Best savings account for young adults

Saving for a holiday, a house deposit or just need somewhere to stash your cash? Here are some of the top-rated savings accounts for young adults in Australia, as judged by Canstar’s expert researchers.

With hundreds of savings accounts to choose from, it can be hard to pick which one to go with. To help with your decision, Canstar’s researchers have assessed and rated savings accounts on our database based on interest rates, fees and features. The top accounts have been given a 5-Star Rating.

While Canstar does not rate savings accounts for young adults specifically, we’ve included 5-Star Rated accounts that are only open to young people. We’ve also included accounts that are available to savers of all ages. The lists are based on our most recent Star Ratings and sorted by highest interest rate. Interest rates are current as at 28 July 2022.

Before deciding on an account that’s right for you, be sure to read the relevant documents provided by the bank offering it, such as the Target Market Determination and terms and conditions.

Compare Savings Accounts

Expert picks: 5-Star Rated savings accounts for regular savers

These accounts may suit you if you are a regular saver and you don’t regularly dip into your savings. For instance, you could be saving for a big purchase like a house deposit or a new car. They are all bonus savings accounts, meaning there are conditions you will need to meet each month to get the higher rate.

BOQ Future Saver (14-35 years old)

• Current rate: up to 3.00% (0.05% base and 2.95% bonus rate)
• Bonus conditions: Deposit $1,000 and make 5 eligible transactions from a linked Everyday account each month. Balances up to $50k.

Westpac Life (18-29 years old)

• Current rate: up to 2.75% (0.65% base and 2.10% bonus rate)
• Bonus conditions: Grow balance and make 5 eligible purchases with a linked debit card each month. Balances up to $30k.

ING Savings Maximiser

• Current rate: up to 2.60% (0.05% base and 2.55% bonus rate)
• Bonus conditions: Deposit $1,000 to any personal ING account, make 5 eligible ING card purchases and grow savings balance each month. Balances up to $100k.

Great Southern Bank Goal Saver (18-24 years old)

• Current rate: up to 2.15% (0.10% base and 2.05% bonus rate)
• Bonus conditions: Deposit $500 to Everyday Edge and make 5 card purchases. Balances up to $50k.

Rabobank Premium Saver

• Current rate: up to 2.15% (0.40% base and 1.75% bonus rate)
• Bonus conditions: Grow your balance by $200 each month. Balances up to $250k.

MyState Bank Bonus Saver

• Current rate: up to 2.10% (0.05% base and 2.05% bonus rate)
• Bonus conditions: Deposit $20 and make 5 Visa Debit transactions using linked Glide Account. Balances up to $250k.

ubank Save Account

• Current rate: up to 1.85% (0.10% base and 1.75% bonus rate), increasing to 2.35% on 1 August 2022.
• Bonus conditions: Deposit $200 into Spend or Save account. Balances up to $250k.

AMP Saver Account

• Current rate: up to 1.35% (0.10% base and 1.25% bonus rate), increasing to 2.10% on 1 August 2022.
• Bonus conditions: Deposit $250 in the previous month. Balances up to $250k.

The information is correct at the time of writing. Interest rates change regularly, so you may want to check our comparison tables for the most up-to-date information.

Expert picks: 5-Star Rated savings accounts for flexible savers

These accounts may suit you if you want more flexibility with your savings. For instance, if you don’t save each week or if you withdraw from your savings occasionally. Some accounts offer promotional rates that only last a few months. Other accounts have bonus conditions, but there is no regular saving requirement.

Citi Online Saver

• Current rate: up to 2.60% (1.60% base and 1.00% promotional rate for 4 months)
• Conditions: Balances up to $500k.

Rabobank High Interest Savings Account

• Current rate: up to 2.60% (1.50% base and 1.10% promotional rate for 4 months)
• Conditions: Balances up to $250k.

Virgin Money Boost Saver

• Current rate: up to 2.30% (0.05% base and 2.25% bonus rate)
• Bonus conditions: Deposit $2,000 and make 5 purchases with Go Account for bonus rate. Balances up to $250k.
• Rate lock: Enable Lock Save Feature and get a further 0.30% interest.

Great Southern Bank Home Saver

• Current rate: up to 2.05% (0.10% base and 1.95% bonus rate)
• Bonus conditions: Deposit $2,000 to Everyday Edge and make 5 card purchases. Balances up to $100k.

Macquarie Bank Savings Account

• Current rate: up to 2.00% (1.75% base and 0.25% promotional rate for 4 months)
• Conditions: Balances up to $250k.

ubank Save Account

• Current rate: up to 1.85% (0.10% base and 1.75% bonus rate), increasing to up to 2.35% on 1 August 2022.
• Bonus conditions: Deposit $200 into Spend or Save account. Balances up to $250k.

ME Online Savings Account

• Current rate: up to 1.60% (0.05% base and 1.55% bonus rate)
• Bonus conditions: Make 4 tap&go purchases with Everyday Transaction Account. Balances up to $250k.

Qudos Bank Qsaver

• Current rate: 1.50% on balances up to $500k, 1.60% on balances $500k and over.

The information is correct at the time of writing. Interest rates change regularly, so you may want to check our comparison tables for the most up-to-date information.

Compare Savings Accounts

How to find the best savings account for you

The best savings account will depend on your own personal spending and saving habits. Here are some things to look for:

• High interest rate – the higher the interest rate, the quicker your savings will grow. A number of banks and other financial institutions offer higher interest rates for younger customers.
• Bonus conditions you can meet – if you can’t meet the monthly conditions (such as depositing a certain amount or growing your balance), you won’t earn the bonus interest rate. In many cases you will only earn a small base rate. So make sure the bonus conditions are do-able.
• No fees – most savings accounts do not charge ongoing fees. But if you need to open a linked transaction account, check whether it charges a monthly fee and whether any fee waivers apply.
• Useful features – check if there are any useful features that could help you save, such as budgeting tools, round-up features or the ability to split your savings between different accounts (sometimes called ‘buckets’) which can be helpful if you are saving for more than one goal.

Compare Savings Accounts

Cover image source: ViDI Studio/Shutterstock.com