18 Best Savings Accounts Australia

In this post I want to talk about the best savings accounts in Australia, with the focus on savings accounts with high interest rates, low charges and bonus interest. The type of savings account that you choose is going to play a crucial part towards your capability to accumulate your savings.

I will walk you through some of the best available ones and assist you on how to be able to pick out the suitable account for your requirements.

Key Points & Best Savings Accounts Australia List

Bank / Account	Key Features	Interest Rate	Additional Benefits
Ubank High Interest Save Account	Online-only account, no monthly fees, easy access.	Competitive	Easy online management, no withdrawal restrictions.
ING Savings Maximiser	High interest rate for linked ING transaction accounts, online access.	Competitive	Bonus interest for monthly deposits and no withdrawals.
Rabobank High Interest Savings Account	Requires an initial deposit, no fees, accessible online.	Competitive	Offers a high interest rate with monthly compounding.
Macquarie Savings Account	No monthly fees, no minimum deposit required, easy access online.	Competitive	No account keeping fees, simple online banking.
Suncorp Bank Growth Saver	Online account with a variable interest rate, no monthly account fees.	Competitive	Bonus interest with monthly deposit requirements.
Bank of Queensland Future Saver	Must be linked with a BOQ transaction account, no monthly fees.	Competitive	Bonus interest with minimum monthly deposits and no withdrawals.
Great Southern Bank Goal Saver Account	Must have an initial deposit, no monthly fees, available online.	Competitive	Offers bonus interest with regular deposits and no withdrawals.
Bank of Melbourne Maxi Saver	Online account with competitive interest rates and no monthly fees.	Competitive	Bonus interest when you deposit a minimum amount monthly.
BankSA Maxi Saver	High interest savings account with no monthly fees, accessible online.	Competitive	Bonus interest with monthly deposits.
St.George Maxi Saver	Online account with no monthly fees and variable interest rates.	Competitive	Bonus interest for regular deposits.
Virgin Money Boost Saver	High interest rate with no fees, online account.	Competitive	Bonus interest with regular monthly deposits.
ME Bank HomeME Savings Account	Linked to a ME Bank home loan account, no monthly fees.	Competitive	High interest with automatic savings options for home loan holders.
MOVE Bank Growth Saver	Online-only account, no fees, competitive interest rate.	Competitive	No withdrawal fees, easy access to funds.
AMP Saver Account	No monthly fees, easy online access, competitive interest rate.	Competitive	No penalties for withdrawals, simple online banking.
BOQ Future Saver Account	Linked to BOQ transaction account, offers high interest rates with no monthly fees.	Competitive	Bonus interest with monthly deposits.
Bank of Melbourne Incentive Saver	Online account with a competitive interest rate, no monthly fees.	Competitive	Bonus interest with monthly deposits and no withdrawals.
St.George Incentive Saver	No monthly fees, online-only account with bonus interest opportunities.	Competitive	Bonus interest with regular deposits, no withdrawals.
Bendigo Bank Reward Saver	Online account with a high interest rate and no monthly fees.	Competitive	Bonus interest for regular deposits and no withdrawals.

18 Best Savings Accounts Australia

1.Ubank High Interest Save Account

The UBank High Interest Savings Account is a fairly strong offering, especially for those looking to save up their money while earning interest with ease due to there being no monthly maintenance fees. This account can only be accessed online, but that shouldn’t be an impediment due to its features that allow for effortless management as well as easy access.

There’s no activation deposit needed, so UBank’s account can be opened with ease, and with the comapny being one of the best savings account in the country, it guarantees high interest rates as well.

Pros And Cons Ubank High Interest Save Account

Pros:

1. The complete procedure is carried out online and there is no need to physically visit a branch.
2. High rates of interest for those who wish to grow their funds.
3. Offers flexibility without restrictions on withdrawals and deposits.

Cons:

1. There are no branches which can be used for face to face customer assistance.
2. Rates of Interest are subject to go down or decrease depending on the market situation.
3. The account can only be operated and managed with Internet.

2.ING Savings Maximiser

ING is known to be one of the best options for savers due to its maximum savings account that earns the highest possible rate of interest with zero account fees. In order to maintain the highest rate, all you need to do is link it with an eligible ING transaction account and make deposits every month.

