Online Savings Accounts Comparison and Application

Posted November 2nd, 2009 and last modified November 21st, 2013

Online savings accounts are offered by a number of banks and financial institutions to allow them to provide you with a fee free savings account. Often you can sign up for the account, receive statements and correspond with the bank entirely online and the reduced contact required by the bank allows them to pass on those time and staff savings to you as an online saver.

RaboDirect High Interest Savings Account

Savings Account Offer

Enjoy a high ongoing rate on your savings with the RaboDirect High Interest Saver.

  • Maximum Rate: 4.30% p.a.
  • Standard Variable Rate: 3.20% p.a.
  • Bonus Rate: 1.10% p.a.
  • Monthly Account Fees: $0
  • Minimum Balance: $0
  • Minimum Deposit: $0

Compare Online Savings Accounts

Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
A high introductory rate of 4.30% p.a. for 4 months and a high ongoing variable rate. 4.30% 3.20% 1.10% $0 $0 / $0 OpenMore
ME Bank Online Savings Account
ME Bank Online Savings Account
Earn 4.60% p.a. for 5 months on balances up to $250,000 when linked to a ME Bank Transaction Account. Plus no monthly account keeping fees. 4.60% 2.90% 1.70% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balance up to $5,000,000. Earn a high 4.30% p.a. variable rate for 6 months. 4.30% 2.70% 1.60% $0 $0 / $1 OpenMore
RaboDirect Premium Saver
RaboDirect Premium Saver
A high variable interest rate of 4.00% p.a. when you make a minimum monthly deposit of at least $0. 4.00% 1.90% 2.10% $0 $0 / $0 OpenMore
HSBC Serious Saver
HSBC Serious Saver
Earn up to 4.00% p.a. for 4 months. An incentive to help you save by rewarding you every month if you don't make a withdrawal. 4.00% 2.90% 1.10% $0 $0 / $0 OpenMore
ANZ Online Saver
ANZ Online Saver
The ongoing interest rate makes the ANZ Online Saver a great account. 3.90% 2.50% 1.40% $0 $0 / $0 OpenMore
Westpac eSaver
Westpac eSaver
Earn 3.92% p.a. variable rate for 3 months with no minimum balance and no monthly service fee. 3.92% 2.50% 1.42% $0 $0 / $0 OpenMore
NAB iSaver
NAB iSaver
Make unlimited transactions and earn a high interest rate of 3.80% p.a. for 4 months. 3.80% 2.50% 1.30% $0 $0 / $0 OpenMore
St.George Maxi Saver
St.George Maxi Saver
Enjoy this fantastic rate from one of the Australian largest banks. 4.05% 2.25% 1.80% $0 $1 / $1 OpenMore
Westpac Reward Saver
Westpac Reward Saver
Enjoy bonus interest each month if you make no withdrawals, and deposit at least $50. 3.71% 0.01% 3.70% $0 $0 / $0 OpenMore
Easy Street - Easy Savings Account
Easy Street - Easy Savings Account
Earn a high interest rate of 2.80% p.a.. A high ongoing interest rate with no fixed term, no minimum balance and no fee. 2.80% 2.80% $0 $0 / $2 OpenMore
ANZ Progress Saver
ANZ Progress Saver
Earn a high ongoing interest rate when you meet the minimum monthly deposit. Interest calculated daily, paid monthly. 3.81% 0.01% 3.80% $0 $10 / $10 OpenMore
HSBC Flexi Saver Account
HSBC Flexi Saver Account
A flexible savings account with online and branch access to your funds. Loyalty bonus when you make the minimum monthly deposit. 3.50% 2.50% 1.00% $0 $0 / $0 OpenMore
NAB Reward Saver
NAB Reward Saver
No monthly fees and a introductory interest rate of 3.93% p.a. for months. 3.93% 1.00% 2.93% $0 $0 / $0 OpenMore
Easy Street Bonus Saver Account
Easy Street Bonus Saver Account
One of the most competitive bonus rates on the market. 4.03% 0.01% 4.02% $0 $0 / $0 OpenMore
RaboDirect Notice Saver 90 ($1 - $250,000)
RaboDirect Notice Saver 90 ($1 - $250,000)
Earn a high interest rate of 4.05% p.a. for 90 days for balances up to $250,000. 4.05% 4.05% 0.00% $0 $1 / $0 OpenMore
BankSA Maxi Saver
BankSA Maxi Saver
BankSA is offering one of the best* interest rate in the market. 4.05% 2.50% 1.55% $0 $0 / $0 OpenMore
Bank of Melbourne Maxi Saver
Bank of Melbourne Maxi Saver
Enjoy a high ongoing interest rate with no monthly account service fees. 4.05% 2.40% 1.65% $0 $0 / $1 OpenMore

