Online savings account rates

Online savings account rates are the interest rates that financial institutions offer to customers when they open an online savings account. Rates will vary between each financial institution and some online savings accounts have different conditions for being eligible to receive the full interest, so it pays to shop around and compare deals to find which institution offers the highest rates to suit your saving habits.

With any online savings account rate, the higher the rate the more interest you will earn. The interest rates quoted by banks, credit unions, and building socieities are all based on annual interest rates. Because your money is not locked into the account and can be withdrawn easily, interest is generally calculated on a daily basis. Most accounts will credit interest once a month. This means it pays to keep as much money as feasible in the account at all times, rather than leaving money in a transaction account which usually earns very low interest, or often no interest at all!

Before opening up an account, check out some of today's best offers from the table to the right, or visit our online savings accounts page to get some of the best deals available in Australia.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.