Savings Accounts

There are various ways of making your money grow – you can actively invest it or you can put it somewhere safe to save it up while earning interest on it. Savings Accounts are widely seen as a less risky way to make your money grow over time. Below you will see a range of Saving Accounts compared, look at what interest rate you can earn each year on your money, here, the more the better (unlike the interest you pay on a credit!) Other essentials are the minimum deposit – how much do you need to put in there to open one of these savings accounts? Check whether there are any admin fees and if you can withdraw from the savings accounts anytime or whether it's fixed until maturity. There may be other perks or setbacks, have a good look before you go for one.

If you wish to speak to someone: Contact Us

COMPANYACCOUNT

ACCOUNT

Account name

TYPE

TYPE

Account type

INTEREST APY

INTEREST APE

Annual Equivalent Rate is the effective annual interest rate

INTEREST GROSS

INTEREST GROSS

Gross interest is the annual rate of interest which is paid without the deduction of lower rate tax to eligible individuals and certain organisations

PAID

PAID

How often interest is paid on account

ACCESS

ACCESS

How account can be accessed

MINIMUM INCOME

MINIMUM INCOME

Minimum amount in account

CONDITIONS

CONDITIONS

Conditions for investor

WITHDRAWAL ACCESS

WITHDRAWAL ACCESS

Where you can withdraw money from

FEATURES

FEATURES

Account features

MORE INFO

Westpac eSaver
Westpac eSaver

Westpac eSaverSavings Account4.00% p.a.4.00% p.a.MonthlyOnline, Tel$0Minimum age of 18 years.Instant AccessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. To use your eSaver account you need a Westpac transaction or savings account in the same name. This lets you move money in and out of your eSaver account whenever you like When you do this, fees may apply on your linked transaction or savings account.

Westpac eSaver
Earn high interest with the Westpac eSaver account, an online savings account with immediate access to your savings through Telephone Banking and Online Banking. New account holders earn a high 3.92% p.a. variable interest for 3 months, paid monthly DETAIL INFORMATION >>Services

Services

Access your money through Online Banking and automated Telephone Banking transactions


Advantages

Advantages

1. New account holders earn a high 3.82% p.a. variable interest for 3 months, paid monthly
2. 2.50% p.a. standard variable rate
3. 1.50% p.a. introductory fixed bonus rate for 3 months (if you haven't held an eSaver account in the last 3 months)
4. Access your money through Online Banking and automated Telephone Banking transactions
5. $0 minimum deposit.


Disadvantages

Disadvantages

1. Fees apply for non-automated Telephone Banking and a range of other transactions.

St.George Term Deposit Account
St.George Term Deposit Account

Term Deposit AccountTerm Deposit3.25% (4 months)3.25% (4 months)MonthlyOnline, Tel$0.00Min balance is $1,000OnlineFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. A range of terms to suit your needs from 1 month to 5 years
2. Competitive interest rates

St.George Term Deposit Account
The St.George Term Deposit gives you a guaranteed rate of return for the term of your investment with competitive interest rates. They offer a range of terms to suit your needs from 1 month to 5 years. You also have the ability to set up Term Deposit in business or DIP Super name. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions contact their customer support team. DETAIL INFORMATION >>Services

Services

Invest your cash securely and get a guaranteed return


Advantages

Advantages

1. A range of terms to suit your needs from 1 month to 5 years
2. Competitive interest rates
3. A guaranteed rate of return for the term of your investment
4. Ability to set up Term Deposit in business or DIY Super name


Disadvantages

Disadvantages

1. Minimum balance is $1,000
2. Fees may be payable for other banking services you request.
3. The minimum amount that may be withdrawn when withdrawing only part of the balance of your Account is $2,000.

