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 or Enquiry Line: +61 (0) 2 91912624

COMPANY	ACCOUNT 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
ING DIRECT Business Optimiser	ING DIRECT Business Optimiser	Business Account	4.50% p.a.	4.50% p.a.	Monthly	Ask on application	$0.00	You must be over the age of 18 years old	Unlimited	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 1. No fixed term 2. No fees or charges ever 3. One standard variable interest rate on your entire balance 4. Interest rate may rise 5. able to set up an automatic deposit plan from your linked bank account for regular savings 6. 24 hour, 7 days access to your account
ING DIRECT Business Optimiser	The ING DIRECT Business Optimiser is a savings account for businesses including companies, sole traders and partnerships. The Business Optimiser can also be used for non profit organisations and trusts including DIY Super / SMSF’s. The current variable welcome rate is 4.50% p.a for 6 months on balances up to $1 million. After 6 months the interest rate reverts to the standard variable rate. As a great feature for business you can nominate up to 4 users to operate your Business Optimiser account. Click here for information. DETAIL INFORMATION >>										Services Services 1. A Business Savings Account Advantages Advantages Make the most of your business cash with an ING DIRECT Business Optimiser 1. A flexible cash solution that offers a high, variable interest rate is the way to go. 2. An online savings account with a 6 month variable welcome rate that’s perfect for your business savings. 3. Bolts onto your existing Business account 4. No ING DIRECT fees, no hidden catches and no fixed term or minimum balance 5. Our Business Specialists are available 24 hours a day, 7 days a week Consider the Terms and Conditions. Issued by ING Bank (Australia) Limited. Disadvantages Disadvantages 1. Your Business Optimiser must be linked to no more than one bank account with another Australian financial institution 2. Interest rate may fall 3. A Business Optimiser can only be opened by Australian-resident businesses and trusts (must have an Australian registered address) and operated.
Bank of Melbourne SENSE	Bank of Melbourne SENSE	Savings Account	3.35% p.a. on SENSE Savings	3.35%	Monthly	Online, branch, SMS	$2000 per month if you want account for free	You must be a permanent Australian resident	ask on application	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 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
St.George Maxi Saver Account	Direct Saver Account	Savings Account	2.85% p.a.	2.85% p.a.	Monthly	Online, Tel	$0.00	Australian Resident	Online, Tel	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 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
Bank SA Maxi Saver Account	Bank SA Maxi Saver Account	Savings Account	3.60%	3.60%	Daily	Online, branch, telephone	$0	You must be a Australian resident	Instant access	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 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. 3.75% 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)
St.George SENSE	St.George SENSE	Savings Account	3.35% p.a.	3.35% p.a.	Monthly	Online, ATM, Branches, EFTPOS, BPAY	$0.00	You must be over the age of 18 years old	Online, ATM, Branches, EFTPOS, BPAY	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 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
St.George Term Deposit Account	Term Deposit Account	Term Deposit	4.65% (12 months)	4.65% (12 months)	Monthly	Online, Tel	$0.00	Min balance is $1,000	Online	Features Free Banking: Debit Card: Cheque Guarantee_Card: Standing Orders: Direct Debit: Overdraft Facility: Account Manager: 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 Enjoy the security of a guaranteed rate of return for the term of your investment 3 Month - All States up to 4.60%, except STG VIC and BOM who have no change 5 Month - Core states down to 4.55%, non-core and BOM+STG VIC down to 4.60% 6 Month - All States down to 4.40%, except STG VIC and BOM who have no change 12 Month - Core states down to 4.65%. Non-core/STG/BOM down to 4.75% 36 Month - All states down to 5.00% 48 Month - All states down to 5.10% Flexi 6 Month - All states priced at 4.40% Flexi 12 Month - All states priced at 4.50% 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.

If you wish to speak to someone: Contact Us or Enquiry Line: +61 (0) 2 91912624

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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.