Canstar's 5-Star Rated savings & transaction accounts revealed for 2019

If you’re looking for a safe and convenient place to park your savings, Canstar’s Savings and Transaction Account Star Ratings can help narrow your search.

After analysing 406 savings and transaction accounts from 73 institutions on our database, Canstar has awarded 75 products with a 5-Star Rating across the nine consumer profiles considered.

All accounts were assessed on comparative pricing and features attached to the account, including accessibility, conditions around interest payments and transaction security.

The nine profiles Canstar Research used to assess the products, contained varying transactional and savings behaviours in recognition of consumers’ diverse needs when it comes to savings and transaction accounts.

For more information about the specifics of these consumer profiles, view the ratings methodology.

5-Star savings and transaction accounts

Savings and Transaction Accounts Star Ratings

The nine profiles assessed for Canstar’s Savings and Transaction Account Star Ratings are:

  1. Flexible Saver – Customers looking to maximise their savings with no restrictions. To be eligible, the account must offer a base rate of 0.50% or higher on a balance of $25,000.
  2. Regular Saver – For more active savers who are willing to meet stricter conditions to achieve higher levels of interest. To be eligible, the account must offer a total rate of 1% or higher on a balance of $10,000.
  3. Senior Saver – For retirees looking to maximise their savings and have the flexibility of an at-call savings account with no restrictions. To be eligible, the account must offer a base rate of 1% or higher on a balance of $50,200.
  4. Junior Saver – These accounts are designed specifically for children under 12 to help teach financial literacy and the habit of saving regularly.
  5. SMSF Saver – For those looking to achieve high levels of interest on the cash component of their self-managed super fund.
  6. Low Transactor – Those who require full access to the account, including ATM, EFTPOS and BPAY and who make an average of 10 transactions a month.
  7. High Transactor – Those who require full access to the account, including ATM, EFTPOS and BPAY and who make an average of 40 transactions a month.
  8. Youth Transactor – For those transitioning from a child to a youth aged between 13 and 18. They may have started their first job and are looking to save, access and manage their money.
  9. Senior Transactor – Accounts available to retirees who require full access, including ATM, EFTPOS, phone banking, interest transactions and who make an average of 10 transactions a month.

Listed in the tables below are 5-Star Rated products for each category:

1.     Flexible Saver

The following savings accounts received a 5-Star Rating in the Flexible Saver profile, listed in alphabetical order by institution:

Company Name Product Name
AMP Bank Saver Account
Bank of Sydney SuperRate Account
bcu iSaver
Easy Street Financial Services Easy Savings Online Account
Illawarra Credit Union Saver
ING Savings Maximiser
ME Bank Online Savings Account
MOVE Bank Express Saver
MOVE Bank First Home Saver Club Account
nabtrade High Interest Account
RaboDirect High Interest Savings Account
UBank USaver with Ultra
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

2.     Regular Saver

The following savings accounts received a 5-Star Rating in the Regular Saver profile, listed in alphabetical order by institution:

Company Name Product Name
Australian Unity Active Saver
CUA eSaver Reward
Endeavour Mutual Bank Lifestyle Account
HSBC Flexi Saver
ING Savings Maximiser
ME Bank Online Savings Account
NAB Reward Saver
People’s Choice Credit Union Bonus Saver Account
RaboDirect Notice Saver 90 Day
RAMS Saver Account
Suncorp Bank Growth Saver Account
UBank USaver with Ultra
Westpac Life
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

See the comparison table for all Star-Rated Regular Saver savings accounts:

3.     Senior Saver

The following savings accounts received a 5-Star Rating in the Senior Saver profile, listed in alphabetical order by institution:

Company Name Product Name
Australian Military Bank Pension Access Account
Macquarie Credit Union Gold Retirement Account
P&N Bank & Retirement Account
Teachers Mutual Bank Pension Advantage
UniBank Pension Advantage S30
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

 

See the comparison table for all Star Ratings for Senior Saver savings accounts:

4.     Junior Saver

The following savings accounts received a 5-Star Rating in the Junior Saver profile, listed in alphabetical order by institution:

