2026 Savings Award
About the Savings Awards
Canstar's Savings Awards recognise the banks and customer-owned institutions offering strong, consistent value to Australians trying to grow their savings. We assess institutions across four types of savings and deposit products:
- Flexible savings accounts, which typically come with fewer conditions attached.
- Regular saver accounts, which pay a bonus rate for meeting monthly conditions.
- Accounts focused on younger savers.
- Term deposit accounts.
Banks and customer-owned institutions (mutual banks and credit unions) each have their own separate award, recognising that these two groups operate differently and offer different benefits to their customers. Where you keep your savings can make a real difference: a competitive rate can add up to hundreds of dollars a year, money that costs nothing extra to earn if you're already holding the balance. It's not all about flashy interest rates, though. This award looks beyond advertised interest rates to find institutions that deliver that consistent value across different saving styles.
Learn more about our award process in the methodology.
2026 Winners
Bank of the Year - Savings
Customer-Owned Bank of the Year - Savings
Numbers crunched
The market this year
Many savings products on the market still advertise rates above 4.50% p.a., but these rates are conditional and drop to close to zero the moment you fail to meet one of the monthly conditions. A single missed deposit or early withdrawal can be enough to lose the bonus rate entirely for that month, and this can really sting, especially when rates are high.
For many savers, an account without monthly requirements can be a more appealing option. The ability to earn a consistent return without needing to hit certain conditions delivers a better outcome than chasing a higher rate you might not always get.
This year, with this in mind, we've shifted the terms of our assessment to give equal weighting to flexible and regular savings accounts.
Term deposits saw some notable digital moves this year. AMP introduced its app-exclusive AMP GO Term Deposit, while Macquarie Bank released its own digital-only term deposit product, available via its online banking platform and mobile app. This reflects a broader shift toward the digitalisation of financial products, with term deposits now following savings accounts and everyday banking into an app and online-based experience.
Judo Bank's savings products and term deposits were eligible for the Savings Award for the first time this year, following the launch of its first retail Personal Savings Account in February. Since opening as a challenger bank in 2019, its focus had traditionally centred on business lending and term deposits.
In the customer-owned sector, we've seen a number of banks merging and consolidating this year, with rising regulatory and technology costs making it harder for smaller operators to go it alone. We've seen four mergers in the past 12 months: Illawarra Credit Union into Community First Bank, Australian Unity Bank into Bank Australia, Australian Mutual into Teachers Mutual Bank, and G&C Mutual into Unity Bank. Heritage Bank and Peoples Choice have also completed the next step of their integration, now trading as People First Bank.
Analyst Quote: "Savings accounts get compared on rate alone far too often," says Canstar Research Analyst Jeremy Cooper-Williams. "The institutions that stood out this year are the ones catering to a range of different savers, whether someone wants instant access to their money or is happy to lock it away."
About the Winners
Bank of the Year - Savings
Bankwest
Bankwest has won the Bank of the Year – Savings Award this year, driven largely by improvements to its savings products. The standout is its flexible Easy Saver account, which features no monthly deposit or spending requirements, and lets customers withdraw anytime without losing interest. New Easy Saver accounts earn a 5.75% introductory rate for the first four months on balances up to $250k, reverting to a competitive 5.00% standard variable rate ongoing. Alongside their savings accounts, Bankwest offer term deposits starting from $1,000 across terms from one month to five years, no account keeping fees, and a 12-month rate of 5.20% p.a. For terms of 12 months or longer, savers can also choose their interest payment frequency rather than waiting until maturity.
Customer-Owned Bank of the Year - Savings
Great Southern Bank
Great Southern Bank has retained the Customer-Owned Bank of the Year – Savings Award. This win is based on the strong and consistent performance of its savings and term deposit range, rather than any one standout product. Its flexible savings account, Home Saver, offers up to 5.25% p.a., with bonus conditions tied to everyday banking activity rather than a separate savings routine. This means members can earn the rate simply by banking as they normally would, with no need to jump through any special hoops. Its regular saver account, Future Saver, extends this further, paying up to 4.85% p.a. on balances up to $500,000 for a $250 monthly balance increase. Among the banks we tested, Great Southern's term deposit range was the most competitive in the customer-owned market, ranging from 3.50% p.a. for one month up to 5.25% p.a. on selected terms, including a boosted rate for members aged 55 and over. Term deposits come with a $5,000 minimum deposit and no fees, meaning the range is accessible and not just reserved for those with large balances, and members can choose to receive interest monthly, annually or at maturity.
