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.
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.
Try our Savings Accounts comparison tool to instantly compare Canstar expert rated options.