How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.
That's where the Finder Score comes in. The score is a simple way for you to compare savings accounts at a glance.
Here's how the scores work:
To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:
The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.
The Finder Score uses 8 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.
| Component | Weighting |
|---|---|
| Interest earned | 90% |
| Min deposit condition | 2.50% |
| Temporary restrictions | 0.50% |
| Age restrictions | 0.50% |
| Withdrawal restrictions | 3.00% |
| Purchase restrictions | 2.00% |
| Max balance restrictions | 0.50% |
| Notice restrictions | 1.00% |
Every month we look at the 140+ savings accounts in our database to determine which are the best offers for a range of different purposes and account types. Specifically, here's how we determine each of our top pick recommendations:
ING Savings Maximiser
Westpac Life (18-29 year olds only)
Bank of Queensland Future Saver Account - 14 to 35 years
ME HomeME Savings Account
Rabobank High Interest Savings Account
Great Southern Bank Youth eSaver Account (0-17 year olds only)
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 spend conditions in order 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. Unlike volatile shares, you won't lose money, and you can quickly access your cash when needed.
Alison Banney
Finder's banking editor
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.
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 | |
|---|---|---|
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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.
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
You save time. We spend 100s of hours researching bank accounts so you can sort the gold from the junk faster.
You compare more. Our comparison tools bring you more banking products from across the market.
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I am 40+ years of age and have a Saver a/c and my other a/cs with a Big 4 bank. The Saver a/c interest rate is less than 2%. Please suggest the best alternative Saver a/c which does not require opening additional a/cs with that bank, nor has minimum transaction requirements.
Hi Allan,
We’re not licenced to provide personalised advice, but we are able to share a number of options with you to review. There are dozens of high interest accounts listed in this table. A return of 2% is very low at the moment, so it’s worth checking the conditions of each of the accounts in this table to see which ones best match your requirements.
Best of luuck!
Hi Alison,
if I have an account with 2 banks of the NAB Group (e.g. Ubank and citibank) do I have separate government guarantee of 250 T$ for both banks or only once for both banks together?
Thanks very much!
Frank
Hi Frank,
The scheme applies per person, per ADI. So in this case, because Citi and Ubank operate under the same ADI (NAB’s ADI), only your first $250,000 is covered under this scheme.
Thanks,
Alison
what are the best investment options for kids below 1yr?
thank you
Hi Vas,
You can see our guide on children’s savings accounts here which may be of interest.
For other investment options, we suggest you speak with a financial adviser who can offer you personal advice based on your situation.
Thanks,
Alison
Hi Alison
I am interested in placing funds into the MyStateBank but the reviews on that bank are appalling. What is your experience or knowledge of this bank’s customer service reputation?
Many thanks
Michael
Hi Michael,
I haven’t used this bank personally so I’m unable to comment on its customer service, and we don’t have any customer reviews of the bank yet, unfortunately.
Thanks,
Alison
Looking to park an amount of over $250000 in an interest bearing account without locking into a fixed term. The funds belong to a SMSF. Can you advise the institutions that accept funds from s super fund and where the best interest rates will come from
Hi Giuseppe,
You can view a range of SMSF bank accounts that pay interest here.
Thanks,
Alison