2026 Savings Accounts, Transaction Accounts and Junior & Youth Banking Awards

Canstar releases its
2026 Savings and Transaction Accounts and Junior & Youth Banking Awards.

Released: 23 April, 2026

Congratulations to the Award winners

(Winners are listed alphabetically)

AMP

Outstanding Value – Savings Accounts

AMP has won a Savings Account Award for another year. Its AMP Bank GO Save account pays a high base rate without monthly conditions–suiting savers who want a competitive rate without having to plan around bonus rules.  AMP’s deposit lineup also features its Cash Manager account. While marketed to investors, it’s open to any saver and offers a high-yield option for balances of $10,000 or more.

Australian Military Bank

Outstanding Value – Transaction Accounts

Australian Military Bank has secured its Transaction Account Award once more. Its Military Rewards Account pays 1% cashback on eligible Visa payWave purchases under $100 for members who deposit $2,000 monthly. This is a meaningful return for everyday spenders who meet deposit targets and tap to pay regularly.

Bank of Queensland

Outstanding Value – Savings Accounts

Bank of Queensland has taken its Savings Account Award for another year. BOQ’s Smart Saver (for ages 36+) and Future Saver (for ages 14-35) pay competitive variable rates to customers who meet monthly transaction conditions, while its Simple Saver pays a high base rate plus a four-month introductory bonus rate, requiring nothing in return. So, whether you can commit to meeting monthly conditions or want a rate to look after itself, BOQ’s range has an option.

Bankwest

Outstanding Value – Savings Accounts
Outstanding Value – Transaction Accounts

Bankwest has won a Savings Account Award in 2026 and retained its Transaction Account Award. Its Easy Saver pays a high introductory variable rate for the first four months before reverting to a competitive unconditional base rate, so savers get both an opening boost and a reliable ongoing rate. Bankwest’s Easy Transaction Account doesn’t charge monthly fees, international transaction fees, or international ATM fees–useful for customers who travel or shop on overseas websites frequently.

Commonwealth Bank

Outstanding Value – Savings Accounts
Outstanding Value – Junior & Youth Banking

Commonwealth Bank has once again secured its Transaction Account and Junior & Youth Banking Awards. Its Smart Access account waives monthly fees for students, under-30s, and customers depositing at least $2,000 a month. For under-18s, its Youthsaver account pays a competitive variable rate to those who grow their balance each month–rewarding young savers building the habit of putting money away regularly. Both accounts sit behind CommBank’s security protections, which include confirmation of payee, 24/7 fraud monitoring, and PayTo management.

Defence Bank

Outstanding Value – Junior & Youth Banking

Defence Bank has won a Junior & Youth Banking Award this year for its Kids Club account. The account pays a high base interest rate that’s earned unconditionally, so young savers (and parents managing a child’s account) can make withdrawals without the rate dropping. This makes it well suited to families who want children’s savings to remain accessible while keeping the same interest rate.

Great Southern Bank

Outstanding Value – Savings Accounts
Outstanding Value – Transaction Accounts
Outstanding Value – Junior & Youth Banking

Great Southern Bank has taken out its Transaction Account, Savings Account, and Junior & Youth Banking Awards for another year. Its Everyday Edge Account offers an unlimited rebate on international transaction and ATM fees, as long as customers deposit at least $2,000 and make five transactions a month – a major plus for everyday spenders heading abroad. Those who meet the above targets can also snap up a competitive rate on the bank’s Home Saver account. For young savers, the Youth eSaver pays a high interest rate on balances up to $5,000 with no monthly conditions, so children and teens can grow their savings without the pressure of meeting monthly targets.

Heartland

Outstanding Value – Savings Accounts

Heartland has picked up a Savings Account Award this year. Its MySavings account pays a competitive interest rate with no monthly conditions, so savers earn the same rate whether they’re depositing regularly, drawing on their balance, or simply leaving it in place.

HSBC

Outstanding Value – Transaction Accounts

HSBC has taken home its Transaction Account Award for another year, driven by the performance of its Everyday Global Account. At the time of assessment, the account offered one of the highest cashback rates in the market–2% on eligible in-store purchases under $100 made using a digital card–making it a strong option for spenders who frequently tap their phone or watch for daily buys.

ING

Outstanding Value – Transaction Accounts

ING has won its Transaction Account Award again this year for its Orange Everyday account. The account charges no monthly account fees and no international transaction or withdrawal fees. This combination delivers outstanding value for customers who often shop on overseas websites or travel abroad. 

