Whether you are saving for a new car, for a deposit on a house, or just for a rainy day, there are some great savings accounts available. Investigate all the options to make sure your money works best for you. One of the easiest ways to do this is to compare the all best accounts in one place check out the options below to compare bonus rates, base rates, fees, accessibility, and introductory offers. We make it easy so you can start saving today!
|Company||Product Name||Maximum Rate||Base Rate||Bonus Conditions|
|5.01%monthly||4.21%||Monthly bonus rate remains if depositing $200 per month||Apply NowMore Info+ Shortlist|
|RAMS Savings account offers a high 5.01% p.a. variable rate. No monthly fees.|
|4.95%4 months||3.75%||Max rate is for the first 4 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|Voted 'Best Savings Account 2012' by Money Magazine, RaboDirect offer one of the highest rates in the market as an online only account, no monthly fees and easy linking to your transaction account.|
|4.90%4 months||3.40%||Max rate is for the first 4 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|A very competitive 4.90% p.a. for the first 4 months after opening the account|
|4.75%4 months||3.00%||Max rate is for the first 4 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|ING DIRECT offers 4.75% p.a. for the first 4 months after opening the account|
|4.65%4 months||3.20%||Max rate is for the first 4 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|Citibank's Online Saver offers a great long introductory period of 4 months at the bonus rate of 4.65%|
|4.65%3 months||4.65%||*rate with 90 days notice||Apply NowMore Info+ Shortlist|
|The RaboDirect Notice Saver is a different way of saving. If you want to withdraw any amount from your account you have to give 31, 60 or 90 days notice.|
|4.60%5 months||2.75%||Max rate is for the first 5 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|The BOM Maxi Saver offers an introductory rate of 4.60% p.a. for the first 5 months with no monthly fees.|
|4.55%5 months||2.60%||Max rate is for the first 5 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|St George Maxi Saver offers 4.55% p.a for the first 5 months|
|4.55%5 months||3.35%||Max rate is for the first 5 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|The BankSA Maxi Saver offers a great no-nonsense high interest account with a bonus rate of 4.55% p.a. with no fixed terms, easy online access and no monthly service fees.|
|4.42%3 months||2.75%||Max rate is for the first 3 months, reverts to base rate.||Apply NowMore Info+ Shortlist|
|The Westpac eSaver account offers a bonus 1.67% p.a. for the first 3 months with unlimited transfers to your Westpac Day-to-Day account.|
If you are looking to grow your money, a savings account is a great way of saving money and earning interest. A savings account is really just a bank account that offers interest, so they are generally easy to use and easy to understand. There are however, many different options, so it's important to choose the right account so you can make the most out of your investment.
Generally, the first thing you will need to think about is the interest you will receive. Most savings accounts will offer a variable rate, so the rate at which your savings will grow will change over time. If you choose a variable rate savings account, then you may want to calculate how much interest will be generated by the rate you will receive. If the base rate changes, your variable rate will usually change too. You may also be able to find a fixed rate savings account which may offer more certainty.
You will also need to think about accessibility. A savings account is a great choice if you may want to withdraw from the account. Most accounts will let you do this, but you should check if there is a penalty for this or if it’s actually possible. You should also check whether there is a minimum balance that needs to be kept in the account.
Another aspect to consider is how much you will pay in fees for the account. If you have linked accounts with the same provider, then fees like the monthly service fee may be waived. There may also be fees for withdrawing money from the account, or for other account access.
To make sure you choose the right savings account for you, here is a quick checklist of things to compare.
By choosing an account with higher interest rates, your investment should see higher returns. Don't overlook credit unions, online-only companies or smaller providers, as they may be able to offer better rates than the bigger banks.
Choose an account that gives you the access to your money that you need. If you need to access your money regularly, make sure you can link your savings account to your transaction account to make transfers easy. Online account access is definitely a bonus.
Some savings accounts will charge you for making withdrawals. If you think you will need to make regular withdrawals, try to find an account that will accommodate this.
Some accounts may charge monthly service fees for the use of the account. Try bundling bank products, or choose an online-only account to save money.