Savings accounts can be a handy and accessible place to park our cash. But not all savings products are the same, so it is important to consider your options to find one that offers value.
Our Savings Award spotlights the institution found to provide the strongest combination of savings accounts and excellence in its term deposit offering.
Our researchers assessed providers based on the price and features of their savings products and tools. The Award is given to the institution found to provide the strongest combination of products across savings accounts and term deposits. Canstar’s methodology considers a number of categories, including flexible savers, regular savers and term deposits.
After assessing 32 customer-owned institutions, Canstar has named its Savings Award winner.
Great Southern Bank (formerly CUA) offers a suite of competitive high-interest savings products and has taken out this award for the seventh year in a row. For example, its Home Saver account allows customers to earn up to 0.95% p.a. if they deposit a total of $2,000 or more into their linked transaction account and make five or more eligible purchases with their Visa debit card each month.
Great Southern Bank’s term deposits also performed above average. At the time of writing, the bank offers terms between one month and five years, with interest paid monthly, annually or at maturity (depending on the selected term).
For more information about how the individual Awards were determined, read the Savings Award methodology.
Cover image source: wutzkohphoto/Shutterstock.com
This article was reviewed by our Sub Editor Jacqueline Belesky and Deputy Editor Sean Callery before it was updated, as part of our fact-checking process.
Try our Savings Accounts comparison tool to instantly compare Canstar expert rated options.
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
The Savings Award results referred to on this page were published in September, 2021. View the Canstar Savings Award methodology and report for more information. The results do not include all providers in the market and may not compare all features relevant to you. Awards are only one factor to take into account when considering products. Costs, features, rates and other product information should be confirmed with the relevant financial institution. Current rates and other product details may be different to what was rated. Consider seeking advice from a licensed financial adviser before making an investment decision.
*We are Australia’s Biggest Financial Comparison Site. Click here to learn more
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.