Macquarie

Outstanding Value – Savings Accounts
Outstanding Value – Transaction Accounts
Outstanding Value – Junior & Youth Banking

Macquarie has once again secured its Savings Account and Transaction Account Awards, as well as its Junior & Youth Banking Award. It continues to offer competitive variable rates on savings with no monthly deposit or transaction conditions, while its transaction account stands out for offering a high interest rate with no domestic or international transaction fees and no ATM fees.  Both are available to depositors aged 12 and up, making them standouts for teens and adults alike.

NAB

Outstanding Value – Transaction Accounts
Outstanding Value – Junior & Youth Banking

NAB has retained its Transaction Account and Junior & Youth Banking Awards for another year. Its Reward Saver pays competitive rates to customers who meet monthly bonus conditions, while its Classic Banking account doesn’t charge monthly fees and has no age or deposit requirements. Another NAB transaction account option–its Cash Manager account–pays interest on the entire balance kept within and is open to any customer looking for a higher-interest alternative to a standard everyday account.

Newcastle Permanent

Outstanding Value – Junior & Youth Banking

Newcastle Permanent has won a Junior & Youth Banking Award. Newcastle Permanent’s Smart Saver Account (for under 25s) features one of the most competitive variable rates for balances of less than $50,000, provided the holder grows their balance and makes no more than two withdrawals per month.

Suncorp Bank

Outstanding Value – Transaction Accounts

Suncorp has kept hold of its Transaction Account Award, driven by its Everyday Options account. The account features no monthly or foreign currency conversion costs, so customers get a straightforward everyday account without needing to qualify for a fee waiver each month.

Westpac

Outstanding Value – Savings Accounts
Outstanding Value – Transaction Accounts
Outstanding Value – Junior & Youth Banking

Westpac has won the Savings Account Award while once more securing its Transaction Account and Junior & Youth Banking Awards. Westpac Life pays a high variable rate to customers who increase their balance each month, with an additional bonus rate for customers aged 18 to 34 who make 20 eligible purchases each month on a linked transaction account. 

On its transaction account, Westpac waives monthly fees for students, under-30s, and customers meeting monthly deposit criteria, with security features including confirmation of payee, 24/7 fraud monitoring, and PayTo management. For under-17s, Westpac’s Bump savings account doesn’t require a minimum monthly deposit to access its conditional bonus rate, useful for younger customers whose income might be irregular.

Bank of Melbourne, BankSA & St. George Bank

Outstanding Value – Savings Accounts

Also part of the Westpac Group, Bank of Melbourne, BankSA & St. George Bank have won a Savings Account Award this year. Their Incentive Saver pays a competitive variable rate to customers who  grow their balance by a set amount each month, while their Maxi Saver offers a strong six-month introductory variable rate for new customers and a base rate with no monthly conditions thereafter.

Compare Savings Accounts →

About this year’s awards

While recent rate moves have offered potential benefits for many savers, we’re seeing providers lock more of their advertised interest rate behind bonus components – making it crucial for depositors to understand their account’s ‘rate make-up’. 

Many banks are shifting more of their total rate into bonus components, meaning depositors must meet monthly conditions – like minimum deposits, transaction targets, or end-of-month balance growth – in order to earn top-tier ‘bonus rates’. Miss just one condition, and savers receive a significantly lower ‘base rate’. The takeaway: An account with a high bonus rate is only worthwhile if its conditions actually fit your natural spending and saving habits.

In transaction accounts, the picture is steadier. Most of last year’s winners retained their Award in 2026. In market news, the number of ATMs in Australia decreased by more than 300 over the year, while providers continue to strengthen the security features available, including tools like confirmation of payee, 24/7 fraud monitoring, and PayTo management.

“When you’re switching providers or opening a new account, what matters most is the value you can consistently earn — and that depends on your personal spending and saving habits. A lot of savings accounts offer a high total rate on paper, but the conditions attached can mean the value changes substantially over time depending on how you actually use the account” – Ellie Cross, Research Analyst.

How we assessed value

Savings accounts can be structured in a few different ways. Some pay a high unconditional base rate–meaning the rate is the rate, regardless of how you use the account. Others advertise a lower base rate and a higher ‘bonus rate’ that’s only paid when you meet monthly conditions like depositing a minimum amount, making a set number of transactions, or growing your balance month-on-month. Many pay a strong introductory rate for the first few months before reverting to a lower ongoing rate. For each account, we model the interest a customer would earn and weigh it against account-keeping fees and common transaction costs to calculate its net value.

Transaction accounts deliver value differently–through monthly fee waivers, cashback on eligible spending, fee-free ATM access, and waivers on international transaction and currency conversion costs. For these, we model the fees and rebates a customer would realistically encounter to calculate the net cost (or benefit) of holding the account.

