best savings accounts

The Best Savings Accounts in Australia

It Matters Where You Put Your Money

Saving money is not often something many people can afford to do, but it is highly recommended, even if it’s just a tiny amount every month.

Whether it’s for future studies, buying a home, emergencies or that dream holiday you’ve always wanted to take, there are many ways to save money; one of the best ways is to open a high-interest savings account that offers you great interest rates.

If you’re thinking about saving money while comparing various savings accounts, then there are a few important questions that you should ask. The first question is, what type of saver are you? Are you a regular saver, willing to meet strict saving conditions to get a higher interest rate, or would you prefer to have the flexibility to save without worrying about strict conditions? Another essential question to ask is what interest rate the bank offers. The higher the interest rate, the more and faster you will save.

You also need to ensure that you are clear on the fees as they can eat away at your savings. So it’s advisable to opt for an account that has no fees. If you have a bonus savings account, you need to know what the interest conditions are so you know what conditions you need to meet every month. Some interest savings accounts offer useful features, so you can also find out how easy it is to make transactions and if there are perhaps budgeting tools and online banking features.

There are a few different kinds of savings accounts in Australia; these include:

  • Bonus savings account: Offers a bonus interest rate if you meet the conditions every month.
  • Promotional savings account: Offered a higher interest rate for the first few months.
  • Age-based savings account: Younger customers, youth and seniors are offered a higher interest rate.

Usually, your savings account will be linked to your everyday transaction account, and you can access your savings as needed. There are, however, some accounts that do not allow you to withdraw directly from the savings account, and you are required to first transfer the savings into your everyday transaction account.

Here are the top five options when choosing the right savings account.

Virgin Money

Virgin Money Boost Saver which is for people over the age of 25, offers a base rate of 0.05% which isn’t very high, however, if you meet the monthly conditions of depositing $2000 and make five Go Account purchases, then you can earn up to 4.25%. If you enable the Lock Saver Feature, a bonus rate of 0.30% will become available, giving you a total maximum rate of 4.6%.

Heritage Bank

Heritage Bank offers two savings account options, the first being the Online Saver, which has a base rate of 2.55% per annum and an intro maximum interest rate for the first four months of up to 4.00% per annum; this will give you a total of $611 interest earned.

The other savings account option is the Target Bonus Account, with a base rate of 0.01% per annum, and if you meet the required conditions, a bonus rate of 3.05% will apply. The total interest you can earn with this account is $621.


Ubank offers a Save Account, with a base interest rate of 0.10% per annum, and if you meet the conditions, you can earn a bonus rate of 4.00%, which will give you a total of $836 interest earned.

With the Save Account, you will receive a welcome bonus of $20, as long as you make three purchases within the first 30 days. You can earn up to 4.35% per annum when you deposit $200 or more from the first of March.


With HSBC, you can get an Everyday Savings account. This account offers a maximum variable rate of 4.50% per annum and a standard variable rate of 2.8% per annum with an intro period of 3 months. The Everyday Savings Account has a government guarantee but doesn’t allow withdrawals.


One of the higher interest rate savings accounts is with Rabobank, as their standard variable interest rate is 3.5%, and the maximum variable interest rate is 4.75% per annum. There is, however, an intro period of 4 months, and they also have a government guarantee. This account has no monthly maximum rate conditions, making it one of the best options.