Find and compare some of the best online savings accounts
Maximum monthly interest
Total interest earned
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Intro 4 months then 1.40%
Intro 4 months then 1.10%
Intro 4 months then 1.05%
Online Savings High Interest Savings Account
USaver with Ultra
Intro 4 months then 0.85%
Intro 4 months then 0.45%
Serious Saver Account
Today's top savings accounts products
Find popular savings accounts lenders from a wide range of Australian. View All >
USaver with Ultra
- Has no overseas ATM fees
- Has no international transaction fees
- Has no ongoing fees
- Has no minimum balances
The latest in savings accounts news
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Here are a few ways you can inject some extra cash into your savings account this holiday season.
It’s no secret that savings accounts are an invaluable tool to help you achieve your savings goals.
Online savings account are generally considered safe, secure and low risk. Lenders offer a higher interest rate for these types of savings accounts, so you earn compound interest on the balance. Also, lenders can also make it harder for you to access your money so you’re less inclined to dip into your savings.
Did you know that online savings accounts are one of the most effective ways to save?
Benefits of online savings accounts
Internet-based access: Gone are the days of waiting in long queues at the bank. Lenders are now easier to access through 24/7 online banking. This is a great way to not only electronically transfer money, but a helpful resource to monitor your online savings and make sure you’re staying on track with your finances.
Higher interest: The best online savings accounts will charge you a higher interest rate than standard transaction accounts. This is to help you reach your savings goals faster, and encourage you to invest with this lender.
Bonus & promotional rates: Lenders will often offer their customers bonus rates and promotional rates when joining with their online savings accounts. Bonus rates are earned under specific conditions, such as meeting a minimum deposit amount, and are regulated by the lender. Promotional rates are offered for a specific time frame for online savings accounts, but don’t generally come with restrictions.
These features vary across each savings account, so make sure you do your research and compare so you know which is the best online savings account for your specific needs.
Best online savings account tips
There are still traps that everyday Aussies fall into without realising (and they’re a lot more painful than waiting in bank queues!)
RateCity has compiled a list of the best online savings accounts tips to turn anyone into a savvy saver.
- Link your accounts
Online saving accounts are designed to accumulate your savings, so it doesn’t make sense to pay any extra fees. Most lenders won’t charge you if you deposit money from your transaction account into your savings account, however lenders can charge you a branch deposit fee and/or an over-the-counter transaction fee if you try to do this in a branch.
Talk to your lender about linking your transaction account to your online savings account to smooth this process and minimise any fees.
- Make savings automatic
Some lenders also charge a monthly account-keeping fee if you don’t deposit a certain amount into your savings account each month.
Set up automatic deposits each month into your savings account from your transaction account to help you avoid any pesky fees and have peace of mind.
- Track your savings progress
Savings accounts are also best used online as you can easily use them as a resource to track your savings progress. You can easily download bank statements and use them to track any interest you’re accumulating.
If you’re not well versed on compound interest, the Australian Securities & Investments Commission has an online compound interest calculator.