Are your everyday bank accounts giving you 5-Star value?

After assessing more than 400 products, Canstar has revealed the savings and transaction accounts on its database offering 5-Star value to Australians in 2020.

At times of financial uncertainty, many consumers turn their attention to how they can keep their money safe, while making sure it’s still working for them. If you’re looking to maximise what you’re getting from your everyday bank accounts, you might decide it’s time to scan the market to see if there’s batter value out there – whether that’s in the form of a better interest rate, lower fees or extra features to help you reach your savings goals. Or, of course, you could look to Canstar’s Star Ratings to see which products on our database were deemed to offer outstanding value across a range of factors.

This year, Canstar Research rated 273 savings accounts and 178 transaction accounts from 71 providers. It identified 75 savings and transaction accounts as offering 5-Star value.

All providers included in these Star Ratings are authorised deposit-taking institutions (ADIs), meaning that amounts up to $250,000 held on deposit with them are covered by the government’s Deposit Guarantee.

What makes for a 5-Star everyday account?

This year’s eligible savings and transaction accounts were all rated against one or more of the following profiles:

Savings accounts

  • Flexible Saver – for those looking to maximise their savings with no restrictions
  • Junior Saver – designed to help those aged under 12 learn about money and get into the habit of saving regularly
  • Regular Saver – for active savers who are willing to meet stricter conditions in order to earn a higher interest rate
  • Senior Saver – for retirees who want restriction-free savings they can access at will
  • SMSF Saver – for those wanting to earn a competitive interest rate on the cash component within their self-managed super fund

Transaction accounts

  • High Transactor – for those conducting an average of 60 transactions per month
  • Low Transactor – for those conducting an average of 10 transactions per month
  • Senior Transactor – for retirees conducting an average of 10 transactions per month
  • Youth Transactor – for those aged between 13 and 18 looking to save, access, and manage their money

Products were rated based on a combination of price and features, and the weighting of each varied across different consumer profiles. However, price was the more important of the two for all saver and transactor profiles, determining 70%-85% of a product’s score.

Price considerations included transaction and account-keeping fees, as well as any interest earned on the account. Features considered included ease of application, ease of account operation, access to customer service and support, and ease of account closure.

5-Star Rated savings accounts for 2020

Flexible Saver

AMP Bank Saver Account
Australian Unity Easy Saver
Bank First Online Saver
Bank of Sydney BOS Saver
bcu isaver
CUA eSaver Flexi
CUA eSaver Reward
Easy Street Fin Services Easy Savings Online Account
Heritage Bank Online Saver
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

Junior Saver

bcu scoot’s super saver
CUA Youth eSaver
First Option Bank Kids Bonus Saver
Newcastle Permanent Smart Saver Account (Under 25)
Nexus Mutual Junior Saver

Regular Saver

Australian Unity Active Saver
BOQ Fast Track Saver
CUA eSaver Reward
HSBC Flexi Saver
ING Savings Maximiser
ME Online Savings Account
MyState Bank Bonus Saver
Rabobank Australia Notice Saver 60 Day
Rabobank Australia Notice Saver 90 Day
RAMS Saver Account
Suncorp Bank Growth Saver Account
UBank USaver with Ultra
Westpac Life

Senior Saver

bcu advantage saver
Macquarie Credit Union Gold Retirement Account
The Mutual Bank Retirement Account
Queensland Country Credit Union Pension Plus
Teachers Mutual Bank Pension Advantage
UniBank Pension Advantage

SMSF Saver

AMP Bank SuperEdge Saver
BankVic SMSF Saver
Geelong Bank Superfund Maximiser
HSBC Flexi Saver
Qudos Bank DIY Super Saver
Rabobank Australia Notice Saver 90 Day – SMSF

5-Star Rated transaction accounts for 2020

High Transactor

ANZ Access Advantage
BankSA Complete Freedom
Bankwest Easy Transaction Account
Bankwest Hero Transaction Account
Bank of Melbourne Complete Freedom
Beyond Bank Purple Transactor Account
Commonwealth Bank Smart Access
HSBC Day to Day Account
HSBC Everyday Global Account
ING Orange Everyday
NAB Classic Banking
St.George Bank Complete Freedom
Suncorp Bank Everyday Options Account
Westpac Choice

Low Transactor

AMP Bank Bett3r Pay
AMP Bank Cash Manager
Bankwest Easy Transaction Account
Bankwest Hero Transaction Account
Beyond Bank Purple Transactor Account
HSBC Day to Day Account
HSBC Everyday Global Account
NAB Cash Manager
NAB Classic Banking
Suncorp Bank Everyday Basics Account
Suncorp Bank Everyday Options Account

Senior Transactor

BankSA Retirement Access Plus
Bankwest Retirement Advantage Account
Bank Australia Pension Access
Bank First Pension Account S9
Bank of Melbourne Retirement Access Plus
bcu advantage saver
Commonwealth Bank Pensioner Security Account
Commonwealth Bank Smart Access
Heritage Bank Pension Plus Account
The Mutual Bank Retirement Account
NAB Cash Manager
NAB Retirement Account
Queensland Country Credit Union Pension Plus
RACQ Bank Advantage Plus
St.George Bank Retirement Access Plus
Suncorp Bank Everyday Options Account
Westpac Choice
Westpac 55+ and Retired

Youth Transactor

ANZ Access Advantage
BankSA Complete Freedom Student
Bankwest Easy Transaction Account
Bank of Melbourne Complete Freedom Student
Beyond Bank BU Savings Account
Commonwealth Bank Smart Access
HSBC Day to Day Account
NAB Classic Banking
St.George Bank Complete Freedom Student
Suncorp Bank Everyday Options-Student
Westpac Choice

For more information on how savings and transaction accounts were rated, read the methodology document.

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