Company Name Product Name
bcu Scoot Super Saver
Credit Union SA Children’s Savings Account
CUA Youth eSaver
Newcastle Permanent Smart Saver Account (Under 25)
Nexus Mutual Junior Saver
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

See the comparison table for more Star-Rated Junior Saver savings accounts:

5.     SMSF Saver

The following savings accounts received a 5-Star Rating in the SMSF Saver profile, listed in alphabetical order by institution:

Company Name Product Name
Australian Military Bank DIY Super Saver Account
BankVic SMSF Saver
Geelong Bank Superfund Maximiser
HSBC Flexi Saver
Newcastle Permanent Smart Saver Account
Qudos Bank Bonus Saver Account
Qudos Bank DIY Super Saver
RaboDirect Notice Saver 90 Day – SMSF
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

See the comparison table for all Star-Rated SMSF Saver savings accounts:

6.     Low Transactor

The following transaction accounts received a 5-Star Rating in the Low Transactor profile, listed in alphabetical order by institution:

Company Name Product Name
Bank of Sydney Everyday Saver
Bankwest Hero Transaction Account
Beyond Bank Purple Transactor Account
Endeavour Mutual Bank Transaction Account
Gateway Bank Edge Account
ING Orange Everyday
Macquarie Bank Transaction Account
ME Everyday Transaction Account
NAB Cash Manager
NAB Classic Banking
Suncorp Bank Everyday Basics Account
Source: Canstar Savings and Transaction Account Star Ratings, April 2019.

See the comparison table for all Star-Rated Low Transactor savings accounts:

7.     High Transactor

The following transaction accounts received a 5-Star Rating in the High Transactor profile, listed in alphabetical order by institution:

Company Name Product Name
Bank of Melbourne Complete Freedom
Bank of Sydney Everyday Saver
Bank SA Complete Freedom
Bankwest Hero Transaction Account
Commonwealth Bank Smart Access
ING Orange Everyday
Macquarie Bank Platinum Transaction Account
Macquarie Bank Transaction Account
ME Bank Everyday Transaction Account
NAB Cash Manager
NAB Classic Banking
St. George Bank Complete Freedom
Westpac Choice
Source: Canstar Savings and Transaction Accounts Star Ratings, April 2019.

See the comparison table for all Star-Rated High Transactor savings accounts:

8.     Youth Transactor

The following transaction accounts received a 5-Star Rating in the Youth Transactor profile, listed in alphabetical order by institution:

Company Name Product Name
ANZ Access Advantage
Bank of Melbourne Complete Freedom Student
BankSA Complete Freedom Student
Bendigo Bank Student Account
Beyond Bank BU Savings Account
Commonwealth Bank Smart Access
NAB Classic Banking
St. George Bank Complete Freedom Student
Suncorp Bank Everyday Options-Student
Westpac Choice
Source: Canstar Savings and Transaction Accounts Star Ratings, April 2019.

Check out the comparison table to see all Star-Rated Youth Transactor savings accounts:

9.     Senior Transactor

The following transaction accounts received a 5-Star Rating in the Senior Transactor profile, listed in alphabetical order by institution:

Company Name Product Name
ANZ Pension Account
Bank First Pension Account S9
Bank of Melbourne Retirement Access Plus
BankSA Retirement Access Plus
Commonwealth Bank Pensioner Security Account
First Option Credit Union Retirement Access Saver
Heritage Bank Pension Plus Account
NAB Cash Manager
NAB Retirement Account
P&N Bank & Retirement Account
People’s Choice Credit Union Club 55
Qudos Bank General Savings Account
St. George Bank Retirement Access Plus
Westpac 55+ and Retired
Source: Canstar Savings and Transaction Accounts Star Ratings, April 2019.

The Canstar Research team found the accounts listed above provided outstanding value for different types of account holders. To be eligible for a star rating in savings account profiles, the product must have been on offer for at least six months.

Each transaction or savings account reviewed for Canstar’s Savings and Transaction Account Star Ratings is awarded points for its comparative pricing and for the array of positive features attached to the account.

Read our detailed savings and transaction Star Ratings methodology for more information about what makes a 5-Star Rated savings and transaction account.

Find an account best suited to your needs by filtering your search and comparing products:

Discover more about the Savings and Transaction Account Star Ratings with our latest report:

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