Savings Accounts Comparison
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Posted October 27th, 2009
and last modified March 12th, 2010Earn Extra Interest on your Savings
A savings account allows you to conduct your everyday banking, keeping track of your money as you make purchases and pay bills, online, over the phone and in person. However, if you are using the wrong savings account you could be paying more in bank fees and earning less in interest than you should be. So here we guide you through choosing the best savings account for you, and using it to your advantage.
| Savings Account | Account Details | Variable Rate p.a. | Base Rate p.a. | Intro Rate p.a. | Fees | Min Balance and Min Deposit | |
|---|---|---|---|---|---|---|---|
 ING Direct Saver |
5.85% p.a. for the first 4 months of opening the account | 5.85% | 4.50% | 1.35% | FREE | $1 |   |
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5.75% p.a. 4 months if you open account before 30 June 2010 | 5.75% | 4.20% | 1.55% | FREE | $0 | |
 Citibank Online Saver |
5.88% p.a. for 6 months, highest promo rate on the market. | 5.88% | 4.50% | 1.38% for 6 months. | FREE | $0 – $1.99m max investment | |
 Bankwest TeleNet Saver |
5.62% p.a. for 12 months, longest promo rate on the market. | 5.62% | 4.00% | 1.62% for 12 months. | FREE | $0 – $5m maximum investment | |
 ANZ Online Saver |
5.50% p.a. until 30 June 2010, Apply online before 30 Mar 2010. | 5.50% | 4.25% | 1.25% | FREE | $0 | |
 NAB iSaver |
5.40% p.a. opened before 13th April 2010 | 5.40% | 3.75% | 1.65% for 4 months | FREE | $1 | |
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No monthly account keeping fee and no Suncorp bank transaction fees | 4.25% | 4.25% | No Promo Rate | FREE | $0 | |
How To choose and compare savings accounts
- Determine your savings needs and financial behaviour
- Compare the features of the account, such as the interest rate
- Compare the fees and accessibility of the account for ease of use
- Open a savings account with the features and benefits to suit you
- Understand how to use your account on an ongoing basis and benefit from financial situations such as interest rate rises
Why You Need the Best Savings Account
There are so many different types of savings accounts available, and even within one bank or financial institution, you are likely to find several different types of savings accounts. This is because everyone receives, spends and uses their money differently, and there is a savings account for each budget, spending habit and financial goal. Therefore, it is in your best interests to compare all of the savings accounts available before you choose, because you could easily be using the wrong account.
Benefits of choosing the right savings account for your needs include:
- Access to your money when and where you need it. If you travel overseas regularly then you need a savings account which you can access from anywhere in the world, alternatively if you’re a busy parent then you need a savings account which allows you to pay your bills online or over the phone quickly and easily.
- More money in your account. If you choose a savings account which will reward you for the way you use your account, rather than penalise you, then you will lose less money in fees, and have more money in your account. For example, if you don’t like to carry cash but prefer to use EFTPOS to pay for purchases, then you will benefit from a savings account with unlimited transactions.
- Financial security (from a bank and with a guarantee) which you can trust. In the wake of the Global Financial Crisis the Australian Government introduced a deposit guarantee on all funds in savings accounts, until October 2011 – in choosing the best savings account from the safest bank, and making sure you are eligible for the government’s deposit guarantee you can feel sure your money is secure.
How to Compare Savings Accounts
The comparison tables here at Savings Account Finder give you all of the information you need to know before you choose a savings account. The most important information is available at a glance, so you can save time and money right away.
What to look for in your savings account comparisons, and why:
- Compare the interest rates – If you’re looking to open a savings account as an investment, then choose one with a high interest rate, and an interest rate which is ongoing. If you are opening a savings account for a short term goal such as a new TV or home extension, then a promotional interest rate is perfect for you because your savings will get a boost, and you’ll be gone before the promotion ends. Alternatively, if you’re looking for an everyday account, interest rates may not be as important as accessibility for example.
- Compare how you access your savings account – If you want to open an everyday savings account, you want to be able to quickly and easily access your money, wherever you are. Therefore, you will need to compare savings accounts based on whether you are provided a cheque book, an ATM access card or a debit card linked to your account. You also want to find out how much you will be charged for each of these transactions if you are going to be making them regularly. Do you plan to make regular branch visits too? Then you need to find the savings account which doesn’t charge you extra for this service. However, if you don’t have time to visit a branch then an online savings account may compare better.
- Compare online savings accounts – If you’re pressed for time, and can only do your banking on the run, or outside business hours, then you need to compare the connectivity of the savings accounts available. An online savings account will allow you to apply online and conduct all of your transactions and transfers via internet banking. Compare the savings accounts which offer online access to your bank statements, and those which let you change your password or access code online, without making you visit a branch.
- Read everything and then discard what’s irrelevant – If you start with the first point we’ve mentioned at the top of the page, and determine your savings needs and financial behaviour, you will know what you need from a savings account. Therefore, after you’ve read the fine print about the interest rates, the fees, the online application process and the access cards and cheque book additions, you can decide which account has the inclusions you really want, and which is offering specials you don’t really need.
