Savings Account Articles

Do I have to pay taxes on the interest earned in my savings account?

You need to add the interest earned from your savings account to the income you declare on your tax return and pay tax on the total.

Get better interest rates: variable savings accounts vs term deposits

Variable savings accounts or term deposits, which will provide the highest return on your savings? Learn more about both to make an informed decision.

Online Saver

Open your Citibank Online Saver account today

Special intro rateNo ongoing fees

Maximum rate

1.10%

p.a intro 4 months then 0.35%

Base rate

0.35%

p.a

Go to site Citi terms and conditions

An online-based savings account that rewards customers with a high introductory rate and no ongoing fees or minimum balance conditions.

What is withholding tax on a savings account?

If you earn interest on your savings, it may be taxable, just like your wages. Your bank may withhold - or deduct - tax when paying out your interest.

What are ethical savings accounts?

Ethical savings accounts are growing in popularity in Australia, as more people make an active choice to bank with financial institutions that align with their values. So, is it time for you to make the switch to an ethical savings account?

Can I open a savings account for my grandchild?

Can grandparents set up savings accounts for grandchildren? Most banks and credit unions in Australia allow this in some way or another. Here’s what you need to know about opening a savings account for a grandchild.

Can you transfer money from your credit card to a savings account?

Can I transfer money from a credit card to a savings account? Yes, it’s possible to make a money transfer from your credit card to a bank account, but do note, you'll probably have to pay higher fees and interest.

A guide to dabbling in the newness of neobanks

There are some serious competitors in the finance world and neobanks are the space to watch. Here is everything you need to know if you’re considering dabbling in the world of neobanks.

Are savings accounts free?

They say there’s no such thing as a free lunch, and the same can be said about savings accounts.

The top savings accounts for kids in July 2020

Teaching your children about money can be a challenging part of parenting, but one of the more convenient ways to do so is through a kids savings account.

Can you visit a bank branch during COVID-19?

COVID-19 has changed the way Australians do a lot of everyday things, but when it comes to your banking, it’s crucial to know how visiting branches may be impacted.

Can a savings account help you grow wealth?

With interest rates on savings accounts at historic lows, many Australians with savings goals are probably wondering if they can still grow wealth through them.

How your bank account can help supersize your savings

Saving doesn’t have to be hard. HSBC’s Everyday Global Account could boost your savings with little effort, thanks to several included perks.

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Today's top savings accounts products

Maximum rate

1.10%*

p.a

Base rate

0.10%

p.a

*Bonus interest is paid when a customer has made an eligible deposit of $20 into the Bonus Saver account in the calendar month and made 5 eligible Visa card purchases on the linked Everyday or Glide account in the calendar month

Ongoing bonus interest (conditions apply)
No ongoing fees
No minimum balance
Features on 2021 RateCity Awards

Real Time Rating™

Maximum rate

0.30%

p.a intro 3 months then 0.15%

Base rate

0.15%

p.a

Maximum interest rate ranked in the best 20% (conditions may apply)
Special intro rate
No ongoing fees
No minimum balance

Real Time Rating™

Maximum rate

1.10%

p.a intro 4 months then 0.35%

Base rate

0.35%

p.a

Special intro rate
No ongoing fees
No minimum balance

Real Time Rating™

Maximum rate

1.05%*

p.a

Base rate

0.05%

p.a

*Receive bonus interest when you deposit $1000 into a linked Day2Day account from an external account and make 5 eligible transactions per month. Available on balances up to $250,000.