Compare Savings Accounts & Interest Rates - Best Find

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Savings amount

Term

Features

Savings account type

Savings account provider

Compare Savings Accounts

for $5,000 over 1 year
ANZ
2.55%
0.50%
n/a
$10.63

Online Saver

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ANZ's Online Saver offers a base interest rates of 0.005 where interest is paid Monthly

Overview

Standard base interest rate 0.50%

Maximum rate 2.55%

Bonus rate 2.05%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit $250,000

Bonus foregone by withdrawl Yes

Maximum interest per month (approx)$10.63

Total interest over term (approx)$127.56

Interest calculated Daily

Minimum opening deposit n/a

Interest paid Monthly

Linked accounts required Yes

Account fee $0.00

GO TO ANZ

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO ANZ

Features

ATM access No

EFTPOS facility No

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility No

Branch access No

Salary direct credit facility Yes

GO TO ANZ

Other

SponsoredYes

Data accurate as of18/01/2018

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ANZ
2.55%
0.50%
n/a
$10.63

Online Saver

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ANZ's Online Saver offers a base interest rates of 0.005 where interest is paid Monthly

Overview

Standard base interest rate 0.50%

Maximum rate 2.55%

Bonus rate 2.05%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit $250,000

Bonus foregone by withdrawl Yes

Maximum interest per month (approx)$10.63

Total interest over term (approx)$127.56

Interest calculated Daily

Minimum opening deposit n/a

Interest paid Monthly

Linked accounts required Yes

Account fee $0.00

GO TO ANZ

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO ANZ

Features

ATM access No

EFTPOS facility No

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility No

Branch access No

Salary direct credit facility Yes

GO TO ANZ

Other

SponsoredYes

Data accurate as of18/01/2018

GO TO ANZ

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Select Encompass
5.00%
0.01%
n/a
$20.83

Kick Start Saver

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Select Encompass's Kick Start Saver offers a base interest rates of 0.01% where interest is paid Monthly

Overview

Standard base interest rate 0.01%

Maximum rate 5.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$20.83

Total interest over term (approx)$249.96

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required Yes

Account fee $0.00

GO TO Select Encompass

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Select Encompass

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Select Encompass

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Select Encompass

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CUA
4.00%
4.00%
n/a
$16.67

Youth eSaver

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CUA's Youth eSaver offers a base interest rates of 4.00% where interest is paid Monthly

Overview

Standard base interest rate 4.00%

Maximum rate 4.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$16.67

Total interest over term (approx)$200.04

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO CUA

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 10

GO TO CUA

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO CUA

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO CUA

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Defence Bank
3.15%
2.90%
n/a
$13.13

Retirement Savings Account

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Defence Bank's Retirement Savings Account offers a base interest rates of 2.90% where interest is paid Monthly

Overview

Standard base interest rate 2.90%

Maximum rate 3.15%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$13.13

Total interest over term (approx)$157.56

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO Defence Bank

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Defence Bank

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Defence Bank

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Defence Bank

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RaboDirect
3.05%
3.05%
n/a
$12.71

High Interest Savings- Personal

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RaboDirect's High Interest Savings- Personal offers a base interest rates of 3.05% where interest is paid Monthly

Overview

Standard base interest rate 3.05%

Maximum rate 3.05%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.71

Total interest over term (approx)$152.52

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required Yes

Account fee $0.00

GO TO RaboDirect

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO RaboDirect

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO RaboDirect

Other

SponsoredNo

Data accurate as of26/10/2017

GO TO RaboDirect

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First Option Credit Union
3.00%
0.15%
90 days
$12.5

Kids Bonus Saver

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First Option Credit Union's Kids Bonus Saver offers a base interest rates of 0.15% where interest is paid Monthly

Overview

Standard base interest rate 0.15%

Maximum rate 3.00%

Bonus rate 3.00%

Bonus expiry period 90 days

Bonus minimum deposit $100

Bonus maximum deposit $1,000,000

Bonus foregone by withdrawl Yes

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO First Option Credit Union

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO First Option Credit Union

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO First Option Credit Union

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO First Option Credit Union

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Newcastle Permanent
3.00%
3.00%
n/a
$12.5

