While it's true the highest interest rates are offered on savings accounts that have lots of different monthly conditions attached, you can still get a great rate on your savings with no conditions to meet at all.
These accounts allow you to simply park your cash then set-and-forget while it earns interest.
We currently don't have that product, but here are others to consider:
How we picked these
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?
A no-conditions savings account is one that lets you earn an ongoing interest rate on your money with no hoops to jump through to get it.
Most high interest savings accounts require you meet certain monthly conditions to earn the maximum variable rate advertised. This usually includes depositing a certain amount of money each month (often upwards of $1,000!) and restricting withdrawals.
A savings account with no conditions doesn't require you to do anything special to get the advertised rate.
How interest works on a no-conditions savings account
Some savings accounts with no conditions will offer one standard, ongoing rate. Others will offer a short-term introductory rate, then a standard, ongoing rate.
One ongoing rate: The advertised rate is the one you'll get from day one and you'll keep earning this ongoing without needing to do anything.
Intro rate plus ongoing rate: You'll earn a special introductory rate for the first 4 months or so, then after this you'll earn the standrad, ongoing rate. You don't need to meet any monthly conditions to earn the higher introductory rate, however you often do need to be a new customer.
It's worth noting that all interest rates offered on savings accounts are variable, which means they can change at any time if the bank decides.
Maximum interest rate only applies to the first $50,000
Why we like it
This account has a Finder Score of 9. This is higher than 95% of scores in our database.
This account won the best no-conditions savings account in our 2025 Finder Awards, as it offers one of the highest ongoing variable rates in the market for an account with no conditions to meet. You don't need to meet a monthly deposit requirement, there's no restriction on withdrawals, nothing! It's just a great rate with no strings attached.
Highly Commended: Best no-conditions savings account
After intro period ends, ongoing standard rate is still very competitive
No monthly account keeping fee
No monthly deposit conditions to meet
Make withdrawals and still earn interest
Earn interest on balances up to $1 million
Bonus interest only available for 4 months
Why we like it
This account has a Finder Score of 8.8. This is higher than 90% of scores in our savings account database.
You'll get 5.1% p.a. for the first 4 month, and then 4.75% p.a. ongoing after the intro period ends with no conditions to meet. This is a great rate considering the average rate for a savings account with no conditions to meet is less than 2.40% p.a.
Unlike most savings accounts, you don't have to deposit a set amount each month, you don't have to grow your balance or make a set number of purchases and you aren't restricted from making withdrawals at all. Plus, you'll earn interest on balances up to $1 million, which is much higher than many competing accounts which only pay bonus interest on the first $100,000.
Highly commended: Best no-conditions savings account
Interest rate is a bit lower than the highest rates on the market
Why we like it
This account has a Finder Score of 8.5.
It has a competitive, ongoing variable rate of 4.55% p.a. with no conditions to meet. There are no monthly deposit conditions, no withdrawal restrictions and no need to open a linked BoQ bank account.
Plus, interest is available on really large balances up to $5 million.
Savings account conditions explained
If a savings account has monthly conditions attached, this is what you need to do in order to get the maximum variable rate available with the account.
Some of the most common conditions you'll see include:
A monthly deposit. This could be as little as $20 or as much as $2,000, and is the amount you need to deposit into the account (or a transaction account with the same bank) each month from an external account.
Grow your balance. This means your savings balance needs to be higher at the end of the month than it was at the start. You might need to grow it by a set amount, like $200, and it excludes any interest you've earned through the month.
Restrict withdrawals. Some accounts allow you to make only 1 withdrawal per month, and others restrict any withdrawals at all.
A spend requirement. Many accounts say you need to make 5 transactions per month from a bank account with the same bank. This could be as simple as 5 coffee purchases each month, but if it's not your main day-to-day bank account it could be easy to forget to do this.
Here are some examples of popular savings accounts and their monthly conditions to get the high rate:
Savings account
Account conditions for maximum variable rate
ING Savings Maximiser
5.4% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month.
Ubank Save
5.1% when you deposit $500 each month.
Suncorp Growth Saver
4.8% when you grow your balance by $200 each month and make no more than 1 withdrawal.
CommBank Goal Saver
4.65% when you make a deposit and grow your balance during the month (excluding interest).
Westpac Life
4.75% when you make a deposit and grow your balance during the month (excluding interest).
Bank of Queensland Smart Saver
4.9% when you deposit $1,000 and make 5 transactions per month.
Why do savings account conditions matter?
If you can easily meet the account conditions, that's great. But if you can't, you'll only earn the standard variable rate that month which is often very low (almost 0% p.a.!).
Some savings account conditions are harder to meet than others. If you're tempted into getting the account with the highest interest rate but tough monthly conditions, you could be setting yourself up for a lot of stress trying to meet these.
In some cases, you could be better off choosing an account with a lower rate but no conditions to meet - because at least you're guaranteed to earn it.
Will a no-conditions savings account suit me?
A savings account with no conditions might suit you well if:
You don't want to commit to any ongoing conditions
You don't earn a regular income (e.g.: if you do contract or freelance work) and can't commit to a monthly deposit
You want to be able to make withdrawals from your savings
You're looking for a set-and-forget option for your cash
You have a large balance
You aren't fazed about having the absolute highest rate available
How to pick the right no-conditions savings account
Consider the following features when you're comparing accounts:
What's the ongoing interest rate?
Many accounts with no conditions will offer a special introductory interest rate for the first 4 months or so. After the introductory period, the rate will drop down to the standard, ongoing interest rate. When looking at accounts, make sure you check what the ongoing rate will be after the introductory period ends.
What's the balance limit?
One benefit of choosing a savings account with no conditions is they usually pay interest on large balances. In comparison, savings accounts that have higher rates and conditions to meet will often only pay the higher rate on balances up to $50,000 or $100,000.
If you've got a super large balance, look for an account that pays interest on the whole amount.
Do you need a linked account?
Some banks will require you to have a bank account open in your name as well as the savings account. This may or may not suit you, but it's worth checking if you do have a preference on this.
Pros and cons of no-conditions savings accounts
Pros
No hoops to jump through to earn interest
Ongoing interest rate is usually quite decent
These accounts often pay interest on very large balances
Stress free, set-and-forget savings option
Cons
Ongoing rates aren't the best in market
Special introductory rates are usually for new customers only
FAQs on no-condition savings accounts
You can either choose a savings account that offers an ongoing interest rate with no conditions to meet, or a term deposit. A savings account with no conditions will allow your balance to earn interest and grow without you needing to do anything, but you can make withdrawals or add to it if you need. A term deposit offers a fixed rate and is locked for the life of the term.
Yes, there are many savings accounts that pay interest without you needing to meet a monthly deposit condition. The ongoing interest rate might be a bit lower than the accounts that do have a monthly deposit condition though.
The best savings account is one that offers a high interest rate with conditions you can easily meet (or no conditions at all).
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 644 Finder guides across topics including:
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