Net value and net cost both sit within a broader Customer Journey assessment that also scores how easy it is to research, open, manage, and eventually close an account, with the final result reflecting what an account is worth financially and how easy it is to manage.

To reflect how Australians actually bank, our assessment groups products into three Award categories, each with its own consumer profiles:

• Savings Account Award. Assessed across three savings profiles–Flexible Saver, Regular Saver, and Young Adult Saver–reflecting different approaches to growing a balance, from those who want unrestricted access to their money to disciplined savers who can meet stricter bonus conditions.
• Transaction Account Award. Assessed across two profiles–High Transactor and Low Transactor–reflecting different patterns of everyday spending, bill payments, and ATM use.
• Junior & Youth Banking Award. Assessed across two profiles, Junior Saver and Youth Transactor, reflecting how younger account holders – from children learning to save to teenagers managing income from their first job – actually use bank accounts.

Who we looked at

To be eligible for our Savings and Transaction Accounts Awards, products must meet the following criteria:

• Authorised Deposit-taking Institutions (ADIs): Providers must be an ADI and its customers covered under the Australian Government Financial Claims Scheme.
• Market Presence: Providers must have had a savings or transaction account available in the Australian market for at least six months leading up to the assessment.
• Accessibility: Products must be publicly available nationwide and not restricted to specific organisations or communities.

What to keep in mind when comparing savings and transaction accounts

The winners above are a good starting point, but the right savings or transaction account for you ultimately depends on how you actually manage your money. Here are a few things worth thinking about as you narrow it down:

What kind of saver are you? Most competitive savings rates are split into a base rate (paid unconditionally) and a bonus rate (paid only when you meet monthly conditions like a minimum deposit, a number of card transactions, or end-of-month balance growth). Meeting those conditions can be hard work, but the payoff is real: a customer who hits them every month can earn meaningfully more than one who doesn’t. The reverse is also true–if you can’t reliably meet the conditions, you may earn very little, even if the total advertised rate looked competitive when you signed up. Be honest with yourself about your saving habits before choosing, and look for a provider whose range matches your needs.

Conditions can change. Account features, interest rates, and bonus conditions are subject to change at the provider’s discretion and aren’t guaranteed over the life of the account. Providers can adjust both their rates and the conditions attached to them, sometimes more than once a year. The Awards reflect how these providers performed over time, but it’s worth checking their current terms before opening an account and reviewing the account periodically once you have it.

International fees can hide in transaction accounts. Many everyday accounts now waive monthly fees when you meet a deposit or balance condition, but costs can still add up through foreign currency conversion charges, international transaction fees, and overseas ATM withdrawals. If you regularly travel or shop on international websites, these fees are worth weighing up.

Security features are worth checking. Banking scams and payment fraud have become more sophisticated and protections built into transaction accounts have become a meaningful point of difference between providers. Modern tools cover everything from verifying you’re sending money to the right person through to real-time fraud monitoring and control over recurring payments. Not every provider offers every feature, so it’s worth checking what’s built in.

What this award is and isn’t

What it is:

• A like-for-like comparison. Savings and transaction accounts can be structured very differently–some lean on base rates, some on bonus conditions, some on cashback or fee waivers. We assess providers within consumer profiles–think of them as spending and saving personas–so comparisons are made between products serving the same kind of customer.
• Reflective of real-world use. Our assessment is built around how Australians actually save and bank across seven consumer profiles.
• Focused on consistency: We assess products over a six-month window rather than at a single point in time, recognising providers offering value that holds up as rates and conditions move.

What it isn’t:

• Personal financial advice. This Award doesn’t consider your individual circumstances, financial goals, or saving and spending habits and shouldn’t be taken as a recommendation.
• A guarantee of future performance. We assess historical performance over the assessment window. Past results aren’t a reliable indicator of what an account will pay in future, and rates and conditions can change at any time.
• A list of every provider in Australia. While we endeavour to include the majority of the market, some smaller providers or those that do not meet our eligibility criteria may not be included.

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About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Ellie Cross, Research Analyst

Bachelor of Commerce (Finance), University of Queensland

Ellie Cross is a Graduate Research Analyst at Canstar who is involved in the development and delivery of the company’s Star Ratings and Awards. Since joining Canstar in 2026, Ellie has used her Finance major and technical experience to bring an objective, evidence-based approach to evaluating complex financial products and markets.

Ellie’s work is centered on a singular goal: providing everyday individuals with the perspective they need to select the right financial products for their future and save money.

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