Savings Account Articles

What to look for in a multi-currency account

If you’re looking to travel overseas in the future or trade in foreign cash, you may be interested in an account where you can keep multiple currencies in one place. Several financial institutions offer foreign currency or multi-currency accounts with affordable fees. Read on to know more about these accounts.

What are the pros and cons of a savings account?

Want to open a savings account but not sure if it’s the right financial decision? It may be worth weighing up the pros and cons of having a savings account to help you decide.

Online Saver

Open your Citibank Online Saver account today

Maximum interest rate ranked in the best 20% (conditions may apply)Special intro rate

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.

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.

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.

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Today's top savings accounts products

Maximum rate

1.20%*

% p.a

Base rate

0.10

% p.a

*Deposit $2,000 or more into your Virgin Money Go Account from an external account, and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month

special

Get 5,000 bonus Virgin Money Points^ when you make a purchase (that settles), direct debit or BPAY payment in the first 30 days on your new Go Account.

Real Time Rating™

Maximum rate

1.20%*

% 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

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

Real Time Rating™

Maximum rate

0.30

% p.a

intro 3 months then 0.15%

Base rate

0.15

% p.a

Better than average maximum interest rate
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.