Which savings and transaction accounts won 5-Star Ratings this year?

Canstar’s newly-released Savings and Transaction Account Star Ratings reveal the deposit accounts on our database that offer Outstanding Value to Australians.

After analysing 405 savings and transaction accounts from 70 institutions, Canstar has recognised 76 deposit accounts with a 5-Star Rating in at least one of the nine consumer profiles assessed.

Savings and Transaction Accounts Star Ratings

Canstar’s Savings and Transaction Account Star Ratings methodology takes into account a wide range of needs when it comes to how consumers save and transact, and assesses products based on their price and features.

For savings accounts, Canstar Research noted that for many of the top-performing products, the providers had not reduced the interest paid on their accounts to the same degree as the recent RBA cash rate cuts, which have seen the official cash rate reduced by 0.75% since June.

When assessing transaction accounts, Canstar Research noted that there are now plenty of low- or no-fee options available from both banks and customer-owned institutions. Given this prevalence of low-cost transacting, feature-rich products were able to shine in these Star Ratings. The availability of an online account application process, Osko and PayID, and digital wallet functionality – like Apple Pay and Google Pay – proved to be among the major points of difference as did having a broad customer service proposition, often through a robust online banking offering and other support channels such as branch networks and call centre availability. 

The savings accounts that won a 5-Star Rating

Flexible Saver

This profile is for customers looking to maximise their savings with no restrictions on how much they need to save each month or the number of withdrawals they can make. To be eligible, an account must offer a base interest rate of 0.10% or higher on a balance of $25,000. The savings accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

AMP Bank Saver Account
Australian Unity Easy Saver
bcu isaver
CUA eSaver Flexi
CUA eSaver Reward
Easy Street Fin Services
Easy Savings Online Account
ING
Savings Maximiser
ME
Online Savings Account
MOVE Bank Express Saver
MOVE Bank
First Home Saver Club Account
nabtrade
High Interest Account
Rabobank Australia
High Interest Savings Account
UBank
USaver with Ultra

Regular Saver

These accounts were found to provide Outstanding Value to more active savers who are willing to meet stricter conditions to achieve higher levels of interest. To be eligible, an account must offer a total interest rate of 0.80% or higher, including any bonus interest, on a balance of $10,000. The savings accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

Australian Unity Active Saver
Bank First
Bonus Saver Account S98
BOQ Fast Track Saver
CUA eSaver Reward
Endeavour Mutual Bank
Lifestyle Account (18-35 years)
HSBC Flexi Saver
ING
Savings Maximiser
ME
Online Savings Account
MyState Bank Bonus Saver
RAMS Saver Account
Sydney Mutual Bank Lifestyle Account (18-35 years)
UBank
USaver with Ultra
Westpac Life

Senior Saver

These are accounts aimed at retirees looking to maximise their savings with the flexibility to access funds easily without interest restrictions. To be eligible, the account must offer a base interest rate of 1% or higher on a balance of $51,200. The savings accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

Australian Military Bank
Pension Access Account
bcu advantage saver
Macquarie Credit Union
Gold Retirement Account
Queensland Country Credit Union Pension Plus
Teachers Mutual Bank
Pension Advantage
UniBank
Pension Advantage S30

Junior Saver

Junior Saver accounts are designed specifically for children under 12 to help them get into the habit of saving regularly. The savings accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

bcu
scoot’s super saver
Credit Union SA
Children’s Savings Account
CUA Youth eSaver
Newcastle Permanent
Smart Saver Account (Under 25)
Nexus Mutual Junior Saver

SMSF Saver

This profile assesses the suitability of accounts for customers looking to achieve high levels of interest on the cash component within their self-managed super fund. To be eligible, an account must offer a total interest rate (base plus conditional bonus rate) of 0.8% or higher on a balance of $25,000 and be available for self-managed super funds. The savings accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

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

Which transaction accounts got a 5-Star Rating?

Low Transactor

A Low Transactor is a customer who requires unrestricted access to their cash including via ATMs, EFTPOS and BPAY, and who conducts an average of 10 transactions per month. The transaction accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

AMP Bank Cash Manager
Bank of Sydney Everyday Saver
Bankwest
Easy Transaction Account
Bankwest
Hero Transaction Account
Beyond Bank
Purple Transactor Account
Gateway Bank Edge Account
Heritage Bank
Money Manager Account
NAB Cash Manager
NAB Classic Banking
Suncorp Bank
Everyday Basics Account
Suncorp Bank
Everyday Options Account

High Transactor

High Transactor accounts are those which also enable customers to access funds without restrictions, including via ATMs, EFTPOS and BPAY, but where the customer conducts an average of 60 transactions per month. The transaction accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

ANZ
Access Advantage
Bank of Melbourne
Complete Freedom
BankSA
Complete Freedom
Bankwest
Hero Transaction Account
Commonwealth Bank Smart Access
ING Orange Everyday
NAB Cash Manager
NAB Classic Banking
St.George Bank
Complete Freedom
Suncorp Bank
Everyday Options Account
Westpac Choice

Youth Transactor

Youth Transactor accounts are designed to be suitable for  young people between the ages of 13 and 18. For example, they may have just started their first job and are looking to access and manage their money while paying as little as possible in fees and charges. The transaction accounts that received a 5-Star Rating in this profile, listed in alphabetical order by institution, were:

ANZ
Access Advantage
Bank of Melbourne
Complete Freedom Student
BankSA
Complete Freedom Student
Bankwest
Easy Transaction 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

Senior Transactor

To be rated in this profile, a transaction account must be available to retirees. It must also offer the account holder full, unrestricted access to their money, including via ATMs, EFTPOS, phone banking and internet transactions. The profile is based on customers who make an average of 10 transactions per month. The transaction accounts that received a 5-Star Rating for this profile, listed in alphabetical order by institution, were:

ANZ
Pensioner Advantage
Bank First
Pension Account S9
Bank of Melbourne
Retirement Access Plus
BankSA
Retirement Access Plus
Bankwest
Retirement Advantage Account
Commonwealth Bank
Pensioner Security Account
Credit Union SA 55+ Account
Endeavour Mutual Bank Transaction Account
First Option Bank
Retirement Access Saver
Heritage Bank
Pension Plus Account
NAB Cash Manager
Queensland Country Credit Union Pension Plus
RACQ Bank Advantage Plus
St.George Bank
Retirement Access Plus
Sydney Mutual Bank Transaction Account
Westpac 55+ and Retired

Read the savings and transaction accounts Star Rating methodology to learn more about how the Star Ratings are calculated.

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