Along with providing a straightforward method of saving to its account holders, it gives them access to their funds whenever needed, illustrating the account’s flexibility. All these features allow it to qualify for one of the top spots for best savings accounts in Australia given its extra bonus interest for making regular deposits.

Pros And Cons ING Savings Maximiser

Pros:

1. Grants added interest when the account is linked with an ING transaction account.
2. Enables online account management through a mobile application.
3. There are no charges on the account if conditions are upheld thereby improving yield.

Cons:

1. Highest rate of interest may only be obtained by making regular deposits every month.
2. All the features can only be accessed by customers with ING transaction account.
3. After the initial periods, rate may be lower than the advertised.

3.Rabobank High Interest Savings Account

Rabobank has availed the High Interest Savings Account which is quite interesting in that it comes with a good interest charge without incurring monthly fees. This online-only account provides access to funds allowing for easy withdrawal exercises but interest is compounded monthly. Rabobank also provides some extra interest for regular savers.

This is a very basic concept as there are no fees that will be charged for this inflation. It is among the best savings account in Australia as it gives users exceptionally high returns.

Pros And Cons Rabobank High Interest Savings Account

Pros:

1. Increased rates of interest growth as a result of monthly compounding.
2. No account maintenance cost, hence saving is made to the fullest.
3. Banking with ease of access to funds through internet.

Cons:

1. There are no physical locations that can provide in person assistance.
2. The interest rates offered will depend on the fluctuations that are occurring in the market.
3. It’s necessary to fund the account during the opening.

4.Macquarie Savings Account

Australia’s top savings accounts, the Macquarie Savings Account does not require a monthly fee and offers a competitive interest rate.

The Macquarie savings account is a good option because it possesses the essentials of an online saving account which makes earning on a balance easier.

Also, no deposit is required to open an account which should interest many looking to save without the burden of fees. Because of these factors, the Macquarie Savings Account is one of the best choices for savers.

Pros And Cons Macquarie Savings Account

Pros:

1. There aren’t any monthly charges making it ideal for customers seeking to save cost.
2. There is a convenient online interface for easy access to one’s account.
3. Flexibility as there is no minimum deposit required.

Cons:

1. Interest rates may not be high due to the existence of other high interest bearing accounts.
2. Only internet banking facilities are available and there are no branch services.
3. Customer accounts with a regular deposit requirement do not earn a bonus interest.

5.Suncorp Bank Growth Saver

Suncorp Bank Growth Saver has competitive interest rates and no monthly account fees. It is an online account that provides bonus interest to savers who make monthly deposits. It offers easy access to cash while at the same time promoting a savings culture through its tiered interest structure.

It has so few features yet has such strong returns that the Suncorp Bank Growth Saver account definitely ranks among the best saving accounts in Assumingly, Bank Growth Saver balances in Australia.

Pros And Cons Suncorp Bank Growth Saver

Pros:

1. After every regular monthly deposit, bonus interest will be added..
2. There are no costs associated which maximizes the growth of your savings.
3. The account is easily operated through Suncorp’s internet and mobile banking facilities.

Cons:

1. It may be required that one has to meet strict requirements on deposits to qualify for bonus interest.
2. Investing without any regular deposits would not offer higher interest.
3. Depending on the circumstances, any interest rate may change.

6.Bank of Queensland Future Saver

The Bank of Queensland Future Saver is a great option whenever you’re looking for a competitive interest assignment with no monthly fees. In order to receive extra interest, all you have to do is attach the account to the BOQ transaction account, and make certain that you make deposits every month.

This online account allows you to withdraw your funds without incurring penalties which means easy access to your savings. Due to this, Bank of Queensland Future Saver has a flexible plan and great deal on interest rates making it one of the top savings accounts in Australia.

Pros And Cons Bank of Queensland Future Saver

Pros:

1. Allows bonus interest for making consistent deposits.
2. There are no monthly fees which helps in building more savings in the long run.
3. Funds can be accessed freely making online management easier.

Cons:

1. Must have a BOQ transaction account. If not, the bonus interest can’t be earned.
2. Bonus rates may be available for a limited duration after which the interest rates can drop.
3. Services can be only availed online as there is no physical branch of this institution.

