Compare Savings Accounts Online
Savings accounts are bank accounts where you can save your money and earn interest over time. They're one of the more secure ways to earn a return on your money, although generally lower returns than other investments. To get the most from your savings account compare the latest offers below.
Savings Accounts
| Product | Bank | Monthly Account Fee |
Promo Rate % |
Interest Rate % p.a |
Debit Card Facility |
Our Take | Open Account |
|---|---|---|---|---|---|---|---|
| ANZ Access Advantage |  |
$5 | 0% | 0% | Yes | Unlimited ANZ transactions for $5 a month including a Visa Debit Card. |  |
| ANZ Online Saver | |
$0 | 6% | 4.25% | No | Open an ANZ Online Saver by 29th Feb 2012 and earn up to 6.00% p.a. until 30th June 2012. There is no minimum balance needed to open the account, so open one today. Terms apply. | |
| Bankwest Hero Transaction account |  |
$0 | 4.5% | 4.5% | Yes | High interest paid on your everyday bank account balance, no monthly fees when you deposit at least $2,000 per month, free access of over 4,000 Bankwest and CBA ATM’s, Debit MasterCard access, Chip & PayPass technology. A bank account for Savers. | |
| Bankwest Zero Transaction Account | |
$0 | 0% | 0% | Yes | Zero ATM fees at all major bank ATMs Australia wide - that's over 10,000 Bankwest, CBA, Westpac, NAB, and ANZ branded ATMs. No monthly fees when you deposit at least $2,000 per month, Debit MasterCard access, Chip & PayPass technology. A bank account for Spenders. | |
| Citibank Online Saver |  |
$0 | 5.8% | 4.75% | No | 5.80% p.a. for the first 6 months of your account opening. | |
| Citibank Plus Account | |
$0 | 0% | 0% | Yes | Great value from Citibank - fee free banking, free ATM fees from many AU banks, free overseas ATM withdrawals + free overseas money transfers | |
| ING DIRECT Everyday Orange Account |  |
$0 | 0% | 0% | Yes | No monthly fee, Visa debit card, free ATM withdrawals (over $200), no minimum balance needed, deposit funds by hand at Australia post | |
| NAB Classic Bank Account |  |
$0 | 0.01% | 0.01% | Yes | Winner of the 2010 CHOICE Award for Best Low-Fee Bank Account. | |
| NAB iSaver | |
$0 | 5.5% | 4.15% | No | Earn 5.50% p.a. for 4 months. | |
| RaboDirect High Interest Savings |  |
$0 | 6.01% | 5.4% | Yes | Take your dreams back with a high interest savings account with RaboDirect! Great rate of 6.01% p.a. | |
| St George Complete Freedom |  |
$0 | 0.01% | 0.01% | Yes | Deposit a minimum of $2000 a month and pay no monthly account service fee. No minimum balance required. | |
| St.George Power Saver | |
$0 | 5.4% | 2.9% | No | Enjoy a fixed bonus interest rate on top of your standard variable rate for 4 months. | |
| UBank USaver |  |
$0 | 6.01% | 5.41% | No | Backed by NAB and government guaranteed. Earn a great interest rate of 6.01%p.a. | |
| Virgin Saver |  |
$0 | 5.85% | 4.65% | No | Earn 5.85% with the new high interest online savings account from Virgin Money. | |
Comparing Savings Accounts -- Factors to Consider
On the surface savings accounts might all seem similar. You put your money into your bank account with the intention of storing it there rather than using it regularly. That money earns interest. You might pay a monthly account maintenance fee.
And yes, on the surface you would be quite right. But as subtle as the differences between savings accounts might seem, they are differences nonetheless -- ones you should carefully consider when comparing savings accounts.
Two of the biggest differences you might encounter in savings accounts are:
1. Interest rates (what you earn)
2. Monthly account fees (what you pay)
They might seem like small differences. For example, one account might have no monthly fee while another savings account charges a small monthly fee of $5. That doesn't sound like much. But think about that -- that's really a $60 fee over the course of the year, every year. Unless the savings account with a fee has a higher interest rate that will earn you more than an extra $60 compared to the competing account, you'll probably want to stick to the no-fee account.
Don't ignore subtle differences in interest rates either. Even a half of a percent can amount to a good bit of money depending on how much you put into savings. Then again, if you're only putting a small amount into your savings account, that slight difference in interest rates might not amount to much after all. In that case, your primary concern would probably be comparing monthly account maintenance fees.
Remember that no matter how small differences might seem between two or more savings accounts, over time those small fees and interest payments can really add up. Savings accounts are generally intended to serve as long-term accounts. So think of them in those terms when comparing savings account options -- always think about how those little differences will add up and affect you over time.