Smart Account Saver for Under 25's

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Newcastle Permanent's Smart Account Saver for Under 25's offers a base interest rates of 3.00% where interest is paid Monthly

Overview

Standard base interest rate 3.00%

Maximum rate 3.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO Newcastle Permanent

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Newcastle Permanent

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Newcastle Permanent

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Newcastle Permanent

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Newcastle Permanent
3.00%
3.00%
n/a
$12.5

Smart Saver

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Newcastle Permanent's Smart Saver offers a base interest rates of 3.00% where interest is paid Monthly

Overview

Standard base interest rate 3.00%

Maximum rate 3.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO Newcastle Permanent

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Newcastle Permanent

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Newcastle Permanent

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Newcastle Permanent

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Community First Credit Union
3.00%
3.00%
n/a
$12.5

Matrimoney

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The Matrimoney wedding account is a thoughtful way for engaged couples to request the gift of money instead of presents for their wedding day. Not only is it a safer and more convenient way for family and friends to give money, you’ll enjoy a competitive rate of interest on the money deposited.

Overview

Standard base interest rate 3.00%

Maximum rate 3.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required No

Account fee $0.00

GO TO Community First Credit Union

Miscellaneous

Joint access Yes

Online application Yes

Minimum age 18

GO TO Community First Credit Union

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility No

GO TO Community First Credit Union

Other

SponsoredNo

Data accurate as of16/08/2017

GO TO Community First Credit Union

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Northern Beaches Credit Union
3.00%
3.00%
n/a
$12.5

Matrimoney

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Northern Beaches Credit Union's Matrimoney offers a base interest rates of 3.00% where interest is paid Monthly

Overview

Standard base interest rate 3.00%

Maximum rate 3.00%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO Northern Beaches Credit Union

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Northern Beaches Credit Union

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Northern Beaches Credit Union

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Northern Beaches Credit Union

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ING DIRECT
3.00%
2.00%
90 days
$12.5

Savings Maximiser

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ING DIRECT's Savings Maximiser offers a base interest rates of 2.00% where interest is paid Monthly

Overview

Standard base interest rate 2.00%

Maximum rate 3.00%

Bonus rate 1.00%

Bonus expiry period 90 days

Bonus minimum deposit $100

Bonus maximum deposit $1,000,000

Bonus foregone by withdrawl Yes

Maximum interest per month (approx)$12.5

Total interest over term (approx)$150

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO ING DIRECT

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO ING DIRECT

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO ING DIRECT

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO ING DIRECT

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CUA
2.95%
2.95%
n/a
$12.29

eSaver Boost Account

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CUA's eSaver Boost Account offers a base interest rates of 2.95% where interest is paid Monthly

Overview

Standard base interest rate 2.95%

Maximum rate 2.95%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.29

Total interest over term (approx)$147.48

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO CUA

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO CUA

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO CUA

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO CUA

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CUA
2.90%
2.90%
n/a
$12.08

eSaver Reward

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CUA's eSaver Reward offers a base interest rates of 2.90% where interest is paid Monthly

Overview

Standard base interest rate 2.90%

Maximum rate 2.90%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.08

Total interest over term (approx)$144.96

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO CUA

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO CUA

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO CUA

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO CUA

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Delphi Bank
2.90%
2.80%
n/a
$12.08

Junior Smart Saver

Expand info ˅

Delphi Bank's Junior Smart Saver offers a base interest rates of 2.80% where interest is paid Monthly

Overview

Standard base interest rate 2.80%

Maximum rate 2.90%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$12.08

Total interest over term (approx)$144.96

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required n/a

Account fee $0.00

GO TO Delphi Bank

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO Delphi Bank

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO Delphi Bank

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO Delphi Bank

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UBank
2.87%
2.87%
n/a
$11.96

USaver with Ultra

Expand info ˅

UBank's USaver with Ultra offers a base interest rates of 2.87% where interest is paid Monthly

