Savings .com.au
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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Bonus rate of 5.50%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • No balance growth needed or card transactions necessary.
  • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
  • 5.50% p.a. available on total savings up to $100K.
  • 5.00% p.a. applies to savings between $100K-250K.
2.85% p.a.
3.35% p.a.
Intro rate for 4 months
then 2.85% p.a.
$607
4 months
$0
$49,999
$0
$0
Featured
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Bonus rate of 3.25%
Conditions apply.
5.25% p.a.
Intro rate for 4 months
then 3.25% p.a.
$790
4 months
$0
$1,000,000
$50
$1
  • Earn up to 5.25% p.a. interest on balances up to $1M. T&Cs apply.
0.55% p.a.
Bonus rate of 5.00%
Conditions apply.
5.55% p.a.
$1,139
$0
$100,000
$2,000
$0
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
4.85% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.85% p.a.
$1,015
4 months
$0
$5,000,000
$0
$0
Bonus rate of 5.25%
Conditions apply.
5.25% p.a.
$1,076
$0
$1,000,000
$20
$1
0.01% p.a.
Bonus rate of 5.24%
Conditions apply.
5.25% p.a.
$1,076
$0
$99,999
$100
$0
1.00% p.a.
5.20% p.a.
Intro rate for 3 months
then 1.00% p.a.
$412
3 months
$0
$99,999,999
$0
$0
3.00% p.a.
5.15% p.a.
Intro rate for 3 months
then 3.00% p.a.
$713
3 months
$0
$1,000,000
$0
$0
2.35% p.a.
5.10% p.a.
Intro rate for 5 months
then 2.35% p.a.
$704
5 months
$0
$5,000,000
$0
$0
0.35% p.a.
Bonus rate of 4.70%
Conditions apply.
5.05% p.a.
$1,034
$0
$99,999,999
$200
$0
0.30% p.a.
Bonus rate of 4.70%
Conditions apply.
5.00% p.a.
$1,023
$0
$100,000
$$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit})
$1
1.00% p.a.
5.00% p.a.
Intro rate for 4 months
then 1.00% p.a.
$469
4 months
$0
$99,999,999
$0
$0
1.00% p.a.
5.00% p.a.
Intro rate for 4 months
then 1.00% p.a.
$469
4 months
$0
$5,000,000
$0
$0
0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
0.10% p.a.
Bonus rate of 4.90%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$200
$1
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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Hot July Savings Account Rates and Deals

For a while, it looked as though the RBA cash rate had peaked at 4.35%. While this is still odds on to be the case, upside surprises to inflation in the coming months could mean further rate hikes. In any case, it's likely to be some time before rates start to come down across the board, so the strong period for savings account returns could continue for a while.

Here are some of the top deals for savings accounts this month on Savings.com.au:

  • Rabobank’s High Interest Savings Account - Max. rate 5.75% p.a.
    • Base rate: 4.40% p.a.
    • The highest maximum rate on our database
    • 5.75% p.a. intro rate applies for 4 months before reverting to 4.40% p.a.
    • Maximum rate applies to balances up to $250,000
  • ME’s HomeME Savings Account - Max. rate 5.55% p.a.
    • Base rate: 0.55% p.a.
    • Monthly bonus rate conditions: deposit $2,000 into linked transaction account, grow balance (excluding interest)
    • Maximum rate applies to balances up to $100,000
  • BOQ Future Saver- Max. rate 5.50% p.a.
    • Base rate: 0.00% p.a.
    • Monthly bonus rate conditions: deposit $1,000 and make at least five eligible transactions
    • Only available for customers aged 14-35.
    • Maximum rate applies to balances up to $50,000  
  • Move Bank's Growth Saver - Max. rate 5.50% p.a.
    • Base rate: 0.10% p.a.
    • Monthly bonus rate conditions: deposit $200 and don't make any withdrawals
    • Maximum rate applies to balances up to $25,000  
  • ING’s Savings Maximiser - Max. rate 5.50% p.a.
    • Base rate: 0.55% p.a.
    • Monthly bonus rate conditions: deposit $1,000 into linked transaction account, make 5+ transactions, grow balance
    • Maximum rate applies to balances up to $100,000
    • Australian Unity Freedom Saver - Max rate 5.20% p.a
      • Highest unconditional rate in Australia
      • Rate applies on balances up to $50,000.

    All rates and product info correct as of July 1 2024.

    What is a high-interest savings account?

