Best Savings Accounts
Winners
What is the best savings account? Macquarie Bank Savings AccountMacquarie Bank Savings Account has 1.2% interest rate with a 4 month intro at 1.35%. It is 0.15% lower than other accounts however it has no conditions to get the high interest rate.
What is the best saving account if you don't have a credit card and are building your emergency fund? ING Savings MaximiserING provides 1.35%, which is higher than our overall winner. It is fairly easy to meet the conditions provided you transfer your wage there and use your debit card for purchases.
What is the best savings account if you are building your emergency fund and are under 30years old? Westpac LifeWestpac has a great deal for those under 30 with an interest rate of 3%. It is best for those who are building their emergency fund and are using their debit card often.
What this page is
This page is to identify the best high interest savings account there is that is government guaranteed ($250k per customer) by APRA under FCS. This should be used for building/storing your emergency fund, or if you need quick access to your money for a large upcoming expenditure.
I consider the following things:
- Fees for basic transactions: Opening fees, online payments, closing fees etc.
- Maximum interest rate for savings account
- Effort to get the maximum interest rate - age, account growth, linked purchases and the such
I have gone through the list and have listed every single bank below and separated it into 2 lists: Actively Updated and Periodic Updates. Actively updated are accounts that are in the top tier. This means no fees with a competetive interest rate. Periodic Updates accounts either have fees or their interest rates are below the average.
Relevant Links
Word of Caution
It is better to take a lower interest rate if you are unsure of being able to meet the requirments for each month. For example, currently the top interest rate for non-aged requirement conditions in 1.35%. If you don't meet those conditions, you will get 0.05%.
If you miss one month, you will receive roughly 1.24%. If you miss 2 months, you will receive roughly 1.13%
For a bank with no conditions, the rate is 1.2%.
Compared Accounts - Actively Updated
| Bank Account | Max Interest Rate p/a | Effort to get Interest Rate | Last Updated |
|---|---|---|---|
| BOQ Fast Track Starter Account | 3% | High
| 10 Apr 2021 |
| Westpac Life | 3% | High
| 10 Apr 2021 |
| ING Savings Maximiser | 1.35% | High
| 10 Apr 2021 |
| 86400 Save | 1.2% | Low - Deposit $1000 per month | 10 Apr 2021 |
| Me Bank (Members Equity) | 1.1% | Med - 4 tap & go purchases | 10 Apr 2021 |
| MyStateBank Bonus Savings Account | 1.1% | High - Deposit $2000 per month (to avoid $6 monthly account fee) & make 5 purchases | 10 Apr 2021 |
| UBank USave + USpend | 1.1% | Low - Deposit $200 per month | 10 Apr 2021 |
| Australian Unity Active Saver | 1.0% | Med - Deposit $250 per month & no withdrawals | 10 Apr 2021 |
| Up Bank | 1.1% | Med - 5 purchases | 10 Apr 2021 |
| Macquarie Bank Savings | 0.95% (4m intro @ 1.1%) | None | 10 Apr 2021 |
| BOQ Fast Track Saver Account | 0.7% | High - Deposit $1000 per month & 5 purchases | 10 Apr 2021 |
Compared Accounts - Periodic Updates (ie biannually at most)
This is a list of accounts that are not updated as their interest rates were far too low on initial investigation or contained large fees. I will periodically check these and read financial news/reddit to know if these accounts change in any radical way.
| Bank Account | Max Interest Rate p/a | Last Updated |
|---|---|---|
| AMP | 0.85% | 11 Jan 2021 |
| ANZ Online Saver | 0.45% | 11 Jan 2021 |
| ANZ Progress Saver | 0.5% | 11 Jan 2021 |
| Arab Bank Savings | 0.7% | 11 Jan 2021 |
| Australian Military Bank | 0.9% | 11 Jan 2021 |
| Australian Unity Freedom Saver | 0.9% | 11 Jan 2021 |
| AusWide Bank | 0.76% | 11 Jan 2021 |
| Bank Australia | 0.8% | 11 Jan 2021 |
| Bank First (Victoria Teachers Limited) | 0.55% | 12 Jan 2021 |
| Bank of Us | 0.5% @ 10k balance | 11 Jan 2021 |
| Bank of China (AU) | ~0.4% | 11 Jan 2021 |
| Bank of Melbourne | 0.6% | 12 Jan 2021 |
| Bank of Sydney | 0.4% | 11 Jan 2021 |
| BankSA | 0.6% | 12 Jan 2021 |