7.Great Southern Bank Goal Saver Account

Great Southern Bank Goal Saver Account provides a great monthly fee-free interest rate with a sole aim of providing assistance to savers achieve their monetary objectives. It offers this account on the condition of making regular deposits. Then it rewards the savers with extra interest prompting them to save more regularly.

There are no penalties for making withdrawals so that the funds can be easily accessed. Because of its simplicity and impressive rates the Great Southern Bank Goal Saver Account has come out as one of the most popular savings accounts in Australia.

Pros And Cons Great Southern Bank Goal Saver Account

Pros:

1. It pays bonus interest for staying consistent with monthly deposits.
2. There is no charge per month thus one’s total earned interest is paid in full.
3. It is fairly easy to manage the account online and have access to funds.

Cons:

1. To qualify for bonus interest, it is obligatory to meet the requirements for deposits.
2. This does not apply for those who would prefer to visit a branch for assistance.
3. Such is not a fixed rate but one which would be determined by the market at the time.

8.Bank of Melbourne Maxi Saver

The Bank of Melbourne’s maximum saver account has a quite good interest rate and no monthly fees, which is beneficial to savers. The account is definitely ideal for those that want to put their money away while earning some interest. All you need to do is set an online transfer to deposit money every month to gain bonus earnings.

Your account remains to be one of the highest and the good thing is that the terms of having no withdrawals and ease in account setup is regarded as among the best banks in Australia the Bank of Melbourne Maxi Saver.

Pros And Cons Bank of Melbourne Maxi Saver

Pros:

1. Offers relatively high interest rates, subjects to no charged monthly fees.
2. Monthly deposits will earn you a little extra interest to your account.
3. It has a functional and user-friendly online interface.

Cons:

1. Bonus rates are only possible if set conditions of deposits are achieved.
2. Access is restricted to the internet, thus, support can only be done online.
3. The stated interest rates are not a hundred percent guaranteed but are subject to prevailing market conditions.

9.BankSA Maxi Saver

The Maxi Saver by BankSA has a competitive savings interest rate and no monthly fees which make it a good option for depositors. This account however is managed entirely online and you can access it whenever you need it with the interest that you earned.

To receive bonus interest, regular monthly deposits will have to be made. Due to its uncomplicated, fee-exempt setup, and no penalties on withdrawals, it is easy to see why BankSA Maxi Saver is considered to be among the top saving accounts in Australia to expand your savings.

Pros And Cons BankSA Maxi Saver

Pros:

1. No monthly charges which means full interest accrual.
2. Added interest incentives upon making regular deposits every month.
3. Completely online and easy in the access to accounts and funds.

Cons:

1. Interest bonuses are only available once the matching deposit is made.
2. No branches available for face to face interaction.
3. Applicable interest rates can shift with market fluctuations.

10.St.George Maxi Saver

The St.George Maxi Saver is a great option as it comes with no monthly fees and has a competitive interest rate. This is an online account that will enable earning of interest while the funds are sitting in the account and also allow easy access to the money. Regular monthly contributions will entitle the account holder to earn bonus interest.

The product is simple, does not restrict withdrawals and offers decent returns making it one of the best accounts in Australia for people willing to build their savings over time.

Pros And Cons St.George Maxi Saver

Pros:

1. Doesn’t charge a monthly fee and pays out competitive rates.
2. Additional interest for a certain number of monthly contributions.
3. Interest can be withdrawn freely without any penalty.

Cons:

1. Bonus interest is only available if some deposit conditions are satisfied.
2. Only permits virtual banking, with no physical support available.
3. Additional rate volatility comes with Instaforex’s exposure to the forex market.

11.Virgin Money Boost Saver

No monthly fees and competitive threshold interest rates give this account a chance to appeal to savers and account holders alike. Having looked at this, it can be seen that this is an online account which makes it easy for one to transact and at the same time earn interest on the balance.

Bonus interest could be earned by making regular deposits for a period each month. The Virgin Money Boost Saver account has a straightforward structure and does not charge a fee for account withdrawals, which places it among the best savings accounts in Australia, particularly for people who want to build up their funds.

