Compare Bank Accounts for Australia

Savings Accounts Compared
Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.65% p.a.
(for first 3 months)
Standard Rate
2.00% p.a.
Bonus Rate
1.65% p.a.
Account Fees
$0
Minimum Balance
$1
minimum opening balance
  • Bank of Melbourne Maxi Saver is a high interest savings account which allows you to manage your fund via the internet, phone, or through your local branch.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.65% p.a.
(for first 3 months)
Standard Rate
2.00% p.a.
Bonus Rate
1.65% p.a.
Account Fees
$0
Minimum Balance
$1
minimum opening balance
  • The BankSA Maxi Saver high interest savings account has no fixed terms, balance or service fees. Easy access via mobile app, online, phone or branch, through any eligible BankSA account.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.61% p.a.
(first 3 months)
Standard Rate
2.50% p.a.
Bonus Rate
1.11% p.a.
Account Fees
$0
Minimum Balance
$0
  • A flexible online only savings account with no penalties for withdrawing. Solid rate of interest with no account fees.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.40% p.a.
Standard Rate
0.01% p.a.
Bonus Rate
3.39% p.a.
Account Fees
$0
No monthly fee though other fees may apply
Minimum Balance
$0
  • This is a very respectable high interest bearing account that pays a bonus when you deposit at least $50 a month and make no withdrawals.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.25% p.a.
(With bonus rate)
Standard Rate
2.00% p.a.
Bonus Rate
1.25% p.a.
Account Fees
$0
Minimum Balance
$0
  • The Bank of Melbourne DIY Super Saver is a fabulous way to stay ahead with your savings. New account holders have the benefit of fee free banking and bonus rates of interest.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
3.20% p.a.
(With bonus rate)
Standard Rate
0.01% p.a.
Bonus Rate
3.19% p.a.
Account Fees
$0
Minimum Balance
$0
  • This is a very decent savings account that pays a high bonus interest rate when you make at least one deposit each month with no withdrawals each month.

Provider Account Name Maximum Rate Standard Rate Bonus Rate Account Fees Minimum Balance
Maximum Rate
2.20% p.a.
Standard Rate
2.20% p.a.
Bonus Rate
% p.a.
Account Fees
$5
waived if you deposit a minimum of $2,000 by the last business day every month
Minimum Balance
$0
  • SENSE is an everyday transaction and savings account, working together to help you get ahead. Two accounts, one statement.

Savings Accounts Explained

  • Savings Accounts
    Want to save money and are wondering which type of savings account is best for you? There are in fact a variety of different types of savings accounts available and it is important to choose the one most suitable for your own personal finance requirements.
  • Instant access accounts
    Instant access accounts are most similar to a current or transaction account. They allow the holder access to their money without any restrictions. These accounts pay the lowest interest rates possible, and it is difficult to grow savings by using these types of accounts to save money. If earning interest on savings is the goal, other accounts are more suitable.
  • Term Deposits
    The term deposit is the best account for those wishing to earn interest on their savings. The holder of the account agrees to keep their cash with the bank for a specified period of time ranging from one month to five years. The bank in return agrees to pay a higher rate of interest than what they pay on regular savings account. The catch is if the holder wants access to their cash, they need to give notice in advance, or they do not earn interest on their savings. Term deposits are suitable for people who know they will not need access to their money in a hurry.
  • Internet savings accounts
    Internet savings accounts tend to have lower fees than branch accounts simply because it costs the bank less to run them. Some internet accounts even offer higher rates of interests than branch accounts, though that is not always the case.
  • Regular savings accounts
    Over the last few years banks have become increasingly dependent on savings for their funding requirements, particularly since the financial crisis. In response many banks have expanded their savings account offerings, hoping to attract regular savers. A regular savings account is pretty simple, the account holder sets aside a portion of their income every month, sometimes the amount is a pre determined fixed amount, though not always for which interest is paid. Some savings accounts impose restrictions on whether the holder can withdraw, asking the saver to hold the money for a specified period of up to a year. If a withdrawal is made then a lower rate of interest is paid on the savings.If you are looking to start a savings account then the financial comparison site comparedinkum.com.au will help you in choosing which account would be best for you. As a financial aggregator, comparedinkum.com.au puts a range of savings account offerings from a number of different banks together in an easy to understand manner that will enable consumers to compare them quickly and make a decision that is best suited to their own personal needs.

Saving Accounts Hints And Tips

An individual’s savings often forms the bedrock of their personal finances; therefore it makes sense to look for the best possible deal. This does not mean exclusively searching for the account that offers the highest rate of interest, but also looking for an account which best suits your needs.

Regular savings accounts offered by banks and building societies are the most common type of savings accounts. These accounts pay a higher rate of interest compared to current accounts, and sometimes lock in the customers funds for a set period, or require a regular contribution every month.

Some banks offer internet savings accounts, which because of their lower overheads compared to branch savings accounts, offer higher rates of interest than those type of accounts, online savings accounts often allow their customers to withdraw their cash without providing notice.

A final type of savings account is what is known as a term deposit account. This type of account holds a fixed deposit for a fixed amount for a specified period of time and generally offers the highest interest rates available. The big disadvantage with this type of account is should the account holder require money urgently if notice is not provided, or before the term of the deposit has ended, the holder will have to forfeit the interest earned.

Latest Compare Bank Accounts News from the comparedinkum Blog

Westpac Banking And Insurance Customers Entitled To Refunds

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds. Continue reading

Goldman Sachs Could Set Up Online Retail Bank In Australia

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading

ANZ Adopts Samsung Pay Giving Customers Extra Choice

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies. Continue reading

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