Top Savings Accounts

There are dozens of savings accounts available in Australia and this can make choosing the best account for you a long process. That’s why Savings Account Finder™ have narrowed the field for you, so you can now choose from the top 10 savings accounts and open the account which works the best for you.

How to Compare the Top Savings Accounts

There is a lot of information out there about savings and investment, but here are a few simple steps you need to take to make meaningful comparisons of the top savings accounts, so you can truly see which one best suits you:

• Know why you are saving because your goals will determine which account is best. Make sure you are clear about your savings goals because having a short term or long term goal can be the difference between choosing a promotional interest rate or a better ongoing rate; the size of your initial investment might also allow you to negotiate a higher interest rate and if you plan to use the account as an emergency fund only you may be eligible for bonuses for minimal withdrawals.
• Check the fees on your transaction account. If the account your savings will be linked to charges high fees for regular transfers then your savings deposits are not going to be worthwhile. If you can’t use a different transaction account as the linked account, open a transaction account with the same provider or choose a savings account which requires it be linked with an account from the same provider, as transfers between these accounts will be free.
• Compare the bonuses offered and match them to your habits and goals. Each saving account will have its own promotion or hook and before you get hooked, make sure it suits you. For example, if you think you can easily make regular deposits each month then compare the bonuses offered by the savings accounts to encourage this; if you know you can deposit your funds and leave them in your account without temptation, choose a savings account which offers higher interest in the months you make no withdrawals.

Top 5 of the Top 10 Savings Accounts

If you’re still looking for a little more investment advice to help you make the right decision on the best savings account for your needs, here are the top 5 savings accounts from our top 10 list, and there is something for everyone.

Long term savings goal:

• Consider the Members Equity Savings Account.
• Saving for a long term goal like a house deposit or a wedding you will have a set goal in mind and be making regular repayments on the road to that goal.
• Since you have a clear long term goal, your savings account will not be used as an emergency fund, nor will you be tempted to dip into your funds to buy that gorgeous pair of shoes you saw on your lunch break, not unless those shoes are white!
• You need a long term high interest rate and the ME Savings Account offers 5.60% interest without any conditions.
• Even if you do dip in for shoes which aren’t white, your interest rate won’t be penalised.
• You can set up more than one ME Savings Account, one for the wedding AND one for the house.
• An ME Savings Account can be linked to any personal Australian transaction account.

Short term savings goal:

• Consider the St George Direct Saver.
• Short term savings goals could be anything, and your priorities can easily change. You could be saving for a big screen TV, Christmas presents or Christmas dinner at your place, the kids’ birthdays…the list is endless.
• You can open up to 15 Direct Saver accounts to keep each of your savings goals in order.
• A Direct Saver can be linked to any personal Australian transaction account, transfers made from a non-St George account before 3.30 pm on a business day will arrive the next business day.

Kids’ savings account:

• Consider an ANZ Online Saver.
• Kids will need branch access to deposit any pocket money or cash gifts they have received into their savings account, also they may not be making regular or substantial deposits and so need an account which is entirely fee free.
• The Online Saver must be linked to an eligible ANZ account and this means all online transfers to your child’s savings account will be fee free as they are within the same provider’s system.
• Children must be over 16 years old to apply online, children younger than 16 can open an Online Saver with their paren’t’s authorisation.

Investment savings account:

• Consider the Bankwest Smart eSaver.
• Your investment savings account will benefit from an ongoing high rate, rather than a promotional rate and a lower standard rate.
• The Smart eSaver offers an ongoing rate of 5.75% and this is not a promotional rate which will expire in the coming months.
• With an investment savings account you are going to be making only deposits to keep your investments strong and Bankwest rewards you with this high interest rate of 5.75% in the months you make no withdrawals.
• You can link a Bankwest Smart eSaver to any personal Australian transaction account.

Benefits you’ll get from all of the top 5 and top 10 savings accounts:

• Interest calculated daily and paid monthly, earning you higher compounding interest returns.
• No fees on the savings account.
• A variable standard interest rate which follows the Reserve Bank of Australia’s cash rate which is currently on the rise.
• Online access, application and email communication to save you time.

If you don’t feel that any of these top 5 savings accounts suit your particular needs, compare our complete comparison table here to view all of the top savings accounts in Australia. When you have chosen the account which is best for you, you can apply online, through our secure links.