Bank SA Maxi Saver Account
Bank SA Maxi Saver Account

Bank SA Maxi Saver AccountSavings Account3.10%3.10%DailyOnline, branch, telephone$0You must be a Australian residentInstant accessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. Easy access via mobile app, online, phone or branch, through any eligible BankSA account

Bank SA Maxi Saver Account
Bank SA offer a range of savings accounts which can help you save your hard earned money. A high interest rate savings account with branch access. Unlimited fee-free internet & phone banking 24/7. Apply online now. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions regarding any Bank SA products please contact their customer support team. For more information please click here. DETAIL INFORMATION >>Services

Services

1. A high interest rate savings account with branch access.
2. Unlimited fee-free internet & phone banking 24/7.


Advantages

Advantages

1. 3.10% p.a. Maxi Rate. Mini Hassle.
2. No fixed terms.
3. Easy access via mobile app, online, phone or branch, through any eligible BankSA account.
4. No minimum balance.
5. No monthly service fees.


Disadvantages

Disadvantages

1. You must be an Australian resident in order to be eligible
2. You can only SA Maxi Saver Account for personal uses (not for business use)

Bank SA Business Access Saver
Bank SA Business Access Saver

Business Access SaverBusiness Account2.50% p.a.2.50% p.a.MonthlyOnline, Branch, Post, TelN/AMust be an Australian residentNo fixed termFeatures

Features

Free Banking: No
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. Funds are accessible via Internet and Phone Banking 24-hours a day, 7-days a week.
2. Instant access to funds via any transaction account.
3. Unlimited everyday Internet and Phone Banking transactions.

Bank SA Business Access Saver
Earn a competitive interest rate on your business funds with Bank SA Business Access Saver. Receive 24/7 access to your Business Access Saver and manage your funds via Internet banking and Phone Banking through your BankSA working account. Make saving simple by setting up a regular transfer from your eligible transaction account using scheduled payments within Internet Banking. DETAIL INFORMATION >>Services

Services

$0 monthly account keeping fee


Advantages

Advantages

1. Earn a competitive interest rate on your surplus business funds
2. 24/7 access to your Business Access Saver1
3. Access and manage your funds via Internet banking and Phone Banking through your BankSA working account 24/7.1
4. Earn competitive interest on every dollar.2
5. Make savings simple by setting up a regular transfer from your eligible transaction account using scheduled payments within Internet banking.
6. No minimum monthly balance or deposit required, making it easy for you to start saving.
7. No monthly service fee.2
8. Access your funds via Branch if required


Disadvantages

Disadvantages

1. Conditions and fees apply.

St.George SENSE
St.George SENSE

St.George SENSESavings Account3.10% p.a.3.10% p.a.MonthlyOnline, ATM, Branches, EFTPOS, BPAY$0.00You must be over the age of 18 years oldOnline, ATM, Branches, EFTPOS, BPAYFeatures

Features

Free Banking: No
Debit Card: Yes
Cheque Guarantee_Card: Yes
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No


1. Earn a competitive rate of interest from the first dollar on your SENSE Savings Account
Unlimited St.George/Westpac/BankSA branded ATMs in Australia, EFTPOS, direct debit and Internet and Phone Banking transactions on your SENSE Everyday
2. Account for flat account service fee of $5 per month, waived when you deposit a minimum of $2,000 (like your salary) by the last business day of the month
3. Visa Debit Card available upon request on your SENSE Everyday Account
4. No minimum monthly balance required
5. 24/7 access to Internet and Phone Banking^

St.George SENSE
The St.George SENSE is a new way to budget and save. It has two accounts that work together, a SENSE Everyday transaction account for everyday banking and a SENSE savings account to help you save. It features easy-to-read, colour chart statements to help you see how you are spending and where you can save a bit extra. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions contact their customer support team. DETAIL INFORMATION >>Services

Services

1. Set savings targets.
2. Budgeting tools.
3. Innovation excellence
4. Round up feature.


Advantages

Advantages

1. Easy-to-read, colour chart statements to help you see how you're spending and where you can save a bit extra.
2. Take the hassle out of saving with automatic transfers.
3. Reach your savings goals sooner through ‘top-ups’ and interest earnings.
4. Convenience of VISA Debit Card^ acceptance worldwide and online.
5. No monthly account service fee. Simply deposit at least $2000 a month (your salary, for example~) into your SENSE Everyday account
6. No minimum monthly balance required


