Best Savings Accounts and Best High Interest Savings Accounts
All of the Best Savings Accounts Compared
There really is no such thing as the best savings account. The best account is the one that suits your needs. At Savings Account Finder™, we aim to help you compare savings accounts and find the one that’s best for you.
Featured Savings Account
If you are looking for a high interest rate, then RaboDirect is one of the leading products in the market. Enjoy a high ongoing rate plus earn a bonus rate for the first 4 months to boost your savings along.
- Maximum Rate: 5.60%
- Standard Variable Rate: 4.85%
- Bonus Rate: 0.75%
- Monthly Account Fees: $0
- Minimum Balance: $0
- Minimum Deposit: $0
Top Savings Accounts
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
 RaboDirect High Interest Savings Account | A high introductory rate and a high ongoing variable rate. | 5.60% | 4.85% | 0.75% | $0 | $0 / $0 |
 
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 UBank USaver | Be rewarded with a bonus interest rate when you deposit $200 monthly. | 5.51% | 4.91% | 0.60% | $0 | $0 / $0 |
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 St.George Maxi Saver | A competitive variable rate and no fees from one of the Australian most popular banks | 5.70% | 4.30% | 1.40% | $0 | $0 / $0 |
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 Bankwest TeleNet Saver | A competitive interest rate from Bankwest with no fees, no hidden catches, no minimum term or minimum balance. | 5.65% | 4.25% | 1.40% | $0 | $0 / $0 |
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 Virgin Saver Account | High interest 4-month introductory interest rate on accounts up to $150,000. | 4.75% | 4.75% | $0 | $0 / $0 |
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 Citibank Online Saver | One of the highest promo rates on the market. | 5.70% | 4.25% | 1.45% | $0 | $0 / $0 |
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 HSBC Serious Saver | Achieve your savings goals with this amazing ongoing rate. | 5.55% | 4.25% | 1.30% | $0 | $0 / $0 |
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 ANZ Online Saver | Take advantage of this bonus rate from ANZ. Exclusive online offer. | 5.50% | 3.75% | 1.75% | $0 | $0 / $0 |
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 BankSA Maxi Saver | An extremely competitive rate from one of the most trusted brands. No fees, no hidden catches, no minimum term or minimum balance. | 4.85% | 4.85% | $0 | $1 / $0 |
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 Easy Street Bonus Saver Account | Be rewarded with one of the highest rates on the market each month you deposit $50 or more. | 5.61% | 0.01% | 5.60% | $0 | $0 / $0 |
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 NAB iSaver | Be rewarded with a bonus interest rate. | 5.00% | 3.65% | 1.35% | $0 | $0 / $0 |
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Easy Street – Easy Savings Account | A high ongoing interest rate with no fixed term, no minimum balance and no fee. | 4.60% | 4.60% | 0% | $0 / |
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Why Should You Shop Around for the Best Savings Accounts?
Most people are willing to shop around for the best prices on groceries, on electrical goods, on consumer items. So why don’t many people spend the same amount of time or effort shopping around for the best savings accounts?
Far too many people leave their savings in their regular transaction account, not concerned whether their money is earning any interest or not.
However, when you use an online savings account to keep your savings separate from your daily spending money, you could be earning more interest and growing your savings faster than you think.
There are plenty of high interest savings accounts available that don’t require you to lock your money away for years. You have access to your money whenever you need it, but you also have the freedom to deposit more savings as you can.
The types of accounts that tend to pay the best rates of interest are usually online savings accounts. This means, you deposit your money and withdraw your money electronically using the online banking facilities.
Different banks offer very different interest rates on your savings, so it pays to shop around and making sure your savings are earning as much as possible.
What Makes the Best Savings Account?
A savings, or transaction, account is one which gives you everyday access to your money and allows you to make purchases, pay bills and withdraw cash at a time and place which suits you.
To choose the best savings account:
- Find your most common transactions and be rewarded for them. This is as simple as reviewing past bank statements to see how many EFTPOS transactions you made last month, how many ATM withdrawals you made and whether you accepted or cashed any cheques, or did your banking in branch. Then, as you compare transaction accounts, you can see which accounts include the transactions you most need, and even which providers will reward you for using those transactions.
- Decide on the services you need and how you want to access those services. This comparison will reveal itself as you are determining your most common transactions, as you will be able to see whether you need internet banking services, whether you pay with your card a lot and would benefit from the convenience of a Visa Debit card, or whether you accept international cheques and have no choice but to complete an assisted transaction.
- Contact the bank, or be able to contact the bank. With your everyday account you are bound to have questions about the account, whether you want to know why a transfer hasn’t reached you, or whether there will be additional transaction fees if you use your account overseas, make sure you can contact the bank in a way which suits you. Some banks will have 24 hour call centres, and others will have branches which are open longer than typical bank hours, and making these comparisons can help you choose the best transaction account for your needs.
How to Choose the Best Online High Interest Savings Account
A high interest savings account can help you reach your savings targets faster and whether you are aspiring to a home extension, have your heart set on a new car, are saving up for a big wedding or are doing all these and more, an online savings account can get you there faster and easier, but only if you choose the best.
How to compare online savings accounts:
- Compare the interest rates, and the conditions of those rates. If you have a short term savings goal then a promotional interest rate which expires before you reach that goal is a great option. However, if you are saving for something further down the track then you will want to compare the standard interest rates on the account for the longevity of your returns.
- Apply online and stay online. There is nothing as detrimental to your savings as fees, anyone with a stash of cash under their mattress can tell you that. Therefore, go online for your savings account and keep up your savings. Online high interest savings accounts will often charge you zero fees, none on set up, none for your transactions and nothing when you withdraw your funds. Being online allows the bank to save in staffing costs, savings they pass onto you. Applying online also means you can open a high interest savings account within minutes and in some cases be earning interest on your money that same day.
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Top High Interest Savings Accounts
All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
RaboDirect High Interest Savings Account | Limited time offer. Enjoy a leading rate on your savings. | 5.60% | 4.85% | 0.75% | $0 | $0 / $0 |
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UBank USaver | High ongoing rate plus if you deposit $200 monthly you receive a bonus 0.60% p.a, taking this up to an even higher rate. Open online. | 5.51% | 4.91% | 0.60% | $0 | $0 / $0 |
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HSBC Serious Saver | Enjoy an introductory variable rate for 4 months for balances up to $1,000,000. Limited time only! | 5.55% | 4.25% | 1.30% | $0 | $0 / $0 |
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