An online savings account would suit you and your banking needs:

  • If you are technologically savvy online saver and prefer to conduct all business, correspondence, shopping and bill paying online to save time.
  • You want to become more technologically savvy.
  • You want to teach your children about online banking and show them how to use and identify secure websites.
  • You don't need personal contact or branch access.
  • You want to save on bank fees.
  • You want to boost your savings.

Benefits of an Online Savings Account

Just about anyone can benefit from an online savings account as they are so easy to setup and use, are usually fee free and can help you reach your savings goals faster.

Learn about the benefits of an online savings account:

  • An online savings account can be fee free. This means that once you transfer your savings into your online savings account, you know they are only going to grow, and not be eaten away by fees.
  • You can save faster with an online savings account by directly transferring funds. Setting up a direct transfer to most online savings accounts is as simple as logging into online banking. You can then choose the amount, the frequency and often the start and end date of your transfers to help you meet your savings goals. Some online savings applications will even allow you to fill out this information when you sign up for the account.
  • You can apply online and become an online saver right away. This means you don't have to worry about getting distracted on the way to the branch to open a savings account, nor do you have to wait until business hours (or bank hours) to call and open an account. No matter when you have a spare five or ten minutes you can open an online savings account entirely online and start earning interest on your savings in a matter of days.
  • You can set up targeted savings accounts for different savings goals. This means you don't have to be daunted by saving for a house deposit, a wedding, a holiday and Christmas all at the same time. You can easily create multiple online savings accounts and name each one with a savings goal to keep your plans on track.
  • You can teach your children about financial responsibility and online security. Most online savings accounts are open to anyone over the age of 12 so you can start teaching your children about savings, banking and online security by setting up an online savings account. The flexibility of the account means they can name their savings goal and have access to the funds easily when they reach the target amount required for a new bike or their dream formal dress. Allowing your children to have an online savings account also means you can teach them what to look for to determine a secure banking site, and how to safely access and logout of internet banking.
  • Your savings are out of sight, out of mind and out of danger of being spent. Online savings accounts typically don't come with an access card, so you are not tempted to make ATM withdrawals or EFTPOS purchases from your hard earned savings. Also, having an online account with a direct transfer of funds from your everyday account means you don't have to manage the funds, but can put them out of your mind and let them grow.

Compare Online Savings Account Features

Online savings accounts are specifically designed to be used online to avoid fees and maximise interest so make sure you know about the included features of an online savings account before you open one, and decide whether you can use the account within those features.

Compare online savings account features:

  • Online savings accounts can only be accessed online. Most online savings accounts simply don't offer any branch access and can only be accessed online, while others will allow you to access your account in a branch, but may penalise you with high fees.
  • Does the account stand alone, can it be linked to any personal account or do you have to open a linked account. Where an online savings account will be fee free, to transfer funds in and out you may need to link or open a linked personal bank account. Therefore, you need to find out if this account attracts any transfer fees.
  • Choose an interest rate which matches your savings goals. Online savings accounts often offer promotional or introductory interest rates. Therefore, if you intend to meet your savings target within the introductory period you can take advantage of the higher rate, but if you are looking for a longer investment, you will benefit from a higher standard rate.

Is an Online Savings Account the Best* Choice For You?

Just because you are not technologically savvy, doesn't automatically mean you should avoid opening an online savings account. An online savings account can benefit you and meet your financial needs in a number of ways.

