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Online Partner

Show Online Partners Only?

We provide links to our Online Partners. If you click through to an Online Partner, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Product

Future Saver Account (Under 35)

Real Time Rating™

4.94

/ 5
Maximum rate

3.50%*

% p.a

Base rate

0.05

% p.a

Company
Maximum monthly interest

$45

Total interest earned

$338

Real Time Rating™

4.94

/ 5
Go to site

Deposit $1000 minimum monthly deposit into your linked Everyday Account and make 5 or more eligible transactions.

Product

Virgin Money Boost Saver (< 18 years)

Real Time Rating™

4.45

/ 5
Maximum rate

3.10%*

% p.a

Base rate

0.05

% p.a

Company
Maximum monthly interest

$40

Total interest earned

$299

Real Time Rating™

4.45

/ 5
Go to site

The maximum rate is made up of the variable Base rate of 0.05%p.a., Bonus rate of 2.75%p.a. and the Notice Interest Rate of 0.30%p.a. If you are between 14 - 17 years, no Monthly Criteria apply in order to earn the Bonus Interest Rate of 2.75%. To receive additional interest rate of 0.3%, the optional Lock Saver Feature must be enabled on your App. Provide 32 days’ advance notice to unlock your account or withdraw your money.

Product

Virgin Money Boost Saver (18-24 years)

Real Time Rating™

4.45

/ 5

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Maximum rate

3.10%*

% p.a

Base rate

0.05

% p.a

Company
Maximum monthly interest

$40

Total interest earned

$299

Real Time Rating™

4.45

/ 5
Go to site

special

Deposit $2,000 or more into your Virgin Money Go Account from an external account and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month.

The maximum rate is made up of the variable Base rate of 0.05%p.a., Bonus rate of 2.75%p.a. and the Notice Interest Rate of 0.30%p.a. To receive bonus interest of 2.75%, deposit $1,000 or more into your Virgin Money Go Account from an external account, and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month. To receive additional interest rate of 0.3%, the optional Lock Saver Feature must be enabled on your App. Provide 32 days’ advance notice to unlock your account or withdraw your money.

Winner of Best Savings Account Young Adults, RateCity Gold Awards 2022

Product

Virgin Money Grow Saver

Real Time Rating™

3.92

/ 5
Maximum rate

2.30%*

% p.a

Base rate

0.05

% p.a

Company
Maximum monthly interest

$30

Total interest earned

$221

Real Time Rating™

3.92

/ 5
Go to site

The maximum rate is made up of the variable Base rate of 0.05%p.a., Bonus rate of 1.95%p.a. and the Notice Interest Rate of 0.30%p.a. To receive bonus interest of 1.95%, make at least 1 deposit into your Grow Saver and make no more than 1 withdrawal (including any internal transfers or Pay Someone transfers) out of your Grow Saver each month. To receive additional interest rate of 0.3%, the optional Lock Saver Feature must be enabled on your App. Provide 32 days’ advance notice to unlock your account or withdraw your money.

Product

Savings Maximiser

Real Time Rating™

4.59

/ 5

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Maximum rate

3.10%*

% p.a

Base rate

0.55

% p.a

Company
Maximum monthly interest

$40

Total interest earned

$299

Real Time Rating™

4.59

/ 5
Go to site

Customers must complete the following each month: 1. Deposit at least $1,000 from an external source; 2. Make 5+ settled card purchases; and 3. Grow the balance on the nominated Savings Maximiser account – i.e. make sure there’s more in the account at the end of the month (excluding interest) than there was at the end of the previous month.

Winner of Best Savings Account Young Adults, Best Savings Account Regular Savers, RateCity Gold Awards 2022

Product

Macquarie Savings Account

Real Time Rating™

4.30

/ 5

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Maximum rate

3.10

% p.a

intro 4 months then 2.25%

Base rate

2.25

% p.a

Company
Maximum monthly interest

$29

Total interest earned

$232

Real Time Rating™

4.30

/ 5
Go to site

Winner of Best Savings Account Regular Savers, Best Standard Savings Account, RateCity Gold Awards 2022

Product

Kids Saver

Real Time Rating™

4.90

/ 5
Maximum rate

3.50%*

% p.a

Base rate

1.00

% p.a

Company
Maximum monthly interest

$45

Total interest earned

$338

Real Time Rating™

4.90

/ 5
Go to site

when at least $5 per month is deposited and no withdrawals made

Product

Growth Saver Account

Real Time Rating™

4.31

/ 5
Maximum rate

2.50%*

% p.a

Base rate

0.10

% p.a

Company
Maximum monthly interest

$32

Total interest earned

$240

Real Time Rating™

4.31

/ 5
Go to site

Bonus interest rate applied on balances up to $25,000 when the account holder makes a minimum deposit of $200 and no withdrawals within a calendar month. Otherwise base interest rate will apply

Product

Active Saver

Real Time Rating™

4.22

/ 5
Maximum rate

2.50%*

% p.a

Base rate

0.01

% p.a

Company
Maximum monthly interest

$32

Total interest earned

$240

Real Time Rating™

4.22

/ 5
Go to site

Deposit $250 and make no withdrawals each month.