Disadvantages

Disadvantages

1. Flat monthly account service fee of $5 charged to the SENSE Everyday Account, waived when you deposit a minimum of $2,000 (like your salary) by the last business day of the month
2. To access funds held in the SENSE Savings Account, funds must be transferred to the SENSE Everyday Account first

Bank SA SENSE
Bank SA SENSE

SENSESavings Account2.85% p.a.2.85% p.a.MonthlyOnline, Branch, Post, Tel$0You must be an Australian residentInstant AccessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


One easy statement to set savings goals and track spending history

Bank SA SENSE
SENSE is two great accounts working together, SENSE Savings account and SENSE Everyday transaction account. Earn a competitive 2.85% p.a. on SENSE Savings plus pay no account service fee if you deposit at least $2,000 a month into your SENSE Everyday account. DETAIL INFORMATION >>Services

Services

2 linked accounts – SENSE Savings and SENSE Everyday transaction account


Advantages

Advantages

1. SENSE is two great accounts working together – SENSE Savings account and SENSE Everyday transaction account
2. Earn a competitive 2.85% p.a. on SENSE Savings plus pay no account service fees when you deposit at least $2,000 a month into your SENSE Everyday account1
3. Save faster with rounding! Purchases using Visa Debit, Freedom Card and BPAY® are rounded up to the next dollar, with the ‘rounding amount’ automatically transferred into SENSE Savings2
4. Get one easy statement  to track spending and savings


Disadvantages

Disadvantages

1. There is only no service fee if you deposit at least $2,000 a month into your SENSE Everyday account

Bank SA Term Deposit
Bank SA Term Deposit

Bank SA Everyday Banking Term DepositTerm Deposit3.40% p.a3.40% p.aMonthlyOnline,Telephone,Branch$1,000You must be an Australian resident and over the age of 18 years old.OnlineFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


Secure and guaranteed return

Bank SA Term Deposit
You want to save up for a car or a house? Want to invest your money securely and get guaranteed return? Then open a term deposit Account with Bank SA – you don’t have to pay monthly service fees and earn competitive interest rates on balances between $5,000 and $5,000,000. DETAIL INFORMATION >>Services

Services

Online application,


Advantages

Advantages

1.Invest your cash securely and get a guaranteed return
2.Earn competitive interest rates on balances between
3.No set-up or monthly service fees.


Disadvantages

Disadvantages

Minimal amount $ 1.000

Westpac Reward Saver
Westpac Reward Saver

Reward SaverSavings AccountUp to 3.71%p.a.Up to 3.71%p.a.MonthlyOnline, Branch, Post, Tel$0Age 12 years and overOnline, Branch, Post, TelFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


No monthly account service fee and no minimum balance.

Westpac Reward Saver
With a Westpac Reward Saver account that rewards you the more you save, whatever you're striving for has never been closer. Earn bonus interest when you make no withdrawals and deposit at least $50 by the last business day of the month. DETAIL INFORMATION >>Services

Services

No monthly account service fee.


Advantages

Advantages

1. Earn bonus interest when you make no withdrawals and deposit at least $50 by the last business day of the month.
2. No minimum balance.
3. No monthly account service fee.
4. Access your money instantly via Online, Mobile and Telephone Banking, in branch and at over 2,900 ATMs across Australia.


Disadvantages

Disadvantages

1. The rate applicable includes the current standard variable interest rate and current variable bonus rate.

St.George Maxi Saver Account
St.George Maxi Saver Account

Direct Saver AccountSavings Account2.60% p.a.2.60% p.a.MonthlyOnline, Tel$0.00Australian ResidentOnline, TelFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. Eligible for Government Deposit Guarantee.
2. Link the Direct Saver account to your everyday banking account and move your money in and out as often as you like.
3. Interest calculated daily and paid monthly.