Who can benefit from an online saver account:

  • If you are not technologically savvy an online savings account is a great place to learn. Banking websites and internet banking features are specifically designed to be easy to use as the banks want to encourage more and more people to do their banking online. As well as a specifically user-friendly website to cut your tech-teeth on, you also have phone support available when you open an online savings account, so even if you do get stuck the bank is only a phone call away.
  • If you don't want to manage your savings you don't have to. Once you have compared the features and benefits of all the online savings accounts to find the one which best* suits your needs, then you can sit back and let your savings grow. You don't have to pay an accountant or financial advisor to manage your investment and you don't have to worry about the share market or property prices affecting your funds. Plus, if you don't have the time to manage your savings, once set up they will continue to grow while you manage your other commitments.
  • Online savings accounts can help you out in an emergency. Therefore, even if you have savings goals in mind and set up your direct transfers from a linked account as part of your financial plan, you don't have to worry if an emergency arises. Unlike a term deposit investment, you have access to the funds in your online savings account at any time and there are often no penalties to withdraw your funds to cover an emergency car repair or a surprise school excursion.
  • Anyone with a short, medium or long term savings goal can use an online savings account. Not only are online savings accounts easy to use, but because of competitive interest rates and low fees, with interest calculated daily, the returns can meet your savings goal whether it is as big as a house or just as big as that pergola extension.

Anyone with access to a computer and a spare ten minutes can compare online saver accounts and start achieving their financial dreams. With an easy to follow comparison table and comprehensive and unbiased reviews of the online savings accounts offered by all major Australian banks and financial institutions you can open an account online right now with the help of Savings Account Finder.

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Ask a Question

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24 Responses to Online Savings Accounts Comparison and Application

  1. Default Gravatar
    Brian | October 31, 2013


    I am looking for the best interest rate for my Self-Managed Superannuation savings. Most Banks only offer special introductory bonuses to individuals or group accounts. Which is the best rate for a super fund – my current bonus period with ING has just expired.

    • Staff
      Shirley | October 31, 2013

      Hi Brian,

      Thanks for your comment.

      Unfortunately, at the moment we don’t compare SMSF savings account.


  2. Default Gravatar
    Vlad | August 21, 2013

    Regarding bank of Melbourne
    Interest rate offer for 4 month
    Is it from the time of opening an account? Or from the time when I transfer the first amount of money?

    Because I am no mel bank customer I need to open two accounts , do I need to pay any monthly fees?

    • Staff
      Marc | August 21, 2013

      Hello Vlad,
      thanks for the question!

      The bonus interest rate starts from the date your account is opened. There are no monthly fees with the Bank of Melbourne Maxi Saver, but there may be fees depending on what linked transaction account you use.

      For more information about this product check out our review here.

      I hope this helps,

  3. Default Gravatar
    Robyn | July 15, 2013

    Do children under 18 years of age and studying full time have to have a TFN or are they exempt from tax on interest earned?

    • Staff
      Shirley | July 15, 2013

      Hi Robyn,

      Thanks for your comment.

      Yes a TFN is required to be exempt from tax on interest earned.


  4. Default Gravatar
    Nick | April 29, 2013

    Please tell me the best online savings account
    with good interest rate for couple in 70th year with 2000 P/m Australian Pension which goes on living costs, and 1000 P/m UK Pension that we spend 50% to 70% of. We have 14000 in savings

    Thank you.

  5. Default Gravatar
    Warick | March 11, 2013

    Are all accounts covered by the Australian Government Guarantee Scheme?

    • Staff
      Isaiah | March 12, 2013

      Hi Warwick,
      thanks for your question,

      The Australian Government Guarantee on deposits applies to a wide range of deposits held with ADIs, including:
      savings accounts;
      call accounts;
      term deposits;
      current accounts;
      cheque accounts;
      debit card accounts;
      transactions accounts;
      personal basic account;
      cash management accounts;
      farm management deposits;
      pensioner deeming accounts;
      mortgage offset accounts, either 100 per cent or partial offset, that are separate
      deposit accounts;
      trustee accounts;
      retirement savings accounts; and
      first home saver accounts that are deposit accounts.