Product

Goal Saver

Real Time Rating™

4.40

/ 5
Maximum rate

2.65%*

% p.a

Base rate

0.15

% p.a

Company
Maximum monthly interest

$34

Total interest earned

$255

Real Time Rating™

4.40

/ 5
Go to site

Deposit $500 and make 5 or more card transactions per month to qualify for your bonus interest.

Product

Home Saver

Real Time Rating™

4.34

/ 5
Maximum rate

2.55%*

% p.a

Base rate

0.15

% p.a

Company
Maximum monthly interest

$33

Total interest earned

$245

Real Time Rating™

4.34

/ 5
Go to site

Each month, deposit $2,000 or more into your Everyday Edge Account from a non-Great Southern Bank account and Using a Visa Debit card from your Everyday Edge Account, make at least five eligble transactions each month.

Product

Simple Saver Account

Real Time Rating™

3.70

/ 5
Maximum rate

2.00

% p.a

intro 4 months then 1.50%

Base rate

1.50

% p.a

Company
Maximum monthly interest

$19

Total interest earned

$153

Real Time Rating™

3.70

/ 5
Go to site
Product

PremiumSaver

Real Time Rating™

4.26

/ 5
Maximum rate

2.65%*

% p.a

Base rate

0.40

% p.a

Company
Maximum monthly interest

$34

Total interest earned

$255

Real Time Rating™

4.26

/ 5
Go to site

Balance must be increased by $200 a month

Product

Online Saver

Real Time Rating™

3.96

/ 5
Maximum rate

2.20%*

% p.a

Base rate

0.10

% p.a

Company
Maximum monthly interest

$28

Total interest earned

$211

Real Time Rating™

3.96

/ 5
Go to site

The bonus interest rate is applicable to the full account balance when a balance between $5,000 and $500,000 is maintained and no withdrawals are made during the month

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Savings account providers we compare at RateCity

Learn more about savings accounts

Opening a savings account is a safe and simple way to watch your money grow. Whatever your savings goal is, choosing a savings account is a subjective experience that will ultimately be determined by your personal preferences.

Not all savings accounts are created equally, and to help your savings grow you’ll want to choose an account that:

  • pays the maximum interest;
  • charges minimal fees;
  • includes helpful features;
  • and offers account flexibility. 

To help you achieve your savings goals, RateCity has put together a list of the top 8 account features to keep in mind when choosing between savings accounts: 

Top 8 Savings Accounts Features: 

  1. Competitive interest rate

To really see your money grow, you need a savings account with a competitive interest rate. Lenders want to help you achieve your savings goals, and higher than average interest rates will help you to grow your nest egg faster than making regular deposits. 

  1. Bonus interest rates

If a competitive interest rate is not enough to make you join with a lender, they may also offer a bonus interest rate. These are a valuable tool to help you in your savings journey. This is interest that is earned on top of your existing interest rate, usually for following a set of conditions. These may include meeting a minimum monthly deposit, or a set minimum amount of withdrawals. Not only does this discourage you from dipping into your savings, you’re also rewarded for this good behaviour. 

  1. Promotional interest rate

This is different to bonus interest rates as promotional interest rates are offered as a one off, higher rate to new customers. Promotional interest rates are for a limited time only, but unlike bonus rates they do not come with restrictions. Before joining up, ensure you’ve checked what the standard interest rate is that the savings account will revert to once this promotional period is over. 

  1. Age restrictions

Savings accounts will have a minimum age restriction. If you’re looking to open a savings account for your child, you’ll want to compare children’s savings accounts. Children’s savings accounts are a fantastic educational tool to help teach kids financial literacy and other money concepts, such as income, budgeting and how to achieve a savings goal.

  1. Minimum monthly deposits

Some lenders will have a set amount you are required to deposit each month, to help encourage you to reach your savings goals. Minimum monthly deposits can often accrue bonus interest if followed. If this is something you’re not confident you can match, it’s worth keeping in mind when comparing savings accounts. 

