Updated on 26 October, 2020

2020 RateCity Savings Account Gold Awards Winners

Finding Australia's best Savings Accounts has just been made easier. Select a category below and discover the loans that have received a coveted RateCity Gold Award.

Best savings account for regular savers
Company Product Real Time Rating™ Go to site

Save Account

Save Account

4.60 / 5

Saver

Saver

4.56 / 5

Fast Track Savings Account

Fast Track Savings Account

4.53 / 5

USaver with Ultra

USaver with Ultra

4.46 / 5

Bonus Saver

Bonus Saver

4.42 / 5

Online Savings Account

Online Savings Account

4.42 / 5

Savings Maximiser

Savings Maximiser

4.38 / 5

eSaver Reward

eSaver Reward

4.37 / 5

Growth Saver Account

Growth Saver Account

4.36 / 5

Saver Account

Saver Account

4.36 / 5

Best kids savings account
Company Product Real Time Rating™ Go to site

Youth eSaver

Youth eSaver

4.86 / 5

Young Saver Account

Young Saver Account

4.67 / 5

Young Saver Account

Young Saver Account

4.67 / 5

Life Saver

Life Saver

4.56 / 5

Best standard savings account
Company Product Real Time Rating™ Go to site

Online Saver

Online Saver

3.57 / 5

Saver Account

Saver Account

3.94 / 5

Online Saver

Online Saver

3.86 / 5

BOSSaver

BOSSaver

3.82 / 5

First Home Saver Club Account

First Home Saver Club Account

3.81 / 5

Online Savings High Interest Savings Account

Online Savings High Interest Savings Account

3.79 / 5

Easy Savings Online Account

Easy Savings Online Account

3.65 / 5

eSaver Flexi

eSaver Flexi

3.56 / 5

High Saver

High Saver

3.50 / 5

How RateCity works out the Gold Award

Over 300 savings accounts products were analysed and compared from a variety of lenders and providers, and only the top ten percent were deemed winners.

With 13 years of experience as a financial product comparison website, RateCity has always been at the forefront of helping everyday Aussies get the right financial products. RateCity pushed the barriers of what real-time comparison means in 2016, when we launched the world-first Real Time Ratings™ system. 

RateCity’s Real Time Ratings™ is the basis of our coveted Gold Awards. It grades every savings account in our database out of five, based on interest rates and fees accrued over a set time period and based on common savings scenarios. Only the top 10 per cent were named winners.

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How are Real Time Ratings™ calculated

How RateCity Leaderboard works

We’ve built these leaderboards to help you quickly see what are the top banking products in each of the key categories.

How RateCity works out the Gold Award winners

With more than 13 years of experience in financial product comparison, RateCity’s Real Time Ratings™ system has been built on our expertise and forms the bedrock of our awards.

Real Time Ratings™ works by giving every savings account in our database a score out of five, based on factors such as rate, fees, features, and flexibility. Importantly, these ratings are run every day to capture regular product changes including rate increases and specials – factors that are often missed by other ratings and awards systems that are calculated at one or two points in time.

The RateCity Gold Award winners are then determined by averaging the daily Real Time Ratings™ scores over a three-month period, narrowing down to the most consistent top performers in each category. We recognise that not everyone has the same needs when it comes to savings accounts. That’s why why we have formed three different award categories to help you understand what’s best for you.

We know better than anyone that there are some genuinely great savings accounts and providers in the market, but we can't give every player a prize. To help you simplify complicated decisions, RateCity's Gold Awards highlight the best savings accounts and providers which go the extra mile to help its customers.

What is a savings account?

A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

How to open a savings account for my child?

Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

What is the interest rate on savings accounts?

As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria

Can you set up direct debits from a savings account?

It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

  • Personal details, including identification (driver’s license, passport etc.)
  • Tax file number
  • Employment details

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
  • Comparing carefully before applying (making multiple loan applications can mean having your credit checked multiple times, which can look bad to some lenders and reduce your chances of being approved by them)