St.George Maxi Saver Account
The St.George Direct Saver Account is a high interest online savings account with no monthly account service fee and no transaction fee. Customers can earn a fixed bonus interest rate of 1.95% on top of the standard variable rate for the first five months. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions contact their customer support team. For more information click here. DETAIL INFORMATION >>Services

Services

1. Deposit and withdraw funds as frequently as you need without incurring fees.
2. To access your money you need to link an everyday banking account to your Direct Saver. You can then access your money by making internet and phone.
3. You may deposit funds directly into your Account by electronic.transfer.
4. For applicants under the age of 13, you must ensure that a parent or legal guardian also completes the Authorised Users form


Advantages

Advantages

1. Access and manage your funds via Internet and Phone Banking through your eligible St.George working account 24/7
2. Earn competitive interest on every dollar.
3. Make savings simple by setting up a regular transfer from your eligible working account using scheduled payments within Internet banking.
4. No minimum monthly balance or deposit required, making it easy for you to start saving.
5. No monthly service fee.
6. Access your funds via Branch if required.
7. For personal customers only. Business customers can open a Business Access Saver. Or for your Self Managed Super Fund, open a DIY Super Saver Account.


Disadvantages

Disadvantages

1. Fixed bonus rate of 1.95% p.a. is only for the first 5 months.
2. You may only withdraw an amount from your Account by transferring that amount to the Linked Account

The Virgin Saver
The Virgin Saver

The Virgin SaverSavings Account3.75% p.a3.75% p.aMonthlyOnline, Telephone$0.00Minimum age of 18 years.$0.00Features

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: No
Account Manager: Yes


1.A Nominated Linked Account.
2.3.75% p.s variable ongoing rate
3.Online banking.
4.Statements

The Virgin Saver
If you are looking for a brand new savings account then look no further than Virgin’s new super saver. With absolutely no fees, you can start saving within a few minutes. There is no need to delay, pop online and fill out the easy application form and start saving those pennies today. Open a Virgin Saver and set up an Automatic Savings Plan. DETAIL INFORMATION >>Services

Services

1.Online application process.
2.Online banking.
3.Offers a linking service between your old account and your new Virgin Savings account.


Advantages

Advantages

1. Great four month introductory rate.
2. Good ongoing variable rate
3. An automatic savings plan takes on your savings concerns and sets out a plan for you so you no longer have to worry.
4. The Virgin Saver is flexible enough to let you transfer from your Nominated Linked Account into your Virgin Saver Account.
5. 24 hour access to your account with online banking.


Disadvantages

Disadvantages

1.You must be at least 18 years of age.
2.You must reside permanently in Australia.
3.You must have your linked account details ready to apply online.
4.Even though there are no fees payable on your Virgin account, there may well be fees on your nominated account which all transactions will be done through.
5. Like all rates, Virgin's may be subject to change.

Bank of Melbourne SENSE
Bank of Melbourne SENSE

Bank of Melbourne SENSESavings Account3.10% p.a. on SENSE Savings3.10%MonthlyOnline, branch, SMS$2000 per month if you want account for freeYou must be a permanent Australian residentask on applicationFeatures

Features

Free Banking: Yes
Debit Card: Yes
Cheque Guarantee_Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No


1. Each time we process a purchase made from your SENSE Everyday Account using your Visa Debit Card, FreedomCard, Maestro/Cirrus ATM Card or BPAY® transaction, and that amount is not a whole dollar amount, we round up the transaction amount to the next dollar and transfer the amount of the rounding to your SENSE Savings Account.
2. Your savings target is set for funds in your SENSE Savings Account. You will contribute to your savings target automatically by rounding amounts. To save even faster, you can also set up a regular transfer from your SENSE Everyday Account to your SENSE Savings Account.
3. Electronic transactions are assigned to a category based on information provided by third parties. We’ve assigned 10 expense categories: Cash, Home Expenses, Daily Living, Health & Education, Transportation, Leisure, Insurance & Super, Transfers, Other.