  1. Minimum opening deposit

Some lenders may ask you to make a minimum deposit before they open your savings account, usually to cover any account opening costs. This feature may be a deterrent, especially if you haven’t yet started your savings journey. 

  1. Free account statements

Your account statement isn’t always free. Some lenders charge you a fee to send this to you, particularly via post. If you’re not ready to make the move to email, it’s worth considering whether your savings account will charge you over a monthly or quarterly statement. 

  1. Account keeping fees

These include anything from annual fees, ATM withdrawal fees and monthly fees. There are plenty of savings accounts that do not charge their customers any of these fees, so you should consider whether this is something you could afford to chip away at your savings.

 

Frequently asked questions

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.

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. 

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

What is an ANZ locked savings account?

An ANZ locked savings account locks your money and prevents you from spending. You may use a standard savings account as the account where your salary is deposited. You can then withdraw funds when needed, but aren’t able to make purchases with it. However, this account may not grow much as the continual withdrawing of funds will limit the interest you can earn.

With a locked savings account in ANZ, you know your savings will grow because you can’t access the money. You can also qualify for a bonus when you deposit at least $10 per month and don’t make any withdrawals. To help you with this further you can set up an automatic transfer from your regular ANZ savings or transaction account so you don’t forget to make a monthly deposit.

Your ANZ locked savings account offers you a base interest rate of 0.1 per cent per annum plus an additional bonus interest of 0.49 per cent per year. The interest is calculated daily and credited to your account on the last working day of the month.

Should I open a Commonwealth locked savings account?

If you have trouble saving money, a Commbank locked savings account could be a potential solution. A locked savings account won’t let you make withdrawals and as such, it can help you grow your savings balance if you keep topping it up. 

The Commonwealth locked savings account advertises high-interest rates and minimal maintenance fees, along with a host of other incentives that will encourage you not to touch the money. 

The account offers a higher interest rate for each month that you make limited or no withdrawals, as well as regular deposits. 

To qualify for a Commonwealth locked savings account with the advertised features, you will need to fulfil specific criteria such as:

  • Depositing a fixed minimum amount into the account every month.
  • Making a fixed number of deposits each month.
  • Making a minimum or no withdrawals each month.
  • Maintaining a minimum account balance.

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.

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.

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.

What is a Westpac locked savings account?

The Westpac locked savings account (also known as "Westpac Life") can help customers reach savings goals faster through bonus interest. Customers receive 0.2 per cent standard base interest with a variable bonus rate of 0.35 per cent when the closing balance at the end of the month is higher than the opening balance.

There are some conditions to earn the bonus interest on Westpac's locked savings account, though. First, you’ll need to increase the balance each month either through a deposit or not making any withdrawals, and then link it to a Westpac Choice account and make at least five eligible payments using your debit card. Please consult your bank as to what an eligible payment is. 

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.

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.

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.

What are the two types of NAB locked savings accounts?

With a locked savings account in NAB, you can earn bonus interest and learn financial discipline. NAB offers two types of locked savings accounts, each with their own terms and conditions.

The NAB Reward Saver account pays a variable base interest rate of 0.05 per cent per annum and a bonus interest of 0.55 per cent. You’re eligible for the bonus if you make a minimum of one deposit on or before the second last banking day and have no withdrawals in the month.

Meanwhile, the NAB iSaver account provides 0.05 per cent as the standard base interest rate and a fixed bonus margin of 0.55 per cent during the first four months from the date of opening the account. You can park your cash in the account and enjoy unlimited monthly transfers between linked daily bank accounts without impacting the interest rate.

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.

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.

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. 

What are the requirements of an ING Bank locked savings account?

An ING bank locked savings account - also called a term deposit - offers you interest in exchange for holding your money for a period of time.

The terms offered include as little as 90 days or as long as two years. Generally, the longer you lock your money away, the higher the rate of interest. 

The minimum deposit amount for an ING locked savings account is $10,000. 

To be eligible to apply, you must: 

  • Be an Australian resident for tax purposes
  • Be aged 13 years or older
  • Hold the account for personal use (ING offers business term deposits as a separate product). 

 

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 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

Do banks run credit checks on savings accounts?

When you apply to open a new savings account, some providers may conduct a credit check, meaning that they will ask a credit bureau for your credit history. This isn’t always the case on savings accounts though and depends on the provider, as you aren’t borrowing money. 

As you are opening a savings account and not borrowing funds, this credit check is considered a soft inquiry and should not affect your credit score. If the bank has run the credit check, you can often still open a savings account even if you have a poor score, provided you meet other requirements.