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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 Savings Accounts 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, for further details refer to our FSCG. 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 Savings Account, you will deal directly with a financial institution, and not with RateCity.

Online Savings Accounts

The difference between online savings accounts and your everyday debit accounts is that online savings accounts earn higher interest and usually have features to help you save. Online savings accounts are linked to your debit account where you can transfer your money and watch it grow. These accounts have a better return on your savings because competition between institutions increased when smaller competitors introduced innovative features and lower overheads due to no branches. Features that encourage you to save more in an online savings account include:
  • Higher interest rates than debit accounts
  • Some offer bonus interest with strict conditions such as no withdrawals and a minimum regular deposit
  • They do not provide Eftpos cards so there is no access to your money from ATMs
  • Transferring your savings back to your debit account usually takes three to five business days
  • Set up an automatic savings plan to have your money regularly deposited into your online savings accounts without the need to manually transfer your money around.

The table below displays some of the highest interest rates for today's best online savings accounts.

See all Savings Account Articles
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About Savings Accounts Articles

RateCity provides savings account news and features, including a range of weekly stories and economic updates. By checking our savings account news and features daily, you can ensure that you receive up to date, expert commentary on current financial and economic issues. Before you search, compare or apply for the best savings account for you, help yourself understand the market by reading mortgage news and features at RateCity.