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.
Hey guys,
2 questions hopefully you can help me out.
First one, looking to start saving about 100 a month for the next 30 years, just wondering what sort of account would give me the best return on interest wise?
Second one, I have also got a lump sum, we will say 30,000. Now I’m interested in putting it away for a year maybe two with weekly deposits in to the account, what sort of account should I be looking for? Or should I just put it in to a house deposit, flip it and hopefully make my money back with some spending money?
Cheers guys appreciate it so much.
Hi Jazmine,
Thanks for your question.
If you intend on making regular deposits every month, you may want to consider a bonus saver account.
An alternative is to regularly switch introductory bonus savings accounts when the introductory period ends.
Your second question goes beyond the scope of our advice and into financial advice. If you’re looking for investment guidance, we recommend speaking to a financial planner. We can only provide general advice that’s specific to the products we display.
Hope this helps.
i want to set up a savings account that earns interest. i am going overseas in 20 months time. i want to add money in either weekly or fortnightly. can you help
Hi Cassandra,
In addition to my previous reply, you may want to consider a Bonus saver account. This type of savings account offers incentives to enable you to save. Provided you meet minimum deposit requirements, you’ll be able to earn the bonus interest rate on your savings. The bonus rate is an additional percentage to the standard variable interest rate. You can learn more and compare Bonus Saver account from our website. Be sure to check the ‘Bonus saver accounts comparison’ tab on our comparison table.
Cheers,
Clarizza
Hi Cassandra,
Thanks for your question. Our savings account comparison tables on this page shows potential interest earned on your savings. Compare savings accounts, bonus savings accounts and introductory savings accounts to see which works best for you.
Simply fill in the ‘initial deposit’, ‘monthly deposit’ and ‘period’ fields to calculate and compare how much interest you can earn. You can compare interest rates and interest earned. Most banks allow you to choose how often you pay across the month, including weekly or fortnightly – it will depend on the account you choose and the bank – however, check with the bank what the minimum deposit is for the month (if there is a minimum).
If you want to compare and find out more about the different types of savings accounts, there’s information further down the page. Of course each account comes with its own terms and conditions, so it’s best to check this in detail.
Hope that helps.
Clarizza
hi there, I tried to open an online savings account and it wouldn’t accept linking to an Australian credit union, despite this being the account I have my salary paid into. I have two other online accounts linked to this reputable credit union and have never had this problem. Can you please explain why Citibank has made this decision? I have a reasonably substantial amount to invest as well.
Hi Julia,
Thanks for your question.
It seems like there may be an issue with the Citibank system since you were able to link your bank account to other savings accounts, in this case I’d recommend that you get in touch with Citibank directly to enquire about this.
Sorry that I couldn’t be much of an assistance.
I have saved up some money for my daughter what is the best account to open for her with the best interest rate so we can keep saving for her ? Thanks :)
Hi Ebony,
Thanks for your question.
The best savings account for your daughter will depend on whether she intends to make regular monthly deposits into the account. I’d encourage you to play around with our calculator above this page to see which savings account can give you the most interest.
What is the government tax on interest earned on deposit/savings accounts for individuals not living in Australia?
Hi Damien,
Thanks for your question.
Non-residents who aren’t able to provide a TFN are taxed the highest threshold, which is about 45% of the interest earned. For more information, please speak to your bank directly.