Savings Accounts Background

Compare Savings Accounts

Compare high interest savings accounts to find the one that’s right for you. Our table lets you compare account fees, interest rates, Star Ratings and more side-by-side.

Group Manager, Research & Ratings
Editor-in-Chief
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  • Star Rating - lowest first
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  • Base interest rate p.a. - lowest first
  • Base interest rate p.a. - highest first
  • Maximum variable interest rate p.a - lowest first
  • Maximum variable interest rate p.a - highest first
Features Glossary
  • icon For deposit amounts $0 - $100,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.55% Glossary
5.50% Glossary
ongoing
Deposit $1,000, grow balance & make 5 card transactions each month Glossary
BOQ | Future Saver 14-35 yrs old
BOQ logo
Features Glossary
  • icon For deposit amounts $1 - $50,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.05% Glossary
5.40% Glossary
ongoing
Deposit $1,000 & make 5 eligible purchases on linked Everyday Account each month Glossary
Great Southern Bank | Goal Saver 18-24 yrs old
Great Southern Bank logo
Features Glossary
  • icon For deposit amounts $0 - $50,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.50% Glossary
5.35% Glossary
ongoing
Deposit $500 & make 5 eligible purchases on linked Everyday Edge each month Glossary
Bendigo Bank | Reward Saver
Bendigo Bank logo
Features Glossary
  • icon For deposit amounts $0 - $100,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.30% Glossary
5.25% Glossary
ongoing
Grow balance each month & hold an eligible transaction account Glossary
Great Southern Bank | Home Saver
Great Southern Bank logo
Features Glossary
  • icon For deposit amounts $0 - $100,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
0.50% Glossary
5.25% Glossary
ongoing
Deposit $2,000 & make 5 eligible purchases on linked Everyday Edge each month Glossary
Australian Unity | Freedom Saver
Australian Unity logo
Features Glossary
  • icon For deposit amounts $0 - $50,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
5.20% Glossary
5.20% Glossary
ongoing
tickcross Glossary
Features Glossary
  • icon For deposit amounts $0 - $30,000
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
2.00% Glossary
5.20% Glossary
ongoing
Grow balance & make 5 debit transactions on linked Choice account each month Glossary
Bank of Melbourne | Incentive Saver Account
Bank of Melbourne logo
Features Glossary
  • icon For deposit amounts $0 - $99,999
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1.85% Glossary
5.15% Glossary
ongoing
Grow balance by $50 & keep account above $0 each month Glossary
BankSA | Incentive Saver Account
BankSA logo
Features Glossary
  • icon For deposit amounts $0 - $99,999
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1.85% Glossary
5.15% Glossary
ongoing
Grow balance by $50 & keep account above $0 each month Glossary
St.George Bank | Incentive Saver Account
St.George Bank logo
Features Glossary
  • icon For deposit amounts $0 - $19,999
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
1.85% Glossary
5.15% Glossary
ongoing
Grow balance by $50 & keep account above $0 each month Glossary

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Unsure of a term in the above table? View glossary

The initial results in the table above are sorted by Star Rating (High-Low) , then Maximum variable interest rate p.a (High-Low) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

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What is a savings account?

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A savings account is a type of bank account that is specifically designed for saving money. You can add money into your savings account and you will typically earn interest on your balance. Interest is usually calculated daily and paid monthly.

Some savings accounts are attached to an everyday transaction account. You can usually access the money in your savings account as needed. In some cases, you may need to transfer money out into your linked transaction account first.

Savings account deposits are protected by the government’s financial claims scheme. This guarantees deposits up to $250,000 in the unlikely event your bank, credit union or building society fails.

What are the different types of savings accounts?

There are a few different types of savings accounts in Australia. This includes bonus savings accounts, promotional savings accounts and age-based savings accounts.

Bonus savings accounts

Bonus savings accounts offer a bonus interest rate if you meet certain conditions each month. Some common conditions include:

  • depositing a certain amount of money into your account
  • making a certain number of purchases with a linked transaction account
  • growing your account
  • making no withdrawals.

If you don’t meet the conditions, you will earn the base interest rate only.

Promotional savings accounts

Some providers offer you a higher interest rate for the first few months of having the account, known as the promotional period. After this period ends, the interest rate will drop to the base interest rate only.

Age-based savings accounts

A number of providers offer age-based savings accounts. These accounts offer higher interest rates for younger customers. They are often offered on bonus savings accounts, so you need to meet bonus conditions to earn the maximum interest rate.

There are also youth savings accounts aimed at children, as well as seniors savings accounts designed for pensioners and retirees.

