No Fee Savings Accounts available in Australia
There may be no such thing as a free lunch, but there is such a thing as a free savings account, you just have to know how to use your account, and before you know it you’ll be living free. Your savings account is the ticket to the lifestyle you want to live because without a structured savings plan it is easy to just spend all the money you earn and be left with nothing at the end of the week for yourself or your future.
Instead, an online savings account can help you make regular savings and earn great interest rates without disrupting your lifestyle, you won’t even realise you’re saving until you’ve reached your goal! The best thing about an online high interest savings account is that they can be operated completely fee free so you’re not losing any of your savings to bank fees, leaving more for you to enjoy.
Featured No Fee Savings Account
Arguably the number one savings account on the market. The UBank USaver either has the best or very near the best interest rates. And do not worry that you may not have heard of them, they are backed by the NAB, so your money is secure.
- Maximum Rate: 6.01%
- Standard Variable Rate: 5.41%
- Bonus Rate: 0.60%
- Monthly Account Fees: $0
- Minimum Balance: $0
- Minimum Deposit: $0
How to open and use a free savings account:
- Open your account online as online banking saves the bank time and money, savings they can pass onto you.
- Manage your account online, again, if the bank doesn’t have to pay tellers to accept your payments or withdraw your funds you don’t have to pay the fees for those transactions either.
- Know your transaction limits because while you may be regularly saving, you could be being charged fees for those transfers to your savings account.
- Open a linked transaction account with the provider of your high interest savings account to save on transfer fees.
Top 4 No fee Savings Account
| Savings Account | Account Details | Maximum Variable Rate p.a. | Standard Variable Rate p.a. | Bonus Interest p.a. | Fees | Min Balance/Min Deposit | |
|---|---|---|---|---|---|---|---|
 UBank USaver | Try the new UBank USaver out for yourself. | 6.01% | 5.41% | 0.60% | $0 | $0 / $0 |
 
|
 St.George Direct Saver | High interest online savings account with no monthly account service fee and no transaction fees. | 5.75% | 4.50% | 1.25% | $$0 | $0 / $0 |
|
 ANZ Online Saver | Gives you the benefit of having easy access to your savings when it suits you. | 6.00% | 4.25% | 1.75% | $0 | $0 / $0 |
|
 NAB iSaver | Online savings account with a high interest rate. | 5.50% | 4.15% | 1.35% | $0 | $0 / $0 |
|
How to Open a Free Online Savings Account
While having a free savings account is about how you manage it, you still need to compare the online high interest savings accounts available and choose the one which is best for you.
To choose the best online savings account to open:
- Define your savings goals and needs as this will help you decide if you need a high ongoing interest rate for long-term savings goals, or whether you can take advantage of a promotional interest rate to reach your short-term savings target.
- Compare interest rates on their promotional period and on their standard rate as many online savings accounts will offer you introductory high interest rates which can drop back to a much lower standard rate after a few months.
- Find the online savings account which won’t penalise you for how you save. If you need access to your savings as an emergency fund, don’t choose an account which penalises your interest rate when you make withdrawals.
- Open your account online in less than ten minutes to start saving. Being able to open your savings account online is not only easy (and free) for the bank, you can save on more than application fees when you apply online, you can save on the time waiting in line at a branch, you can save travelling time, you can save the time where you spell your name and address to the teller…
How to Manage Your Fee Free Savings Account
Make sure you stay online, that is the easiest and most important point to remember when trying to operate your savings account fee free. An online savings account is designed to be opened and used online and so all of your online transactions will be included free, it is when you go into a branch to deposit a cheque or go in to withdraw your savings that you will be charged bank fees.
How to Keep Your Savings Fee Free
Now you know how to use your high interest savings account as a no-fee account, it is important you keep track of any other bank fees which may impede your saving. The majority of online savings accounts must be linked to a separate transaction account, from which you can transfer funds in and this is where you transfer the funds to when you’ve reached your goal and you’re ready to spend.
However, your linked transaction account could be charging you fees for the transfers you are making to your savings account and here is how to keep your savings fee free across the board:
- Check the number of free or included online transfers your transaction account allows each month and decide whether you can contribute to your savings within that number.
- If you need more free transactions, look for an everyday account with unlimited internet banking transfers per month, for a low, set fee.
- Link your high interest savings account to a transaction account from the same provider as linked accounts from the same bank will not charge you any fees to transfer between them, giving you a no fee savings account.
So it is possible to operate your savings account entirely fee free and it is as simple as making a few comparisons between accounts, and knowing when and where you are charged fees because this allows you to avoid them.
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