Overview

Standard base interest rate 2.87%

Maximum rate 2.87%

Bonus rate 0.00%

Bonus expiry period n/a

Bonus minimum deposit n/a

Bonus maximum deposit n/a

Bonus foregone by withdrawl n/a

Maximum interest per month (approx)$11.96

Total interest over term (approx)$143.52

Interest calculated Daily

Minimum opening deposit $0.00

Interest paid Monthly

Linked accounts required Yes

Account fee $0.00

GO TO UBank

Miscellaneous

Joint access n/a

Online application Yes

Minimum age 18

GO TO UBank

Features

ATM access Yes

EFTPOS facility Yes

BPAY Yes

Internet facility Yes

Phone facility Yes

Cheque facility Yes

Branch access Yes

Salary direct credit facility n/a

GO TO UBank

Other

SponsoredNo

Data accurate as of24/03/2016

GO TO UBank

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Tips for when comparing saving accounts

Overview

A savings account is an account at a financial institution where the money deposited earns an interest rate. It is a secure place to store money while receiving a return. Usually, the account is linked to a primary transaction or chequing account, so that the user can easily transfer money between the accounts. Some savings accounts have debit card access. The interest for your account is usually calculated monthly.

Pros of a savings account:

  • Savings accounts are a safe investment
  • Savings accounts are covered under the Government Guarantee
  • Savings accounts are liquid and generally, you can withdraw your funds at any time

Cons of a savings account:

  • Savings accounts typically require you not to spend your money to avoid, voiding your interest earnings

What is the interest rate on a savings account?

Interest rates vary between less than 1% to just over 3%, depending on the type of savings account get.

What’s the difference between a honeymoon and base interest rate?

A honeymoon or bonus interest rate is a promotional interest rate given to new customers to entice them to open a savings account, which is significantly higher than its standard base rate. These rates generally only last for three to six months before reverting to a lower, base interest rate.

A base interest rate is the standard interest rate that you will see after the honeymoon period is over (where applicable).

What types of savings accounts are available?

Not all savings accounts are made, so when you compare the options, consider the following options:

  • Online saver accounts. These are savings accounts with online-only financial institutions. The lower overhead for the bank means higher interest rates and lower fees, as well as easy access. This is an ideal for those happy not to visit a branch.
  • Bonus saver accounts. Some savings accounts offer a bonus interest rate for an introductory period if you fulfil a certain deposit or withdrawal amount. For the best deals, expect that the financial institution will likely require that you have both a checking and savings account with it.
  • Intro rate saver. Some savings accounts offer honeymoon interest rates for an introductory period for switching from another financial institution. People that are interested in chasing the highest interest rates and do not mind changing banks every few months will find value in this account type.
  • Long-term savings accounts. These types of savings accounts offer the highest interest rates without needing to switch banks every few months, like with the intro rate saver accounts above. This type of account is a great option for people interested in staying with the same bank and saving money over a longer period of time.
  • Child savings accounts. Most parents want to shepherd their children’s financial wellbeing and a child savings account can be a great start. These accounts are usually fee free and offer high interest rates, however, they are generally limited to few or no withdrawals to receive them.

What differentiates one savings accounts from another?

Other options worth comparing, include:

  • Savings accounts should generally not come with any fees associated with them. Most online accounts will not have fees, but some financial institutions will charge for in-person transactions at their branch locations.
  • Linked accounts. Most savings accounts can be linked to a primary active account so that you can easily transfer money between the two accounts.
  • Monthly deposit requirements. Some financial institutions will require a certain balance or monthly deposit.
  • Frequency of withdrawals. Like the above point, most financial institutions will have a limit on the number of times you can withdraw money from your savings account while maintain your interest rate.
  • Introductory savings interest rates. Some savings accounts with offer an introductory promotional/bonus interest rate period of around four months to entice new clients. When considering these accounts, be sure to consider the baseline interest rate once the honeymoon period ends.

Is a savings account better than a term deposit?

A term deposit is when you invest money for a specified period of time in exchange for a guaranteed rate of return. These term lengths can range from 30 days to 10 years and the interest can be paid at varying points depending on the term length and the bank’s conditions.

Savings accounts and term deposits are both safe investments that seem similar, but there are a few distinct differences, specifically with regards to interest rates, withdrawal capabilities, and bonus rates.

Interest rates for term deposits are fixed and generally increase with the term length of the deposit whereas savings accounts have variable interest rates that will change over the period of the account lifespan.

Unlike savings accounts, where your assets are liquid, term deposits lock away your investment for a designated period, meaning that you cannot access these funds until the term length is over. Otherwise you may void your interest earnings.