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
DOES THE AUSTRALIAN GOVERNMENT GIVE A GUARANTEE OF BACKING TO ALL BANKS AND BUILDING SOCIETIES IF WE HAVE A DOWNTURN IN AUSTRALIA.
Hi Jay,
Thanks for your question.
The Australian Government offers the Government Guarantee to financial institutions that are Authorised Deposit-taking Institutions (ADIs) and are registered under ASIC and APRA – so most Australian banks, credit unions and building societies.
Here on finder.com.au we only display the financial institutions that are covered.
Hope this helps.
Can i access payment asap
Hi Ejay,
Thanks for posting your question on finder.com.au – a third party comparison website.
To answer your question properly I’ll need a bit more information.
Hey, i was wondering if i am 15 years old and i am looking for a combination of high interest rates for a savings account and e banking accessibility what is my best option. Thanks
Tom
Hi Tom,
Thanks for your question.
Since you’re under the age of 16 you might need your parent’s help to open an account.
At the time of writing the highest rate in our comparison is 3.60% p.a offered by the ME Online Savings Account (conditions apply). You may also compare available high-yield savings accounts available today.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
Hope this helps.
Cheers,
Shirley
hello
we have $300,000 to invest for initially 12 months (may be longer) and will add around $3,000 each month to this. What is the best way to do this please ?
thanks so much – great website by the way
Caroline
Hi Caroline,
Thanks for your question.
You can insert those figures into our calculator above and then sort by the ‘interest earned’ column – this will generate the accounts that award you the most interest.
You may also be interested in our page on accounts where the maximum rate applies over $250,000.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
Hope this helps,
Shirley
if i deposit 100 dollars a week for 32 years at the standard compound interest rate how much will i have after 32 years
Hi John,
The amount you receive will depend on the interest rate. Please use our calculators to help you figure this out.
Cheers,
Shirley