Bank of Melbourne SENSE
Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.Bank of Melbourne SENSE is two accounts working together, so you can access your money when you want, and save at the same time. You’ll pay no account service fees when you deposit at least $2,000 a month, such as your salary, into your SENSE Everyday account. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. DETAIL INFORMATION >>Services

Services

1. Flexible - 2 linked accounts – SENSE Everyday transaction account and SENSE Savings
2. Great rate - Earn 335% p.a. on SENSE Savings
3. Track savings and spending - One easy statement to set savings goals and track spending history
4. Visa Debit Card -Shop securely with a Visa Debit card at home, online or overseas using money from your SENSE account
5. Convenient access -24/7 access at over 2950 Bank of Melbourne, Westpac, StGeorge and BankSA ATMs and via Phone and Internet Banking
6. Compare accounts - Compare transaction accounts and Compare savings accounts


Advantages

Advantages

1. Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.
2. See where you're spending your money and what you're saving - One easy-to-read statement, complete with helpful colour spending charts, groups your everyday transactions into ten pre-determined expense categories
3. Turn your shopping into saving. Purchases made using your Visa Debit Card are rounded up to the next dollar. This rounded amount is automatically transferred to your SENSE Savings account. It’s just like a virtual coin jar, with no monthly service fee and a high interest rate.
4. Applying online is simple! It will take up to 10 minutes - All you will need to supply is your contact details, such as address, phone number and an email address. You don’t have to be an existing Bank of Melbourne customer to complete an online application.


Disadvantages

Disadvantages

1. If you deposit less then $2000 a month in to your SENSE account then you will have to pay a monthly account fee of $5
2. You are not eligible for a SENSE account if you are not a permanent resident of Australia

Westpac Term Deposit
Westpac Term Deposit

Westpac Term DepositTerm DepositUp to 4.15% p.a.Up to 4.15% p.a.YearlyOnline$0Must be over the age of 18 years oldFixed TermFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


Lock away your savings with a fixed rate.

Westpac Term Deposit
If you’re saving for a long-term goal or looking for a secure investment, choose a Term Deposit. It lets you lock away your savings for a fixed term and earn interest with a competitive rate. If you think you will require instant access to your savings then you should consider your options. DETAIL INFORMATION >>Services

Services

Up to 4.15% p.a. for a 60-month term with a minimum deposit of $5,000 or more (interest paid annually)*


Advantages

Advantages

1. No set up, monthly service or management fees.
2. Choose an investment amount from $5,000 or more.
3. Pick the term – from one week to five years.
4. Choose from monthly, annually, or at maturity interest payment options.
5. Flexible reinvestment options at the end of the term.


Disadvantages

Disadvantages

1. Rate applies for a single term. Higher or lower rates may apply for subsequent terms.

If you wish to speak to someone: Contact Us

Compare Savings Accounrts

Savings accounts to make your money grow

For whatever purpose, saving money on a savings account will help you to make your money grow fast

Many reasons for saving money on a savings account

May be you would like to save up money for a journey, or to buy something you wish for, but possibly you just want to put money aside for later years to have a financial cushion when you are retired. For whatever purpose, the right savings account will help you to make your dream come true or help you to live in the certainty of financial security.

Why do I need a savings account for that?

To keep your savings on your current account is the equivalent of giving money away, because it will give you no or very little interest rate. The current account is there to receive your salary, to pay your bills from, and to move money around.

A savings account is there to keep your money and it allows interest to build up over time, which is protected from capital gains tax.

Different saving accounts for different needs

There are at-call saving accounts available, which allow you to access your money at any time, and there are fixed -term deposit savings accounts on which money cannot be accessed for a period of time. These accounts offer a much higher interest rate and are particularly useful if one has already saved a large sum of money which one can do without with for a while.

Who can have a savings account?

You will have to be 18 years old or over, probably need to be a full Australian resident and maybe will need a current account with the same bank.

Are there any costs for a savings account?

Before opening a savings account it is worth checking the terms and what kind of fees might apply. It varies from company to company and the best way to find out is to look at the chart above to compare the different saving accounts.

Where can I get the best savings accounts rates?

Have you ever switched your savings account? If the answer to this is ‘no’, then you should start to research the various options that are available to you. You could find that you are losing money by not putting your hard earned cash into a more profitable bank account. Finding the best savings accounts rates can, however, be tricky. Where to find the best savings account rates is an important question to ask and there is no one obvious answer. There are some important questions that you should ask yourself before you start your research to ensure that you are getting a savings account that is suitable for your needs. Do I need an income from my savings? What kind of access do I need? What introductory offers are available? How much can I save a month? How long will I save for? When you have the answer to these questions you can start to think about what savings account is best for you and your needs.