    A high-interest savings account is a bank account that allows you to earn interest on your deposited funds. These low-risk products are provided by authorised deposit-taking institutions (ADIs), which means all deposits are covered by the Federal Government’s guarantee of up to $250,000. So, up to $250,000 of your money in a savings account with any ADI is covered by the Government in case the bank collapses.

    Check out the Australian Prudential Regulation Authority’s comprehensive list of ADIs in Australia.

    As well as earning you interest and keeping your money safe, savings accounts can help you build positive savings habits. In today’s savings account space, most banks have mobile apps that come with a number of features including the ability to set up automatic transfers to your savings account, sending reminders when you’ve spent too much or track and manage your expenses.

    Some high-interest savings accounts come with conditions in order to earn a higher interest rate - these are known as bonus savings accounts. For example, you may be required to deposit a minimum amount each month or limit your withdrawals from the account to earn the bonus interest. A regular online savings account will offer a ‘base’ interest rate on your balance each month, usually without account conditions.


    How to compare savings accounts

    High-interest savings accounts are quite simple products, with the interest rate often the first thing to catch your eyes. However, it shouldn’t be the only factor to consider when choosing an account that meets your savings goals.

    Other things to keep in mind are:

    • The bonus rate conditions: Can you withdraw money from the account? Do you need a linked transaction account? Do you have to meet a minimum deposit every month? Failing to meet these requirements could see you miss out on bonus interest for the month. 

    • The introductory rate (if it exists): A high-interest rate can look deceptively good. Some savings account rates  are higher but only for a limited time. Check the T’s and C’s first. 

    • The maximum account balance: Some accounts have a reduced or nullified interest rate on balances over a certain threshold.  

    • Account-keeping fees: Some bank accounts don’t charge fees, but others do. It may only be a few dollars a month, but why pay for something when you don’t have to? 

    • Ease of use: Nowadays, many savings accounts can be managed on the go through an app. Some of these apps come with useful features for managing budgeting and spending. A savings account with such features can provide a lot of value, as long as you’re satisfied with its rates and fees. 

    It’s important to do your own research before opening a high-interest savings account, keeping in mind each of the points above as well as accounting for your personal financial position and whether account requirements can be met with ease.


    What are the interest rates on savings accounts?

    There are three types of interest rates on savings accounts:

    • The base interest rate: the standard interest rate on the account that you qualify for no matter how many withdrawals, transactions or deposits you make

    • Conditional bonus rate: an extra interest rate you earn for meeting certain conditions, such as not making any withdrawals or depositing a certain amount in your account each month.

    • Introductory rate: a higher interest rate that applies for the first few months of the account before reverting to a base rate. 

    Not every bank account has a bonus rate or introductory rate. For example, one bank might have a base interest rate of 1.50% p.a. and a bonus rate of 1.00% p.a. (total rate of 2.50% p.a.), while another might simply have a base interest rate of 2.50% p.a. and no bonus interest rate.


    What factors influence the interest rate on a high-interest savings account? 

    One of the most significant factors to determining the interest rate offered on a high-interest savings account is the provider itself. Banks partly rely on deposits (i.e. your money), to fund their daily operations, and depending on what their goals are, they might require more of it. To attract new deposits, they might raise their interest rates.

    Another factor that influences the savings rates available to both new and existing customers is the cash rate set by the Reserve Bank of Australia (RBA). When the cash rate is lowered, interest rates tend to follow as financial institutions pass on these cuts to consumers, and vice-versa with increases to the cash rate.


    Fees on savings accounts

    Although there are a number of high-interest savings accounts available, they aren’t always free. Depending on the high-interest savings account provider, you could end up paying:

    • Monthly account-keeping (service) fees: The fee charged for keeping the account open and active.

    • ATM withdrawal fees: When using an ATM, you can be charged a small fee either by your bank or other banks.

    • Monthly statement fees: Online statements on your spending tend to be free, but paper statements mailed to you might come with a fee.

    • Electronic transaction fees: savings accounts aren’t meant for transferring money, and doing so can carry a small fee.

    • Branch deposit fees: depositing money through a teller in a branch instead of online.

    A lot of these fees are quite minor, often no more than a few dollars at most, but can be irritating if you’re trying to save money with your savings account. Ensure you check whether a high-interest savings account charges fees before signing on the dotted line to avoid any unnecessary expenses.


    The pros and cons of high-interest savings accounts

    Pros

    • Interest is compounding. This means your interest can work for you over time with some minor effort on your behalf.

    • Savings are guaranteed under the Financial Claims Scheme up to $250,000.

    • Savings accounts are at-call, meaning you can withdraw your funds at any time.

