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.
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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
More guides on Finder
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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.
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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.
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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.
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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.
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NAB vs CommBank
NAB vs Commonwealth Bank: which bank offers the best accounts for Australian savers?
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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.
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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.
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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.
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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
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.