Pros And Cons Virgin Money Boost Saver

Pros

1. You’ll love the investment echo saving account because there are no monthly fees and a lot of bonuses on the interest for it.
2. You will also get some extra bonus interest when you start making consistent deposits every month.
3. The account also allows simple online administration of the account and easy online access links to the account funds.

Cons

1. The only caveat is that specific conditions must be met in order to earn the bonus interest on the savings account.
2. Other than that, it may happen that the interest rates do not remain as high post the introductory offers.
3. The voice support and customer service will also be very limited, as management will only be done virtually.

12.ME Bank HomeME Savings Account

The best home loan market is catered for by the ME Bank HomeME accounts which have a no monthly fee structure and a decent interest rate. In addition, the account provides you with interest rate while saving for a home deposit

Because it can be attached to a ME Bank home loan account. For home buyers, it offers great access to their funds and ranks amongst the best savings accounts in Australia.

Pros And Cons ME Bank HomeME Savings Account

Pros:

1. Targeted for mortgage clients with good affordability.
2. No monthly maintenance fees allowing for greater savings.
3. Manage goals for savings and home loan through a website at home.

Cons:

1. Limited only to clients having a home loan with ME Bank.
2. For example, interest rates may not be as competitive as those offered for high yield accounts.
3. The service is provided via online medium with no offline assistance.

13.MOVE Bank Growth Saver

If you are looking for an account with no monthly fees then MOVE Bank Growth Saver might be more of your interest. With a competitive interest rate, this account can help you earn even while saving. This account is also perfect if you anticipate making any withdrawals since it is online only. All you have to do in order to receive bonus interest is simply deposit monthly.

Overall the account is very straightforward as there are no fees with regards to deposits and you are able to receive bonus interest with each withdrawal. When considering the fact that MOVE Bank Growth Saver does all this while also allowing the user to save, it becomes clear as to why this is one of the more famous accounts in Australia.

Pros And Cons MOVE Bank Growth Saver

Pros:

1. With no monthly charge, their interest rates are pretty great.
2. Thus giving the customer more freedom, there are no fines for taking money out.
3. Simple to handle via the website and mobile application.

Cons:

1. There is no enhanced interest on normal accounts.
2. As it is an online account, there is only limited support of deposits at the branch.
3. This account has an interest that may be influenced by the state of the market.

14.AMP Saver Account

Moreover, the AMP Saver Account enables customers to save efficiently without incurring any monthly fees, which is a plus. However, the account is not only interest-bearing but also opens up to online access. There is no limit on the opening deposit; hence, this account is also very flexible and is suitable for all types of savers.

In addition, there aren’t any withdrawal penalties for the AMP Saver Account, resulting in simple and easy saving and making it one of the Australian savings accounts with the best interest rates for customers.

Pros And Cons AMP Saver Account

Pros:

1. There are no monthly charges which enables greater growth in savings.
2. Access to account as well as management is easy and online.
3. There is no minimum deposit which means that all kinds of savers can utilize it.

Cons:

1. Generally, the interest accrued may be lower than other high interest paying accounts.
2. Provides no extra interest for making consistent deposits.
3. Provides online banking only services without any physical support.

15.BOQ Future Saver Account

The BOQ Future Saver Account has an attractive interest rate and there’s no charge on a monthly basis. These factors make the account great for prospective investors. It earns bonus interest for in the form of incentive for adding additional funds into the BOQ-linked transaction account on a monthly basis.

There Readily available funds can be accessed anytime, and no withdrawal penalties are imposed. Therefore, it is a convenient option. So, you can enjoy large returns with less hassle and the absolute best part, this account is one of the top Future Saver Accounts in Australia.

Pros And Cons BOQ Future Saver Account

Pros:

1. It pays additional interest for monthly deposits.
2. There are no monthly fees which maximises savings.
3. Online account can be managed simply and funds accessed easily.

Cons:

1. To enjoy full benefits, a BOQ transaction account must be linked.
2. After the promotional period ends, rates may fall.
3. Services can only be availed online, with no branch offices available.