| BankVic (Police Financial Services Limited) | 0.7% | 12 Jan 2021 |
| Bankwest | 0.8% | 11 Jan 2021 |
| BCU | ~0.45% | 12 Jan 2021 |
| Bendigo and Adelaide Bank Limited incl. all 11 agent banks) | 0.65% | 11 Jan 2021 |
| Beyond Bank | 0.75% | 11 Jan 2021 |
| BNK Banking Corporation Limited (previously Goldfields Money Limited) | 0.5% @ 10k balance | 11 Jan 2021 |
| Border Bank (Police Bank Ltd) | 0.75% | 11 Jan 2021 |
| Cairns Bank | 0.5% | 11 Jan 2021 |
| Central Murray Credit Union Limited | 0.05% | 11 Jan 2021 |
| Central West Credit Union Limited | 0.05% | 11 Jan 2021 |
| Citibank | 0.35% (4m intro@1.1%) | 11 Jan 2021 |
| Coastline Credit Union | 0.55% | 11 Jan 2021 |
| CommBank Netbank Saver | 0.55% | 11 Jan 2021 |
| CommBank Goal Saver | 0.5% | 11 Jan 2021 |
| Community First Credit Union | 0.65% | 11 Jan 2021 |
| Credit Union Australia Ltd | 0.95% | 11 Jan 2021 |
| Credit Union SA Ltd | 0.55% | 11 Jan 2021 |
| Defence Bank | 0.08% (6m intro@1.05%) | 11 Jan 2021 |
| Dnister Ukrainian Credit Co-operative Limited - Large amount of Fees | 1.1% (1m intro@1.7%) | 11 Jan 2021 |
| Endeavour Mutualbank Sydney MutualBank | 0.75% | 11 Jan 2021 |
| Family First Credit Union | 0.65% | 11 Jan 2021 |
| Fire Service Credit Union | 0.25% | 11 Jan 2021 |
| Firefighters Credit Co-operative | 0.65% | 11 Jan 2021 |
| First Choice Credit Union Ltd | 0.25% | 11 Jan 2021 |
| First Option Bank | 0.6% | 11 Jan 2021 |
| Gateway Bank | 0.25% | 11 Jan 2021 |
| Geelong Bank | 0.96% | 11 Jan 2021 |
| G & C Mutual Bank | 0.61% | 11 Jan 2021 |
| Goulburn Murray Credit Union Co-operative Limited | 0.36% | 11 Jan 2021 |
| Greater Bank Limited - has fees | 1.4% | 11 Jan 2021 |
| Heritage Bank | 0.65% (4m intro@1.3%) | 11 Jan 2021 |
| Horizon Bank | 0.5% | 11 Jan 2021 |
| HSBC | 0.85% | 11 Jan 2021 |
| Hume Bank | 0.7% | 11 Jan 2021 |
| IMB | 0.65% (4m intro@1.2%) | 11 Jan 2021 |
| Illawarra Credit Union | 0.4% @ 10k balance | 11 Jan 2021 |
| Laboratories Credit Union | 0.86% | 11 Jan 2021 |
| Lutheran Laypeople's League of Australia | 0.25% | 11 Jan 2021 |
| Lysaght Credit Union | 0.01% @ 10k | 11 Jan 2021 |
| TheMac Credit Union (MacArthur) | 0.1% | 11 Jan 2021 |
| Macquarie Credit Union | 0.75% | 11 Jan 2021 |
| The Mutual Bank (Maitland) | 0.75% | 11 Jan 2021 |
| Maleny Credit Union | 0.25% | 11 Jan 2021 |
| MOVE (Railways Credit Union Limited) | 1% | 12 Jan 2021 |
| My Life My Finance | 0.8% | 11 Jan 2021 |
| NAB iSaver | 0.6% | 11 Jan 2021 |
| NAB Reward Saver | 0.55% | 11 Jan 2021 |
| Newcastle Permanent | 0.5% (3m intro@0.75%) | 11 Jan 2021 |
| Northern Inland Credit Union | 0.78% | 11 Jan 2021 |
| Orange Credit Union | 0.4% | 11 Jan 2021 |
| People's Choice Credit Union | 0.6% | 11 Jan 2021 |
| P&N Bank (Police & Nurses Limited) | 0.7% | 12 Jan 2021 |
| Police Credit Union | 0.7% | 11 Jan 2021 |
| Pulse Credit Union | 0% | 12 Jan 2021 |
| QBank (QPCU Limited) - Joining Requirements | 0.95% | 12 Jan 2021 |
| Qudos Bank | 1% | 12 Jan 2021 |
| Queensland Country Bank | 0.8% | 12 Jan 2021 |
| RaboBank | 1% | 12 Jan 2021 |
| RACQ Bank (Members Banking Group) | 1.01% | 11 Jan 2021 |
| Regional Australia Bank incl. Holiday Coast Credit Union | 0.55% | 11 Jan 2021 |
| South West Slopes Credit Union | 0.1% | 12 Jan 2021 |
| Southern Cross Credit Union | 0.6% | 12 Jan 2021 |
| South-West Credit Union Co-Operative | 0.5% | 12 Jan 2021 |
| Summerland Credit Union | 0.15% (6m intro@1%) | 12 Jan 2021 |
| Suncorp | 0.95% | 12 Jan 2021 |
| Teachers Mutual Bank (all agent banks have same interest) | 0.85% | 12 Jan 2021 |
| The Broken Hill Community Credit Union | 0.15% | 12 Jan 2021 |
| The Capricornian | 0.35% | 12 Jan 2021 |
| Traditional Credit Union | 0.1% | 12 Jan 2021 |
| Transport Mutual Credit Union | 0.25% | 12 Jan 2021 |
| Tyro (Business Only) | 0.4% | 12 Jan 2021 |
| Unity Bank incl Reliance and Bankstown division Banks (same interest) | 0.65% | 12 Jan 2021 |
| Volt Bank | 1% | 12 Jan 2021 |
| St George Bank | 0.6% | 12 Jan 2021 |
| Warwick Credit Union incl. Gympie Credit Union | 0% | 12 Jan 2021 |
| WAW Credit Union Co-Operative | 0.7% | 12 Jan 2021 |
| Westpac eSaver | 0.55% | 11 Jan 2021 |
| Woolworths Team Bank | 0.55% | 12 Jan 2021 |
| Xinja Bank | Discontinued | Discontinued |