      For your interest if you would like to learn more, here’s a link from APRA about the deposit guarantee for ADI’s.

      All the best,

  6. Default Gravatar
    David | March 11, 2013

    I’ve got just under $50,000 invested with ING but the interest rate has drops from 4% to 3% once the balance goes below $50,000. Is there a better place to put my $40,000+?

    • Staff
      Isaiah | March 12, 2013

      Hi David,
      thanks for your question,

      you may want to consider comparing different high interest savings accounts if you are interested in maximising your interest.

      I have included a link with a video by Fred Schebesta from who shares some helpful insights an tips on high interest savings accounts.

      Click here

      I hope this helps,

  7. Default Gravatar
    Geoff | February 27, 2013

    How can you ignore Ubank’s online saver? It earns 4.91%. This is higher than the RAMS case, which you so prominently display. But then again you may have WESTPAC bias.


  8. Default Gravatar
    Pujan | January 10, 2013

    I’m from kathmandu, Nepal. I’m 18+ college student. I’m planning about getting international debit card along with online saving account. I’ve zero knowledge in banking. Please help!

  9. Default Gravatar
    jaz | January 9, 2013

    does the introductory interest period mean how long it takes till your account gains interest?
    eg: Bankwest is 6 months, does that mean i wont gain interest on my account until 6 months has passed?

    • Staff
      Adrian | January 10, 2013

      Hi Jaz.

      No, interest on online savings accounts is usually paid monthly, on the first business day of each month. The introductory interest period is the length of time that an extra promotional rate of interest is applied to the account.

      Cheers, Adrian.

  10. Default Gravatar
    Larissa | January 2, 2013

    Whats the difference between maximum and standard variable rates?

    • Staff
      Adrian | January 2, 2013

      Hi Larissa. Thanks for your question. The maximum variable interest rate is a combination of the standard variable interest rate and the bonus variable rate. Standard variable interest rates always apply to the account (although this doesn’t mean that that standard variable rate can’t be reduced) whereby a bonus variable interest rate applies usually by satisfying some sort of condition (such as a minimum deposit and no withdrawals, or may just be an introductory rate for new customers which ends after a certain number of months).
      I hope this explanation makes sense.

  11. Default Gravatar
    pauline | December 4, 2012

    I am interested to find out if there is a savings account that does not have internet banking as I want a pass book account so I have to go in branch to access my account

    • Staff
      Adrian | December 5, 2012

      Hi Pauline. If you are asking about the iPhone banking service, it is not yet in Australia.
      Is this what you meant?

  12. Default Gravatar
    Karin | December 1, 2012

    My online Bank has reduced interest rates to under 5% , can I go to anther bank with higher interest rates for 6 month and then change again to whoever has the highest rate ?

    • Staff
      Adrian | December 3, 2012

      Hi Karin. Switching online savings accounts to chase a higher interest rate is a pretty common practice. You should be able to switch from and to most online savings accounts without fees or problems.
      All the best.

  13. Default Gravatar
    Shane | October 12, 2012

    Is the “RAMS Online Saver” account available to SMSF’s?

    • Staff
      Adrian | October 16, 2012

      Hi Shane, it isn’t. You will have to try the business product offers with most institutions. Rabo Direct, however, has the same offer for individual accounts as it does for SMSF’s.
      Thanks for your question.

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.

Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
RaboDirect High Interest Savings Account
RaboDirect High Interest Savings Account
A high introductory rate for 4 months, and a high ongoing variable rate. 4.30% 3.20% 1.10% $0 $0 / $0 OpenMore
ME Bank Online Savings Account
ME Bank Online Savings Account
Earn 4.60% p.a. for 5 months on balances up to $250,000 when linked to a ME Bank Transaction Account. Plus no monthly account keeping fees. 4.60% 2.90% 1.70% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 4.30% p.a. variable rate for 6 months. 4.30% 2.70% 1.60% $0 $0 / $1 OpenMore
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