Best savings accounts Australia

With interest rates going up, it's a great time to switch to a better savings rate.

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How we find the best savings and bank accounts

We've researched and rated hundreds of accounts to find the best banking products for 2023 as part of our Finder Awards. Using 12 months' worth of data, we analysed the rates, fees and offer details for every account in our database to find the best in the market. Our banking experts have published 100+ guides and product reviews, and regularly appear on Sunrise, 7News, 9News and the ABC to share their expertise.

The winners: Finder's best savings and banking accounts

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
4.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible purchases
Go to siteView details
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
0.80%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
4.25%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
4.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
0.50%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $250
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
0.01%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Showing 9 of 9 results

Methodology

This is a curated list of accounts based on those that Finder has a partnership with, and we haven't looked at all accounts in the market. To access a complete list of savings accounts, we recommend visiting our Compare Savings Accounts page.

What to look for when you compare savings accounts

***ALT HERE***

High interest rate

The higher the interest rate, the more interest you'll earn and the more your balance will grow. This is the most important feature to consider when choosing your account.

Savings no fee icon

No fees

Savings accounts shouldn't charge you any fees. If you're getting charged a fee, know that this is not common and there are plenty of fee-free accounts.

People celebrating win

Conditions you can meet

Savings accounts typically have monthly deposit requirements or spend conditions in order to earn the high bonus rate. Make sure you can meet these.

How to find the best savings account

The best savings account for you will depend on your age, financial situation, savings goals and spending habits. Here are a few different hypothetical examples of how you might pick a savings account based on your personal savings style.

You earn a regular income and are able to meet a monthly deposit condition

The best savings account for you will likely be one with the following:

  • An ongoing bonus interest rate: Because you earn a regular income and are confident in your ability to save, a savings account with an ongoing, high bonus rate would offer the best rate for you.
  • A monthly deposit condition: Usually the accounts with the best bonus rates have a monthly deposit condition, often $1000 per month, which is ideal for people with good savings habits and a regular income.

You have a short-term savings goal

Let's say you want to give your savings a boost for 3-5 months only to help you save for an overseas holiday or another large purchase. Because you're saving for a specific goal in the near future, you aren't planning to keep your cash in the account for too long and you don’t want to have to meet any ongoing monthly conditions.

The best savings account for you will likely be one with the following:

  • An introductory bonus interest rate: Accounts with an introductory bonus rate offer a higher rate for the first 3-5 months only, with no conditions to meet.
  • A term deposit: A term deposit allows you to lock your money away for a set period of time and earn a fixed return, with no monthly conditions to meet.

Can't commit to a monthly deposit condition

Let's say you don't earn a regular income, or you're currently not in a position to meet a monthly deposit condition. Plus, perhaps you're also prone to dipping into your savings from time to time for impulse purchases or unexpected expenses.

The best savings account for you will likely be one with the following:

  • An ongoing bonus interest rate: An account with an ongoing bonus interest rate will give your balance the best chance at growing (just make sure you check the conditions!)
  • No (or low) monthly deposit condition: Look for a bonus saver account that doesn't have a monthly deposit condition. Or, look for one that you can comfortably meet (some accounts only ask you to deposit $20 per month).

More ways to earn interest and save

Did you know you can earn more than 4% p.a. with a term deposit? Here are a few accounts offering above 4% p.a. when you lock your savings for a fixed term length.

Promoted
Finder Award
5% p.a. for 5 year terms
Terms between 3 months and 5 years
Small $1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit
No account fees

Why keep your cash in a savings account?

  • Savings accounts are safe - your deposit up to $250k is protected by the Australian government
  • Savings accounts offer compound interest, so you can earn interest on your interest
  • The money in your savings account is quick and easy to access if you ever need it
  • Interest rates on savings accounts are going up!

The role of a savings account

Although shares historically offer better long-term returns, people often ask why keep cash in a savings account. The answer is simple: a savings account offers certainty, security, and acts as a financial safety net. Unlike volatile shares, you won't lose money, and you can quickly access your cash when needed.


How does a savings account work?

Usually savings accounts are connected to transaction accounts and instead of the money sitting in your bank account, you can transfer it to your savings account and it'll earn interest (if you meet the account conditions, of course). The special thing about savings account interest is it's compound interest, meaning you'll earn interest on your interest.

