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.
How the Finder Score helps you find a better savings account
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?
Read the full Finder Score breakdown
Finder's best savings accounts for October 2024
Highest ongoing rate
What we like about ME HomeME Savings Account:
This account has a Finder Score of 9.7.
- 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:
This account has a Finder Score of 9.61.
- 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 Macquarie Savings Account:
This account has a Finder Score of 8.73.
- 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 4.75% p.a. with no conditions to meet.
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:
This account has a Finder Score of 9.61.
- 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:
This account has a Finder Score of 3.6.
- 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
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.
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.
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!
"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."
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 | |
---|---|---|
|
| |
|
|
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
More guides on Finder
-
Joint savings accounts
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.
-
How to build an emergency savings fund
Four steps to creating an emergency savings fund and how much money you should aim to keep in it.
-
Rabobank Notice Saver (60 days)
The Rabobank Notice Saver (60 days) rewards you with a competitive interest rate for agreeing to give 60 days notice before withdrawing your funds.
-
Best children’s savings accounts
We compare the top children's savings accounts offered by some of Australia's biggest banks and highlight the benefits and rewards on offer.
-
NAB vs CommBank
NAB vs Commonwealth Bank: which bank offers the best accounts for Australian savers?
-
Savings accounts for expats and residents on a temporary visa
Expats can open savings accounts in Australia easily. Here’s all the information you need to get started.
-
People’s Choice Bonus Saver Account
The People’s Choice Credit Union could provide you with the same savings opportunities as the big banks, with terms that you can live with.
-
Best foreign currency accounts
International banking transactions can be made easy with the help of a multi currency account. If you find that you are consistently trying to manage currencies other than the Australian dollar, then consider banking your money in this type of account.
-
Rabobank SMSF PremiumSaver
Rabobank PremiumSaver account is an option worth considering for savers looking to boost their savings balance, offering no ongoing fees, a competitive variable rate and 24/7 online access to your funds.
Ask a question
Hi there – are there any savings accounts available for immigrants living in Australia on 457 (Temporary Skilled Work) Visas? I have a TFN, and my permanent residency application is in process.
Many thanks,
Sam
Hi Sam,
Thanks for your inquiry.
Many banks have migrant services to help facilitate the process of opening a bank account in Australia. You can find more about this from our guide in opening an Australian bank account. Charges will be dependent on what type of account you open with each bank. Please contact the bank directly to discuss the best account for your situation.
Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Hope this information helps
Cheers,
Arnold
Bank of Melbourne is advertising 3% on Maxi Saver yet mums only getting 2.75% and me worse 2.55%.
Hi Zdravko!
The bonus 2% introductory offer is only for the first 3 months from account opening and is subject to tax and other changes imposed by the bank.
You may want to verify this with the bank directly.
Hope this helps.
Cheers,
Jonathan
My partner and i are wanting to start a joint savings account for mostly travelling. We are going to be depositing 800 per month and our first withdrawal will be mid October. Am wanting to know what bonus saving account would be best.
Thankyou
Robert
Hi Robert,
Thanks for your question.
You may want to compare bonus savings accounts on our website.
Given that you will deposit $800 per month and you’ll withdraw on October, the savings account that can give you high interest earnings are: Bankwest Hero Saver, ME Online Savings Account and Bank Australia Bonus Saver Account.
You may take advantage of the savings calculator on the page to see how much interest you’ll earn per account if you have an initial deposit or if you want a longer-term.
Cheers,
Anndy
I want to open a savings account with a lump sum to pay for funeral, which is best, also can i have it in my name with my son as signatures.
Hi Nuala,
Thanks for your question.
You may want to use our savings account calculator above to see how much interest earning you’ll get under each savings account.
If you want to have your son as a signatory, you may opt for a joint account application. Most of the savings accounts we feature above allow that option.
Cheers,
Anndy
Hi,
Just want to know why some financial institutions with better rates are never in the “compare” table?
For example RAMS – 3.15% (ongoing), UBank – 2.81% (ongoing).
RAMS is mentioned way below the main table, UBank no even shown anywhere.
What are the reasons for this?
Thank you
Hi Mark,
Thanks for your question.
Although we cover a wide range of products, providers, and services we don’t cover every product, provider or service available in the market. So, there may be other options available to you.
For more information, please see our UBank USaver review and our RAMS Saver account review.
Cheers,
Clarizza