Best Online Savings Accounts^

Find online savings accounts. Compare interest rates, fees, features and more from 70+ lenders. - Data last updated on 26 Aug 2019

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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. 

  1. 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.   

  1. 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. 

  1. 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.

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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