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Best savings accounts for March 2021

Alex Ritchie avatar
Alex Ritchie
- 3 min read
Best savings accounts for March 2021

It’s another tough month for savers hoping to earn a high return on their savings account deposits, but there are still rates above 1 per cent available, if you’re willing to shop around.

RateCity research found that the average savings account rate has fallen to a low of 0.35 per cent. Even with a significant deposit, you’re still not going to see too great of a return with rates this low.

Since 1 January this year, RateCity also found that 62 providers have cut interest rates. However, right now there are 18 savings accounts and 21 kids savings accounts (age 18 or under) sitting at a rate above 1 per cent.

This is why savers with their nest eggs and rainy-day funds earning less than inflation may want to consider shopping around for a more competitive rate.

But how can Aussie savers still find a savings account rate above 1 per cent? This is where RateCity’s leaderboards come in. We’ve done the hard work for you by ranking some of the most competitive savings accounts in the marketplace for both adults and kids with our Real Time RatingsTMsystem.

Real Time RatingsTM results are calculated in real time, unlike other rating systems that grade their products once or twice a year. Each savings account is given a score out of five stars, based on interest earned and flexibility.

This means you’re getting up-to-date results, which is invaluable when more and more providers are cutting rates out-of-cycle with the Reserve Bank of Australia’s cash rate.

Top regular, or conditional, savings accounts

Enjoy a regular ongoing savings rate by meeting conditions set by the provider, such as depositing a certain amount into the account each month.

Maximum rate condition

5.50%*

0.55%

*Deposit at least $1000, make 5+ card purchases...

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

5.10%*

0.10%

*Deposit $200+ a month into your Spend or Save ...

  • Bonus interest with conditions
  • Online banking
  • Linked account required

5.00%*

0.05%

*Deposit $20+ & make 5 purchases on a linked Ev...

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

Top standard savings accounts

The set and forget type of savings account, compare introductory interest rates that revert to competitive base rates after a period of time.

Maximum rate condition

5.35%

intro 4 months then 4.75%

4.75%

Not applicable

  • 2024 Award Winner
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

5.40%*

1.20%

*Deposit at least $1,000 each month

AMP Bank Limited
AMP Saver Account
  • Bonus interest with conditions
  • App banking
  • Online banking

4.90%

intro 4 months then 3.45%

3.45%

Not applicable

Heritage Bank, a trading name of Heritage and People’s Choice Limited
Online Saver
  • Intro offer rate
  • App banking
  • Online banking
  • Linked account required

3.10%

3.10%

Not applicable

Challenger Group Services Pty Ltd
MySavings account
  • App banking
  • Online banking

Top kids savings accounts

Just because it’s for your child doesn’t mean you shouldn’t still worry about the interest rate and fees charged by a kids savings account. View some of the most competitive options here.

Maximum rate condition

1.20%

1.20%

Not applicable

UniBank
Mighty Saver
  • App banking
  • Online banking

1.20%

1.20%

Not applicable

Teachers Mutual Bank Limited
Mighty Saver
  • App banking
  • Online banking

1.20%

1.20%

Not applicable

Firefighters Mutual Bank
Mighty Saver
  • App banking
  • Online banking

1.00%

1.00%

Not applicable

Great Southern Bank
Youth eSaver
  • App banking
  • Online banking
  • Linked account required

1.20%

1.20%

Not applicable

Health Professionals Bank
Mighty Saver
  • App banking
  • Online banking

Top young adult savings accounts

Some providers are rewarding younger Australians with seriously competitive interest rates in an effort to help them get a better start in life. View some of the top-rated savings accounts for young adults.

Maximum rate condition

5.20%*

2.00%

*Make a deposit and make 5+ purchases on your W...

  • 2024 Award Winner
  • Bonus interest with conditions
  • App banking
  • Online banking
  • Linked account required

5.10%*

0.10%

*Deposit $200+ a month into your Spend or Save ...

  • Bonus interest with conditions
  • Online banking
  • Linked account required

5.00%*

-

*Grow your balance by at least $10 and make no ...

  • 2024 Award Winner
  • Bonus interest with conditions
  • Online banking

4.75%

4.75%

Not applicable

Greater Bank
Life Saver
  • App banking
  • Online banking
  • Linked account required

Disclaimer

This article is over two years old, last updated on March 19, 2021. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

Compare savings accounts

Maximum rate condition

Product database updated 29 Mar, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Promoted savings accounts

MyState Bank Limited

Bonus Saver Account

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

  • Linked account required

2024 Award Winner
*Deposit $20+ & make 5 purchases on a linked Everyday or Glide account per month

Maximum rate p.a.

5.00%*

Base rate p.a.

0.05%

First Option Credit Union Limited

Kids Bonus Saver < 18

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

*Deposit at least $5 per month without making a withdrawal
Special
Deposit a minimum of $5 per month (pocket money!) without making a withdrawal and earn bonus interest up to 5.55% p.a. on balances up to $5,555.
  ~ Ends in 2 days

Maximum rate p.a.

0.85%*

Base rate p.a.

0.05%

Macquarie Bank Limited

Macquarie Savings Account

Real Time Rating™

  • Intro offer rate

  • App banking

  • Online banking

  • Linked account required

2024 Award Winner
Not applicable

Maximum rate p.a.

5.35%

intro 4 months then 4.75%

Base rate p.a.

4.75%

Westpac Banking Corporation Ltd

Westpac Life - 18 to 29 years old

Real Time Rating™

  • Bonus interest with conditions

  • App banking

  • Online banking

  • Linked account required

2024 Award Winner
*Make a deposit and make 5+ purchases on your Westpac Choice account each month

Maximum rate p.a.

5.20%*

Base rate p.a.

2.00%

product data updated on

Product data updated on 29 Mar 2024