How we chose the winners
Scored across the full customer journey
Not everyone saves the same way, so we assess four distinct categories rather than treating one type of account as the only way to save well. Institutions are scored on their single best-performing product in each category. Regular Saver, Flexible Saver, and Term Deposits are each weighted at 30% of the total score, with Youth Saver weighted at 10%. The result reflects the strongest option an institution actually has on the shelf, and in some cases, the same product tops more than one category.
The Flexible Saver assessment rewards accounts with no strings attached: no minimum deposits, transaction quotas, or growing-balance targets, just a competitive rate on the money already sitting there. To qualify, an account needs a base rate of at least 0.05% p.a. on a $25,000 balance. Regular Saver was scored on accounts that pay more for meeting monthly conditions, like a set deposit or an untouched balance, and requires a total rate of at least 0.25% p.a. on the same balance. Youth Saver applies that same standard to age-restricted accounts built for younger savers.
Term Deposits are tested at $25,000 and $75,000 balances, weighted 40% and 60% respectively, since a strong rate at one amount doesn't always hold at the other. Scoring balances the interest rate against product features rather than resting on the rate alone, with the assessment concentrated on one-to-13-month terms, reflecting where most savers actually commit their money.
Who we looked at
Institutions were assessed on their best-performing products in each of the four categories (Regular Saver, Flexible Saver, Youth Saver and Term Deposits). To be eligible for consideration, products must have been available in the market for at least six months. Almost every bank, mutual, or credit union offers some form of savings account and term deposit, which is why this award covers such a broad field: 25 banks and 35 customer-owned institutions this year.
What to keep in mind
- Look past the introductory rate: Many accounts lead with a higher rate for the first few months, then revert to something much lower. Work out what you'd earn across a full year, not just the honeymoon period.
- Check the conditions on bonus rates: If an account requires a minimum monthly deposit, no withdrawals, or a growing balance, be honest about whether you'll hit those conditions every month. Missing them can mean falling back to a base rate close to zero. An unconditional account with a lower headline rate may leave you better off.
- Check any conditions around balances: Some accounts only pay their advertised rate up to a certain balance. Above that, the rate on the extra amount can drop sharply, or stop altogether. If you're saving toward something large, it's worth checking exactly where that cap sits before you count on the full advertised rate.
- Weigh access against rate certainty: Term deposits lock in your interest rate for a set period, protecting you if the market falls. However, breaking one early typically requires a 31-day notice period, along with reduced interest earnings or admin fees.
What this award is and isn't
What it is:
- A like-for-like comparison of savings accounts and term deposits, weighing institutions against others offering similar products.
- Bound by Canstar's eligibility criteria and methodology, reflecting rates, features and product structures as they stood at the time of assessment, not an ongoing or real-time ranking.
What it isn't:
- Personal Advice: It is not personal financial advice, a recommendation to use a specific institution, or a guarantee that a bank's future rates and features will remain the same.
- A list of every provider in Australia: It is not an assessment of every product an institution offers, or of every institution in the market. Only institutions meeting the eligibility criteria above were assessed.
- Guarantee for future performance: It is not a guarantee of ongoing competitiveness. Savings rates in particular change frequently, often with little notice.
FAQs
Who decides the winners for Canstar's Star Ratings and Awards?
Canstar's expert researchers review the overall value offered by a provider for its products in a financial services category. We consider metrics such as price and costs against features and functionality, with all of the competitors in a category compared using Canstar's unique research methodology. The products or providers recognised as winners are those that offer the highest overall value proposition.
What other awards does Canstar give?
In addition to Canstar's Star Ratings that appear in our comparison tables, Canstar gives Outstanding Value Awards that identify providers with high-performing products. Separately, Canstar's Customer Satisfaction Awards reveal how content customers are with a particular financial institution or insurance provider.
What are Canstar's Outstanding Value Awards?
Canstar recognises financial institutions with annual Awards for outstanding value across a wide range of product categories. These Awards are given to the providers whose products are the strongest overall performers in our Star Ratings over the award period.
What are Canstar's Customer Satisfaction Awards?
Canstar's Customer Satisfaction Awards are for providers, recognising institutions with the most satisfied customers overall based on consumer surveys.
How does Canstar work out award-winning brands and providers?
Canstar compares over a thousand brands and products across multiple finance and household services categories, including banking, insurances, superannuation as well as energy and mobile. Each of Canstar's Star Ratings and Awards uses a unique methodology that is brought together by our expert Research team, with products analysed based on price and features. You can find out more about how Canstar's value-based rating system works.
Who do I contact for a media enquiry about Canstar's Star Ratings?
For media enquiries, commentary or analysis about Canstar's Star Ratings and Awards, including our Outstanding Value Awards or Customer Satisfaction Awards, please contact our Corporate Affairs team.