How to compare savings accounts

When comparing savings accounts, you might like to ask yourself questions such as:

  1. What type of saver are you? Are you a regular saver who is willing to meet stricter savings conditions to get a higher interest rate? Or do you want the flexibility to save without worrying about saving conditions? Canstar compares savings accounts for both types of savers.
  2. What is the interest rate? The higher the interest rate, the quicker your savings will grow. Look at the base interest rate, as well as any bonus or promotional interest rates.
  3. What are the fees? Fees can erode your savings, so it’s best to look for a fee-free account. Check whether there is any monthly account fee or transaction fees that apply.
  4. What are the interest conditions? For bonus savings accounts, check what conditions you need to meet each month. Also check if there is a minimum or maximum balance and whether this impacts your interest rate.
  5. Are there any useful features? How easy it is to make transactions and manage your savings account can also be important. Some savings accounts also offer budgeting tools, which can be an added bonus.

Canstar compares savings accounts from a range of providers. Our expert researchers use a sophisticated and unique ratings methodology that compares both price and features. The top performing savings accounts are given a 5-Star rating. You can compare savings accounts using our handy comparison tool at the top of this page.


About our finance experts

Josh Sale, Savings Account Ratings Manager

Headshot of Josh Sale, CanstarAs Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Savings Account Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right savings account for them.

Josh is passionate about helping consumers get hands-on with their finances. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.


Nina Rinella, Editor-in-Chief

As Canstar’s Editor-in-Chief, Nina heads up a team of talented  journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.

Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.

Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.

You can follow her on Instagram or Twitter, or Canstar on Facebook.

You can also read more about Canstar’s editorial team and our robust fact-checking process.


 

Savings Account FAQs

1. What do I need to know about savings accounts in 2024?

In May 2022, the Reserve Bank of Australia (RBA) increased the official cash rate for the first time in over a decade. This is typically good news for savers as banks and other financial institutions will generally respond by increasing their savings and term deposit interest rates.

Following the May 2022 cash rate hike, all of the big four banks eventually passed on the full 25 basis point increase to some of their savings accounts. Following the June 2022 cash rate hike, many of the big banks increased interest rates on some term deposits.

2. How does compound interest work?

Most savings accounts pay compound interest. This means you will earn interest on the money you initially deposit, plus interest on the interest you have already earned. So you are paid interest on interest.

Savings accounts usually calculate interest daily and pay it monthly. So the longer you have your money in savings, the more interest you will earn.

3. Which bank has the highest rate of interest on savings accounts?

Banks and financial institutions change their savings account interest rates regularly. Canstar tracks the highest interest rates currently offered on savings accounts. We look at the highest base interest rate and the highest bonus or promotional interest rates on our database.

4. How are savings interest rates determined?

Savings interest rates are determined by the provider. While the cash rate does not directly determine savings interest rates, providers will often be influenced by movements the RBA makes.

For example, if the cash rate increases, savings account providers may decide to increase savings account interest rates too. Similarly, if the cash rate is lowered, providers may respond by lowering interest rates on their savings accounts.

5. Can you have a joint savings account?

Yes, many banks and other financial institutions offer joint savings accounts. This allows two or more people to save together. It could be useful if you are saving for a home or a holiday with a partner, for instance. If you have a bonus savings account, this could also make it easier to meet the bonus savings conditions each month.

You can usually open a joint savings account online (you may need to have a joint linked transaction account). You’ll need to have the details of both account holders at hand. Make sure you are also aware of the potential risks involved.

It’s a good idea to read the target market determination (TMD) and the terms and conditions before making a decision.

Savings account providers

The following providers were awarded an Outstanding Value Award in 2023 for their saving account products:

  • BOQ
  • ING
  • Great Southern Bank
  • Macquarie Bank
  • Rabobank
  • ubank
  • Virgin Money

You can compare savings accounts using Canstar’s comparison tool at the top of the page.

This content was reviewed by Sub Editor Alasdair Duncan as part of our fact-checking process.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

Star Ratings in this table are updated daily. The results don’t include every provider in the market and we may not compare all features relevant to you. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display.  Learn more about our Savings and Transaction Accounts Methodology. The rating shown is only one factor to take into account when considering products. Check current rates and product details with the product issuer.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied. The results will show the products that most closely match the inputs in the selector above the table, based on our profiles.  If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. It’s important you check product information directly with the provider. Consider the Product Disclosure Statement and Target Market Determination (TMD), before making a purchase decision. Contact the product issuer directly for a copy of the TMD. For more information, read our Detailed Disclosure.

Actual deeming thresholds are determined by the Commonwealth Government and are subject to change. Refer to the Australian Government’s Department of Human Services (DHS) website for current deeming thresholds and calculations.

Some providers may apply stepped interest rates to your account.  Stepped interest is where different interest rates apply to different portions of your account balance.  The interest rates shown in the table are based on the portion of your account at the amount of the current savings entered.