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 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