- Now you know what you’re looking for, read our savings account reviews and information about other financial products which may suit you, for example a high interest savings account, or even a term deposit. With all of the information you need to find the best savings account for you, we’ve made it even easier to apply as you can travel through a secure link from our website to apply for the savings account of your choice today.
Savings Account Resources
- Bank Savings Accounts – Guide to banks and their savings accounts
- Open Savings Account – Guide to opening a savings account and maximising your interest
- Best Online Savers- Guide to Providing the best Online Savers Account.
Types of Savings Accounts
- Savings Account- Why Open a New Savings Account and How to Open a Savings Account
- Bank Savings Account- Choosing a Savings Account and Comparing Interest Rates
- Open Savings Account – Choosing a Savings Account That Will Help You Save Money
- Savings Account Definition- Definitions Describing the Different Types of Saving Accounts
- Deposit Savings Account- Options and Choices you have for Saving and Depositing
- Everyday Savings Account- Access to Your Funds For All of Your Everyday Spending Needs
- Term Savings Account- A Savings Plan Which Can Best Maximise Your Interest
- Linked Savings Account- Access Your Multiple Accounts With NO Hassle
- Saving Accounts Application- Learn How to Choose The Savings Account To Apply For
- Savings Account Interest- Be Rewarded More Account Interest by Saving More Money
- Savings Account Interest Rates-Maximise Interest Earned on Your Savings by Learning More
- High Interest Savings Account- A Savings Account That Will give Interest Rates You Deserve
- High Rate Savings Account- Maximise your Interest rate for a Healthy Savings Balance.
- High Yield Savings Account- Grow your Savings Through Easy to Use Savings Plans
- Savings Account Rates- Determine Good Interest Rates to Help You Put Aside More Money
- No Fee Savings Account- Free Online Savings Account for Regular Savings
- Long-term Savings Accounts- A Savings Account Tailored For Your Unique Goals and Needs
- Short term Savings Accounts- Goals that Deliver High Interest Flexible Savings
- Kids Savings Accounts – A Youth Account that Encourages Responsible Saving Habits
- Offshore savings Accounts In Australia With Lower Fees and Tax Advantages
- Investment Savings Accounts- Diversified and Secure Future Investment Option
- Business Savings Accounts- Business Savings for an Income Stream and Financial Stability
- At Call Savings Accounts- Quick Access For Flexible Short to Medium Term Savings Goal
- Retirement Savings Accounts- Self-Managed Super Funds for Retirement
- Regular Savings Accounts- Everyday Accumulative Account Deposits
- Personal Savings Accounts- Individual Savings Goal For Your Choice Of Lifestyle
- Basic Savings Accounts- Online Fee free Savings Account for Everyday Living Costs
- First Home Buyers Savings Accounts- First Home Term Deposit Contribution Incentive
- Home Savings Accounts- Incentives and Tax Breaks for Specialised Home Saver Accounts
- Off Set Savings Accounts- Reduced Interest Payment for Your Home Loan
- Super Savings Accounts- An Alternative Super Fund With Government Co-Contribution
- Savings Account Online- Savings Account for Immediate Online Access and Customisation
- Government Savings Account- Deposits That Are Guaranteed for Free By The Government
- E-Savings Account- E-asy and E-normous Instant E-savings Account
- Web Savings Accounts- Facts and Benefits of an Online Savings Account
- Free Savings Account- Savings in An Account Where It Will Never be Eaten Away by Fees
Savings Account Comparison
- Best Savings Accounts- Compare Savings Accounts to Find The One Which is Best For You
- Compare Australian Savings Accounts- Compare Savings Accounts Based on Your Goal
- How to Compare and open a bank Savings Accounts – What You Need to Do to Start Saving
- Top Saving Accounts- Using Savings Account Finder to Open the Best Account For You
- Which Savings Account- Questions: Your Savings Needs, Spending Habits, Financial Goals
- Saving Accounts Reviews- What you are looking for in a Review and How it Relates to you.
- Cheapest Saving Account- Information On the Cheapest Savings Account
- Choice Savings Account- How Choose and Review Savings Accounts
- Good Savings Account- Determining a Good Savings Account
- Women’s Savings Account Comparison- How Australian Women Should Make Savings
- Men’s Savings Account Comparison- How Savings Accounts Compare for Australian Men
Savings Account By Country
The following articles provide a guide to savings accounts in other countries apart from Australia
Savings Account Calculators
This saving accounts tool figures out calculations based on on your savings and the effects different deposits, account choices and interest rates
Savings Account Providers
At Savings Account Finder we have extensive comparison tables and product reviews to help you choose the accounts and investments which best suit you, so to round out your comparisons, find out more about the providers of those accounts…
Top 6 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 | Interest Rate | |
|---|---|---|
INGDirect Saver |
5.85%* only for 4 months | |
 St George Direct Saver |
5.75% |  |
Citibank Online Saver |
5.88% for 6 months | |
Bankwest Telenet Saver |
5.62%* for 12 months | |
ANZ Online Savings Account |
5.50% | |
NAB iSaver Account |
5.40% | |
January 19th, 2010 at 4:01 pm
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