/providers/melogofinal.png)
![Ubank High Interest Save Account image](https://dvh1deh6tagwk.cloudfront.net/niche-builder/62833500b9f3a.png)
![Bank of Queensland Simple Saver Account image](https://dvh1deh6tagwk.cloudfront.net/global/images/providers/boqlogo-website-315x190.png)
Find the best savings account in Australia
If the best savings accounts we have selected are not what you're looking for you can compare over 100 accounts in our database to find the right one for you.The lowdown on Finder Score
- 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 with a recurring monthly deposit of $760.
- 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% |
Finder's best savings accounts for July 2024
Highest ongoing rate
What we like about ME HomeME Savings Account:
- Great rate. ME offers one of the highest maximum ongoing variable rates in the market at the moment with 5.55% p.a.
- Ongoing rate. ME's maximum variable rate is ongoing each month, as long as you deposit $2,000 into a linked transaction account each month.
- Interest on balances up to $100,000. You can earn the maximum variable rate on balances up to $100,000.
Best overall savings account
What we like about Ubank High Interest Save Account:
- High ongoing rate. Ubank has a very high ongoing variable interest rate of 5.5% p.a.
- 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 savings intro rate
What we like about Bank of Queensland Simple Saver Account:
- Great intro rate. This account offers a high rate of 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 4.85% p.a. with no conditions to meet.
- Interest on large balances. You'll earn the bonus interest rate (then later the base interest rate) on your full balance up to $5 million.
Best Big Four bank savings account
What we like about Westpac Life (18-29 year olds only):
- Competitive rate. This account has the highest savings rate offered by the Big Four banks. While some accounts may have slightly higher rates as part of temporary special offers, Westpac's rate is a high ongoing rate.
- 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 and make 5+ eligible debit card purchases.
Best savings account for under 35s
What we like about Bank of Queensland Future Saver:
- Great rate for under 35s. This account offers one of the highest maximum variable rates in the market at the moment 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 you meet the account conditions.
- Make withdrawals. As long as you've deposited $1000 per month, you can make withdrawals while still being eligible for bonus interest.
- Finder Awards winner. This account won the Best Young Adult Savings Account in this year's Finder Awards.
Best youth savings account
What we like about Great Southern Bank Youth eSaver Account:
- Great rate for under 17s. This account currently offers 5.5% p.a. for customers aged under 17.
- Ongoing rate. This maximum variable rate of 5.5% p.a. is available ongoing each month.
- No conditions. There are no monthly deposit conditions to meet to earn interest, so it's an easy account for kids to use.
- Finder Awards Winner. This account won the Best Kid Savings Account in this year's Finder Awards.
What to look for when you compare savings accounts
![High interest rate icon ***ALT HERE***](https://www.finder.com.au/finder-au/wp-uploads/2022/06/Interest-Rate.png)
High interest rate
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 no fees Savings no fee icon](https://www.finder.com.au/finder-au/wp-uploads/2021/11/no-fee.png)
No fees
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.
![Easy savings account conditions People celebrating win](https://www.finder.com.au/finder-au/wp-uploads/2022/09/win.png)
Conditions you can meet
Savings accounts typically have monthly deposit requirements or spend conditions in order to earn the high bonus rate. Make sure you can meet these.
How to find the best savings account
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.
You earn a regular income and are able to meet a monthly deposit condition
The best savings account for you will likely be one with the following:
- An ongoing bonus interest rate: Because you earn a regular income and are confident in your ability to save, a savings account with an ongoing, high bonus rate would offer the best rate for you.
- A monthly deposit condition: Usually the accounts with the best bonus rates have a monthly deposit condition, often $1000 per month, which is ideal for people with good savings habits and a regular income.
You have a short-term savings goal
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:
- An introductory bonus interest rate: Accounts with an introductory bonus rate offer a higher rate for the first 3-5 months only, with no conditions to meet.
- A term deposit: A term deposit allows you to lock your money away for a set period of time and earn a fixed return, with no monthly conditions to meet.
You can't commit to a monthly deposit condition
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:
- An ongoing bonus interest rate: An account with an ongoing bonus interest rate will give your balance the best chance at growing (just make sure you check the conditions!)
- No (or low) monthly deposit condition: Look for a bonus saver account that doesn't have a monthly deposit condition. Or, look for one that you can comfortably meet (some accounts only ask you to deposit $20 per month).
Why keep your cash in a savings account?
- Savings accounts are safe - your deposit up to $250k is protected by the Australian government
- Savings accounts offer compound interest, so you can earn interest on your interest
- The money in your savings account is quick and easy to access if you ever need it
- Interest rates on savings accounts are going up!
The role of a savings account
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. Unlike volatile shares, you won't lose money, and you can quickly access your cash when needed.
Alison Banney
Finder's banking editor
How does a savings account work?
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 it's compound interest, meaning you'll earn interest on your interest.
Is it best to stick with the Big Four or go with a smaller bank?
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.
Pros | Cons | |
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How do I open an Australian savings account?
In most cases you can apply and open the 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, some banks will allow an Australian as young as 12 years old to have an account opened in their name.
FAQs on best savings accounts
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Ask a Question
Can I invest $1,000,000.00 over 12 months with 3.1% interest giving a straight $31,000.00 return?
Thanks.
Hi Ben,
Thank you for getting in touch with Finder.
This maximum variable rate of 3.10% from HSBC is an introductory rate for 4 months only and for balances below $1,000,000. If you are planning to invest your $1,000,000 for 12 months, you may consider putting the funds into a 12-month term deposit account. You can use our table to help you find the account that suits you. When you are ready, press the “Go to site” button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the account to help consider whether the product is right for you.
Please note that the government guarantee covers deposits up to $250,000 only.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Thanks for your website – very informative!! I notice that there is one question
you haven’t covered anywhere that I can see ie. Is there a penalty for closing
an account after the ‘bonus’ period of 3 or 4 months on a Savings account has
finished? This area seems to be kept very quiet!!
Hi John,
Thanks for your inquiry.
For on-call accounts (or high savings accounts), usually, it doesn’t charge you anything when you close them (anytime) even after you’ve earned the ‘bonus’ interest rate, say after the 4-month period. This information is typically mentioned in the terms and conditions of the account, so best to check it out.
Hope this helps.
Cheers,
May
What’s the best account for me. I will deposit $700 per month $175 per week and leave it alone for 12 months.
Hi Craig,
Thank you for reaching out to Finder.
You may consider putting the funds into a 12-month term deposit. Please use our table to help find the provider that suits you. When you are ready, press the “Go to site” button to apply. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Hope this helps!
Cheers,
Reggie
Which savings bank accounts are open to those applying for Australian citizenship?
Hi RB,
Thank you for getting in touch with Finder.
If you are not an Australian resident or citizen yet, you may refer to our list of migrant bank accounts and saving accounts for temporary residents. You can use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I want to open a savings account with another bank other than Westpac (closed today because of bad service), have a bank cheque), to have DEFT and other payments deducted. Commonwealth? St George? Bank West? ANZ? Bendigo Bank?
Hi Harimau,
Thanks for contacting Finder.
Since we are a comparison website and can’t recommend a specific savings account to you, the best thing to do is to check your options that would best suit your needs.
I can see that you are viewing this page for high-interest savings accounts. When choosing a high-interest savings account, you may need to factor in which type are you needing. Would you be needing a savings account with a bonus rate or would you be needing one with an introductory rate?
You can also compare bonus saver accounts if you want an account that pays extra interest each month you top up your savings.
On the other hand, you may check our list of introductory savings accounts.
Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Best regards,
Judith