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Updated on 24 October, 2021

2021 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 regular savers account
Company Product Real Time Rating™ Go to site

Save Account

Save Account

3.6 / 5

Savings Maximiser

Savings Maximiser

3.57 / 5

Macquarie Savings Account

Macquarie Savings Account

3.52 / 5

Online Savings Account

Online Savings Account

3.52 / 5

Bonus Saver Account

Bonus Saver Account

3.51 / 5

USave with USpend

USave with USpend

3.5 / 5

eSaver Reward

eSaver Reward

3.41 / 5

Target Bonus Account

Target Bonus Account

3.39 / 5

Active Saver

Active Saver

3.36 / 5

Saver

Saver

3.36 / 5

Fast Track Savings Account

Fast Track Savings Account

3.34 / 5

Bonus Saver Account

Bonus Saver Account

3.33 / 5

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

Youth eSaver

Youth eSaver

4.5 / 5

Life Saver

Life Saver

4.08 / 5

Mighty Saver

Mighty Saver

4.08 / 5

Mighty Saver

Mighty Saver

4.08 / 5

Mighty Saver

Mighty Saver

4.08 / 5

Mighty Saver

Mighty Saver

4.08 / 5

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

Macquarie Savings Account

Macquarie Savings Account

3.71 / 5

Online Saver

Online Saver

3.31 / 5

MySavings account

MySavings account

3.25 / 5

First Home Saver Club Account

First Home Saver Club Account

3.24 / 5

Saver Account

Saver Account

3.22 / 5

Cash Manager Online

Cash Manager Online

3.14 / 5

Cash Management Account

Cash Management Account

3.1 / 5

Online Saver

Online Saver

3.08 / 5

Midas Account

Midas Account

3.05 / 5

Best savings account for young adults
Company Product Real Time Rating™ Go to site

Life (18 - 29 years)

Life (18 - 29 years)

4.86 / 5

Fast Track Starter Account (Ages 14 - 24)

Fast Track Starter Account (Ages 14 - 24)

4.7 / 5

Smart Saver Account (Under 25)

Smart Saver Account (Under 25)

3.96 / 5

Life Saver

Life Saver

3.95 / 5

Youth Saver

Youth Saver

3.91 / 5

Save Account

Save Account

3.85 / 5

Savings Maximiser

Savings Maximiser

3.79 / 5

Macquarie Savings Account

Macquarie Savings Account

3.78 / 5

Online Savings Account

Online Savings Account

3.77 / 5

USave with USpend

USave with USpend

3.76 / 5

How RateCity works out the Gold Award

Over 300 products were analysed and compared from a variety of financial institutions, and only the top ten percent were deemed winners.

The RateCity savings account awards celebrate financial institutions who consistently offer competitive savings rates to Australian consumers.

The awards are based on our market-leading Real Time Ratings™ system which gives every savings account in our database a score out of five, based on interest rate and flexibility.

Importantly, these scores are calculated every day, capturing interest rate changes as they happen – a factor missed by some awards programs.

Methodology for Savings Accounts 2021 Gold Awards
How are Real Time Ratings™ calculated

How RateCity Leaderboards work

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

Can you have multiple ING savings accounts?

Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.

To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.

With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.

Should I open multiple savings accounts with UBank?

UBank offers customers an opportunity to make the most of their savings by opening multiple savings accounts. Having multiple savings accounts with UBank may be ideal for savers tracking different goals in separate accounts. 

It’s important to note that to earn bonus interest, you will still need to meet the conditions of the UBank savings account every month. If you don’t make these deposits, you will receive the standard interest rate, which is typically lower. 

Keep in mind that you won’t earn bonus interest on your UBank savings account in the month an account is opened and if you open multiple savings accounts with UBank, you'll start earning any bonus interest the following month. 

It's also not yet known how long the special interest rate will hang around for, so please check with your bank for more information. 

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 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.

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.