Is it best to stick with the Big Four or go with a smaller bank?

Wondering which bank is best to open up your savings account with? Chances are you may be thinking of joining the Big Four. We've put together this pros and cons list of the Big Four VS smaller banks to help you make a decision easier.

ProsCons
Big Four
  • May offer better customer service as they operate 24/7
  • Easy access to ATM's (and no-fee withdrawals) due to large distribution
  • Can easily manage other loans through the same network
  • Better funding to these banks mean more advanced banking technology
  • Comprehensive range of products offered
  • Able to operate in person and online
  • Depersonalised customer experience due to large customer base – can get "lost in the noise"
  • Interest rates may not be as competitive
Smaller Banks
  • May offer more competitive interest rates
  • May offer more personalised customer service
  • Some banks may offer advanced banking technologies like app banking
  • You may be able to negotiate waiving fees on a case-by-case basis
  • Not likely to have in-person support – may be online only
  • Limited access to ATM's due to low distribution

How do I open an Australian savings account?

In most cases you can apply and open the savings account online, as long as you're able to provide documentation that confirms your identity and residency. If you're a new customer to the bank, you'll need to verify your identity for legal reasons. For the online savings and bonus saver accounts, some banks will allow an Australian as young as 12 years old to have an account opened in their name.

FAQs on best savings accounts

Why you can trust Finder's banking experts

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Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every bank account in Australia on Finder.
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We're here to help

Since 2015, we’ve helped over 1.3 million Australians find an account by comprehensively comparing rates, fees and account features. We'll never ask for your personal information. We're here to help you make a decision.

More guides on Finder

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    61 Responses

      Default Gravatar
      AllanMay 15, 2023

      I am 40+ years of age and have a Saver a/c and my other a/cs with a Big 4 bank. The Saver a/c interest rate is less than 2%. Please suggest the best alternative Saver a/c which does not require opening additional a/cs with that bank, nor has minimum transaction requirements.

        Avatarfinder Customer Care
        SarahMay 16, 2023Staff

        Hi Allan,

        We’re not licenced to provide personalised advice, but we are able to share a number of options with you to review. There are dozens of high interest accounts listed in this table. A return of 2% is very low at the moment, so it’s worth checking the conditions of each of the accounts in this table to see which ones best match your requirements.

        Best of luuck!

      Default Gravatar
      FrankMarch 18, 2023

      Hi Alison,
      if I have an account with 2 banks of the NAB Group (e.g. Ubank and citibank) do I have separate government guarantee of 250 T$ for both banks or only once for both banks together?
      Thanks very much!
      Frank

        Avatarfinder Customer Care
        AlisonMarch 20, 2023Staff

        Hi Frank,
        The scheme applies per person, per ADI. So in this case, because Citi and Ubank operate under the same ADI (NAB’s ADI), only your first $250,000 is covered under this scheme.
        Thanks,
        Alison

      Default Gravatar
      vasNovember 30, 2022

      what are the best investment options for kids below 1yr?

      thank you

        Avatarfinder Customer Care
        AlisonDecember 10, 2022Staff

        Hi Vas,

        You can see our guide on children’s savings accounts here which may be of interest.

        For other investment options, we suggest you speak with a financial adviser who can offer you personal advice based on your situation.

        Thanks,
        Alison

      Default Gravatar
      MichaelNovember 3, 2022

      Hi Alison
      I am interested in placing funds into the MyStateBank but the reviews on that bank are appalling. What is your experience or knowledge of this bank’s customer service reputation?
      Many thanks
      Michael

        Avatarfinder Customer Care
        AlisonNovember 11, 2022Staff

        Hi Michael,

        I haven’t used this bank personally so I’m unable to comment on its customer service, and we don’t have any customer reviews of the bank yet, unfortunately.

        Thanks,
        Alison

      Default Gravatar
      GiuseppeJuly 20, 2022

      Looking to park an amount of over $250000 in an interest bearing account without locking into a fixed term. The funds belong to a SMSF. Can you advise the institutions that accept funds from s super fund and where the best interest rates will come from

        Avatarfinder Customer Care
        AlisonSeptember 6, 2022Staff

        Hi Giuseppe,

        You can view a range of SMSF bank accounts that pay interest here.

        Thanks,
        Alison

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