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
The nine profiles assessed for Canstar’s Savings and Transaction Account Star Ratings are:
- 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.
- 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.
- 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.
- Junior Saver – These accounts are designed specifically for children under 12 to help teach financial literacy and the habit of saving regularly.
- SMSF Saver – For those looking to achieve high levels of interest on the cash component of their self-managed super fund.
- 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.
- 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.
- 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.
- 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.
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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