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Canstar’s 2022 Outstanding Value – Savings Account Awards recognise the institutions that are providing outstanding value to Aussie customers across their suite of savings accounts.
The Award winners are chosen based on Canstar’s Savings Account Star Ratings, which assess individual accounts based on their price and features.
At a glance:
- 60 institutions assessed
- 202 savings accounts rated
- 7 Savings Account Award Winners
- Winners list:
To reach its decision, Canstar considered different types of savers. This included savers who don’t want to be restricted by saving conditions (such as depositing a certain amount each month), savers who are willing to meet these stricter conditions to score a higher interest rate, and young adult savers under 30 years old. Canstar also has a separate Award that considers savers under 12 years old (more on this below).
Despite low interest rates, there is still some value to be found for customers searching for an interest rate over 1%. This year, Canstar’s researchers said the providers that came out on top offered relatively high-interest savings accounts with few restrictions to earn interest.
2022 Savings Account Award winners
In alphabetical order, the winners of Canstar’s 2022 Savings Account Award are:
86 400
Customers can currently earn up to 1.20% p.a. with the 86 400 Save Account. This is made up of a base rate of 0.10% p.a. and a bonus rate of 1.10% p.a. on balances up to $250,000 when you deposit $200 or more per month into the Save Account or a linked 86 400 Spend Account.
BOQ
BOQ’s Future Saver Account is for customers between 14 and 35 years old. It allows customers to earn up to 2.00% p.a., made up of a 0.05% p.a. base rate and a 1.95% p.a. bonus rate on balances up to $50,000, and a 0.75% p.a. bonus rate on balances up to $250,000. The bonus rate applies when you transfer $1,000 or more into a linked BOQ Everyday Account and make five or more eligible transactions with a linked BOQ Everyday Account per month.
For customers aged 36 years or older, BOQ offers its Smart Saver Account. Through this account, customers can earn up to 0.80% p.a. This is made up of a 0.05% base rate plus a 0.75% bonus rate on balances up to $250,000. The same bonus conditions apply.
Lastly, BOQ offers a Simple Saver Account. This offers an ongoing 0.45% p.a. interest rate for balances up to $1 million.
Great Southern Bank
Great Southern Bank’s Home Saver Account allows customers to earn up to 1.05% p.a., consisting of a 0.05% p.a. base rate and a 1.00% bonus rate on balances up to $100,000 when you deposit $2,000 or more into a linked Everyday Edge Account and make five or more card purchases per month.
Great Southern Bank’s eSaver Flexi Account allows customers to earn an ongoing 0.45% p.a. interest rate with no bonus conditions and no maximum balance.
It also offers a Goal Saver Account for customers aged between 18 and 24 years old. It offers an interest rate of 1.15% p.a., made up of a 0.05% p.a. base rate and a 1.10% p.a. bonus rate for balances up to $50,000. To get the bonus rate, customers must deposit $500 and make five or more card purchases per month.
Macquarie Bank
With Macquarie Bank’s Savings Account, customers can earn up to 1.35% p.a., which includes a 0.95% base rate on balances up to $250,000 and a 0.40% promotional rate for the first four months.
ME Bank
ME’s Online Savings Account allows customers to earn up to 0.80%, made up of a 0.05% p.a. base rate and a 0.75% bonus rate for balances up to $250,000 when you make at least four tap-and-go purchases per month with a linked Everyday Transaction Account.
UBank
Customers with both a USpend and USave account can earn up to 1.05% p.a. on the USave account. This is made up of a 0.05% base rate and a 1.00% p.a. bonus rate when you deposit at least $200 per month into the USpend account. The bonus rate applies to balances up to $250,000.
Virgin Money
The Virgin Money Boost Saver offers an interest rate up to 1.00% p.a. on balances up to $250,000. This is made up of 0.05% p.a. base rate and a 0.95% bonus rate. Customers over 25 years old have to deposit $2,000 from another financial institution into a linked Virgin Money Go Account and make at least five purchases, direct debits or BPAY payments per month to get the bonus rate. For customers aged 18 to 24 years, that monthly amount is lowered to $1,000. For customers aged 14 to 17 years old, no additional criteria need to be met.
Virgin Money also offers the Virgin Money Grow Saver, which allows customers to earn up to 0.35% p.a. This is made up of a 0.05% base rate and a 0.30% bonus rate when you make at least one deposit and no more than one withdrawal each month.
2022 Junior and Youth Banking Awards
Canstar’s Junior and Youth Banking Awards are given to institutions offering outstanding value across their savings accounts for children under 12 years old, as well as their transaction accounts for teenagers between 13 and 18 years old.
Savings accounts for children tend to offer significantly higher interest rates than other accounts available to all ages, according to Canstar’s researchers. Notably, all seven winners of this Award in 2022 were customer-owned banks rather than major or traditional banks.
In alphabetical order, the winners of Canstar’s 2022 Junior and Youth Banking Awards are:
Australian Unity
Gateway Bank
Great Southern Bank
Illawarra Credit Union
IMB
Queensland Country Bank
The Capricornian
For more information about our Savings Account, Transaction Account and Junior & Youth Banking Awards, read the full results.
Cover image source: Alohaflaminggo/Shutterstock.com
This content was reviewed by Sub Editor Tom Letts and Sub Editor Jacqueline Belesky as part of our fact-checking process.
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