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Tips to compare bank savings accounts
A bank 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 cheque account, so that the user can easily transfer money between the accounts. Some bank savings accounts have debit card access. The interest for your account is usually calculated monthly.
Pros of a bank savings account:
- Bank savings accounts are a safe investment
- Bank savings accounts are covered under the Government Guarantee
- Bank savings accounts are liquid and generally, you can withdraw your funds at any time
Cons of a bank savings account:
- Bank savings accounts typically require you not to spend your money to avoid, voiding your interest earnings
What is the interest rate on a bank savings account?
Interest rates vary between less than 1% to just over 3%, depending on the type of bank savings account you 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 bank 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).
Compare and review Australia bank savings accounts
How to apply for a bank savings account?
If you’d like to apply online for a bank savings account, just scroll up and click on “GO TO SITE” to be taken to a secure online application form. Before you apply, be sure to learn about company’s savings account products, fees and eligibility criteria.
Give yourself around 20 minutes to complete the savings account application.
You will also need:
- an Australian residential address
- an Australian home address
- Your company name and ABN or ACN
- Accepted ID such as drivers licence and passport
- For some savings accounts you will also need a linked transaction account
- For some savings accounts you will need to deposit a minimum amount
- Foreign tax residents will require a foreign tax number
Who can apply for a bank savings account?
- You must be an Australian resident with an Australian residential and mailing address
- You must be at least 18 years or over
High interest savings account calculator
Want to calculate how much you could potentially earn with your bank savings accounts? Just use the filter to change your deposit amounts to calculate approximate earnings. Your potential earnings are calculated and displayed in the table.
Other benefits included with bank savings accounts
Below is a list of features and benefits offered by online. Note, the below features are not available with all accounts. Review the above product table to see which accounts offer which features:
- Internet banking
- Phone bank
- ATM access
- EFTPOS facility
- Branch access
- $0 account keeping fees
Want to get the most of your savings? Read our savings tips for Australians.