Is there one best savings account in Australia?

When we were younger we were less concerned with savings and more about spending. It was only after the funds ran out and we couldn’t afford that holiday, or a new car, that we started to consider putting some money aside.

When the time comes to look for a savings account, the first thing that comes to mind, is finding the one offering the highest interest rate returns. We want the best for our money.

This begs the question, is there one best savings account in Australia?

If the answer was yes, then you might ask yourself why all banks don’t offer the same savings account. The reason is that every saver needs an account that complements their needs.

For example, for customers with a high daily turnover, the best account would be a transaction account that offers the widest access features with no transaction costs.

The best account for premium savers is a cash management account that gives a high return, once you meet its minimum opening deposit.

For the internet banker, an eSavings account will provide you with some of the best rates in the market. Simply transfer your cash to your regular savings account whenever you need it.

There are other specialised accounts for children, students and pensioners, so a range of benefits await those who qualify.

The table to the right shows some of the highest rates on savings accounts in the country. Click “Apply” to find out more on their website. For more information visit our detailed savings account guide or to crunch the numbers try our savings account calculator.

Related search: Compare savings accounts.

Compare savings accounts