16.Bank of Melbourne Incentive Saver

With no monthly fees attached, Melbourne’s Incentive Saver Savings account offers a competitive interest rate, which is undeniably a great place for savers. It is also an online account that provides bonus interest for making regular/monthly contributions by savers.

There are no restrictions or penalty fees if you need to withdraw cash as one would be able to do without hassle. With its straightforward approach along with strong gains, Incentive Saver of Bank of Melbourne stands as one of the most effective in terms of growth accounts in Australia.

Pros And Cons Bank of Melbourne Incentive Saver

Pros:

1. Favorable rates as there is no charge for monthly transactions.
2. Additional interest is payable on consistent investments.
3. There is no lock-in period when withdrawing invested funds.

Cons:

1. Depositing funds with specific conditions is a prerequisite to earning interest.
2. There are no physical institutions catering to clients as everything takes place virtually.
3. The interest rate is subject to change with the changes in the market.

17.St.George Incentive Saver

The St.George Incentive Saver offers a competitive interest rate while having no monthly fees which is perfect for savers. This account allows you to earn bonus interest for making a regular deposit each month. You have the ability to withdraw funds without any penalties and there are no restrictions to access your funds.

Based on its simple design and excellent returns potential, we consider the St.George Incentive Saver as one of the simplest and best options available for maximising savings growth among Australians.

Pros And Cons St.George Incentive Saver

Pros:

1. Clients enjoy signing up for these accounts as there is no charge and they receive high interest incentives.
2. With a little effort invested in the saving account, one can receive a bonus interest, no additional fees are charged for depositing every month.
3. Savings can be managed easily with online banking.

Cons:

1. In order to accrue the bonus interest, certain stipulated conditions of deposit must be satisfied.
2. These accounts are meant solely for online banking, clients cannot visit physical banks.
3. Interest range is volatile and their speculated rates frequently vary based on market.

18.Bendigo Bank Reward Saver

Savers are absolutely going to love the Bendigo Bank Reward Saver account as it does come with a competitive rate of interest while also having no monthly fees. This is convenient as it allows for easy maintenance of the account. This is an online account which gives the user a reward of bonus interest every time monthly deposits are made on a regular basis.

Once again, this makes it favorable as it allows for the users savings to grow at a faster rate. It’s easy to see why such great interest is offered as even the funds are easily accessible without any fee.

All in all, the Bendigo Bank Reward Saver is a great option for those who want some flexibility when saving for themselves. It also comes off as one of the strongest contenders for the best savings accounts in Australia.

Pros And Cons Bendigo Bank Reward Saver

Pros:

1. Rewards customers with an extra interest payout if they make monthly contributions.
2. No maintenance fees which helps in maintaining higher balance.
3. Account can be operated online and provides reasonable access.

Cons:

1. Bonus interest is only payable upon fulfillment of specific criteria in making deposits.
2. There is no branch support as this is a internet based account.
3. Fluctuations in interest rates are possible from time to time within the term of the account.

Here are the key factors we consider when choosing the best savings accounts in Australia:

Interest Rates: To increase the growth of assets under management, our first priority is to select firms that have a competitive and above average rates.

Fees: We prefer accounts that bear no monthly charges or any other undisclosed costs so that there is no loss of interest earned by the savers.

Bonus Interest: Accounts that provide higher interest if there are deposits on a regular basis or if there are no withdrawals can be added advantage.

Access to Funds: Informal access or withdrawal of funds or the facility of not attracting penalties is to be desired.

Online Banking: The account holders can operate their accounts or manage their savings using an intuitive online or mobile interface.

Minimum Deposits: We actively seek accounts that do not require mandatory minimum deposits which increases the ease of access.

Account Features: Convenient and technologically advanced solutions such as additional linked accounts, goal accounts and self-savings features are advantageous.

Security: Providing assurance of a safe environment for depositing and doing savings with the bank.

Conclusion

It all really comes down to the best interest factor type, fees, and the features that come with the account when selecting the best saving account in the Australia. The ideal accounts are those that offer no monthly maintenance fees and maintain a reasonable interest rate and even offer bonus interest for consistent deposits.

If you value a high level of access on management, more flexibility or bonus interest, then you certainly do have plenty of choices available. Analyzing those features carefully will assist you to open a most appropriate account according to your requirements.