    • You can use these funds however you please, be it for spending or for building up savings over time.

    • They’re easy to open, manage and offer features to enhance your ability to save money. 

    Cons

    • Other assets such as shares, bonds or property may generate higher returns for your cash than what interest on a savings account can offer. However, these assets come with added risk.  

    • Not meeting bonus interest conditions will see you miss out on bigger interest earnings.

    • They’re quite inflexible without a linked transaction account.

    • There are fees you can be charged, like a monthly account-keeping fee.


    Why consider a high-interest savings account?

    There are some great benefits to taking advantage of a high-interest savings account, and if used correctly these benefits outweigh the negatives.

    Once each paycheck hits your bank account, set up an automatic transfer using your bank’s online or mobile banking platform to shift money from your transaction account to your high-interest savings account. This can be any amount, but try to make it at least 10%. Don’t touch this money unless there’s an emergency, and watch how quickly it piles up! For quicker growth, try setting up daily transfers of $10.

    Importantly, ensure you’ve weighed up the pros and cons of using a bonus savings account, including whether or not you can meet conditions to achieve a higher interest rate than a regular savings account.


    Opening a high-interest savings account

    First things first – don’t just open the first savings account you see. There are well over a hundred different savings account products on the market, some of which are offered by the same provider with different fees, features and rates.

    Compile a shortlist of various savings accounts, and compare them on:

    • The interest rate offered.

    • The conditions required to get the highest available interest rate.

    • Whether the interest rate is ongoing or whether it’s merely an introductory rate.

    • If they require a minimum account balance, or if they limit your interest on balances over a maximum amount.

    • What the account-keeping and ATM fees are.

    • Whether they come with a linked transaction account (most do).

    • Whether you can manage them through a functional, easy-to-use app.

    Once you’ve found your ideal savings account, it’s time to open it. Applying for a bank account online is very simple nowadays: it can take as little as 10 minutes online if you have all of the required information handy, such as your tax file number, drivers licence, Medicare card and other contact information.

    You’ll also have the option of opening a linked transaction account and you should receive a debit card in the mail a few business days after activation.

    Don’t forget your direct debits

    If you’re opening a joint transaction and savings account, then you need to think about what happens to all your old direct debits – those automatic payments you make for things like gym memberships, health insurance, credit card bills etc.

    Some banks will automatically transfer these payments for you, but if they don’t, you’ll be faced with going through and manually changing your details.

    Should you close your old bank account?

    This is up to you – there are definitely benefits to having more than one bank account. But if you’re not using it for anything, why keep it open? You could be charged fees without even knowing it. Unfortunately, most banks don’t yet allow you to close your bank account without contacting a customer service staff member. Funnily enough, it can be much easier to open an account than it is to close. You’ll have to either visit a branch, call the bank or utilise the bank’s online chat service to request an account closure, so prepare to get a few sales pitches and offers to keep the account open. Stay strong!

    Frequently Asked Questions

    There are actually different kinds of ‘bank accounts’ you can have. The savings account is just one of them – another is a transaction account, which is usually linked to the savings account.

    While savings accounts let you save money and accrue interest, transaction accounts allow you to spend and transfer money. When opening a transaction account, you’ll be sent a bank debit card, letting you ‘tap n pay’, withdraw money from ATMs, make online purchases, and so on.

    Transaction accounts earn very little interest (if any at all) so it’s generally best to keep as much of your spare cash as possible in the savings account and only what you need to cover your daily expenses in your transaction account.

    To find out if your savings account is paying compound interest, you will want to take a look at when the interest is paid and where. Interest that is paid monthly into your savings account will be compounded. If your savings account requires a minimum monthly deposit, any interest you earn generally won’t count towards that as the minimum monthly deposit requirements must be met with other funds.

    The banks typically calculate interest on the daily closing balance. This is the equation for savings accounts: Daily closing balance x interest rate (as a percentage) / 365.

    Compound interest is interest paid on the initial principal (the original sum of money you’ve invested, or the amount borrowed or still owing on a loan), as well as the accumulated interest on money you have invested or borrowed.

    There are essentially three different components that work together to calculate your interest in a savings account: (1) the principal: the amount you have in savings, which increases with regular deposits, (2) the interest rate: savings accounts use compounding interest, which means both the principal and additional interest earn interest, and (3) time: how often interest is calculated and paid can have an impact on interest.

    joint savings account is an account held by two or more people. They’re commonly held by couples but not exclusively so: friends, family, housemates and business partners are all examples of people who can open a joint savings account.