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Are you looking to grow your savings? Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings. Â
Rabobank High Interest Savings Account |
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Rabobank’s High Interest Savings Account helps grow your savings while offering flexibility and easy access to your money.More details |
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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Shopping around for the right savings account is an easy way to ensure you get the best bang for your buck. Just like sniffing out the best home loan deal, finding the best account can simply come down to comparing their various features.
Finding a savings account with a high interest rate and low fees can help you reach your savings goals sooner, whatever they may be. Read more about how to compare savings accounts with Savvy to ensure you get the most out of your money.
Interest rates
The higher your interest rate, the more you’ll earn on the money you’ve stashed away. A savings account will have a much higher rate than a standard transaction account, although these can vary between financial institutions. For example, if you deposited $500 each month for ten years at a rate of 2% p.a., you’d earn $6,360 in interest, which is almost $1,700 more than if you opened the same account with a 1.5% rate.
You'll also reap the rewards of compound interest, which means interest is calculated on both your savings and the interest you’ve already accumulated. You can use Savvy’s handy compound interest calculator to work out how much you could earn. Comparing savings deals allows you to find the best rate on offer and maximise the amount of interest you earn on the money you’ve put away.
Fees and charges
Opening a savings account can come at a cost. While some financial institutions will proudly be ‘fee-free’, others have a range of charges including:
Financial institutions can waive fees if you meet certain account benchmarks, such as not breaching your withdrawal limit. Choose an account which offers fewer fees and higher interest to avoid your savings goals being counterproductive.
Linked accounts
A linking account attached to your online saver account is one of the main ways people access their money these days. Your wage will be paid into your savings account so you can transfer what you need for regular expenses into your transacting account. The financial institution you bank with won’t always require you to have a linked transaction account with them, but some do, so it’s worth considering these when comparing.
Withdrawals
Even though savings accounts are designed to sit and accrue interest, you may have to make withdrawals from time to time. Institutions usually have limits on how many free transactions you can make, after which you could be charged a fee of about $3 each time you withdraw money. Some accounts are harder to withdraw from, such as term deposits. You’ll need to give 31 days’ notice before you can withdraw and you may have to forfeit interest for that month. Locked accounts also offer you extra interest for not making withdrawals, but strip it away if you do access your funds.
Regular deposits
Some institutions waive fees if you make monthly deposits above a certain amount to keep growing your bank balance. For example, a bank may not charge its monthly account fee if you deposit more than $2,000 within a given month. By comparing savings accounts with Savvy, you can find one with deposit requirements you can easily manage to ensure you get the most out of the account.
Balance requirements
Some accounts make earning the top interest rate conditional on having a minimum monthly balance. For instance, some institutions offer competitive rates if you have at least $5,000 in your account. Many institutions cap the maximum balance on your account at $5,000,000, but some also have no balance requirements. You’ll find it easier to choose an account that works for you with Savvy’s side-by-side savings account comparison.
Other features
Check to see if your institution offers a range of added extras with your account, including internet and phone banking and round up functions. The latter is sometimes offered on linked transaction accounts. Every time you make a purchase from your linked everyday account, the price is rounded up to the nearest dollar and the difference deposited into your savings account.
People open savings accounts for many reasons. They may be saving for a wedding, a new car or a home deposit, but they may also just be squirrelling money away for a rainy day. When you compare what savings account is right for you, it’s important to know how you’ll use the account so you can maximise the rewards and minimise the costs.
Short-term savers
If you’ll be adding money when you can, institutions offer flexible options such as online saving accounts. These types of savings accounts often have no minimum deposit requirements or monthly fees, which can suit someone who’s saving over a short period, whether it be for a holiday or Christmas gifts. Bonus saver accounts and those offering introductory offers also cater to short-term savers; bonus savers offer high interest by meeting certain account requirements, while introductory offers give you a short period of high interest when you open an account. You can use Savvy’s savings calculator to estimate what you need to regularly deposit to reach your goal.
Long-term savers
Additionally, locked accounts such as term deposits are good for people who don’t want to touch their funds. These types of low-risk and minimal maintenance accounts only let you access your funds upon the end of your term or 31 days’ written notice. Standard savings accounts with higher base rates and joint accounts (where more is deposited and earns interest as a result) can also help you boost the interest you earn without having to worry too much about their restrictions. You’ll likely have to deposit a minimum amount with these accounts.
Saving for your children
If you’re a parent saving for your child or teaching them the importance of money, most major banks offer kids’ savings accounts. These are high interest accounts that often have no fees or minimum deposits. The purpose of these accounts is to help teach children the importance of saving.
Managing money for retirement
Institutions offer savings accounts for pensioners and retirees who want to save, but also need regular access to their money. These are effectively hybrid savings and transaction accounts and, as such, interest will be lower. You’ll likely receive tiered interest, meaning as your balance rises, so too will your interest rate. You must be over 55, a retiree or receiving a government age pension to open this type of account.
You won't have to pay a cent to compare savings accounts with us, so you can do so at any time you like.
There's no need for you to worry about visiting any banks, as you can compare accounts and open one online.
We're partnered with trusted financial institutions around Australia to bring more quality to your comparison.
When you compare savings accounts, double-check what you need to do to earn the highest interest rate possible, such as meeting minimum balances or monthly deposits. It’s important you know you can meet these comfortably without putting yourself under financial stress.
Make comparisons between the best savings account deals with Savvy’s easy-to-follow guide. You can easily match up interest rates, terms and features of various accounts from multiple financial institutions to determine which is best for you.
Don’t just zero in on the major banks when looking to open a new account. Smaller financial institutions, such as credit unions and internet banks, can sometimes offer more competitive rates and accounts with better terms.
Work out why you’re saving. If you’re looking to save for an upcoming holiday, an account where you can regularly deposit money from your salary may suit you. If you’re looking more long-term, a locked bank account may be the answer. Use Savvy’s online savings calculator to estimate how you can reach your goal.
Use our savings calculator to help you calculate how much you could save over a set timeframe based on different deposit sizes and frequencies.
Your savings can put in work for you. Crunch the numbers to see how much interest you could earn on top of your interest by compounding daily, monthly and annually.
It's crucial to have a clear idea of your monthly household budget to see where your money is going and where it could potentially be better spent.
If you're applying for a loan or need to know what your salary is for your tax return, you can use our annualisation calculator to work out what you'll earn this financial year.
Setting savings goals is important. With this tool, you can work out how much you'll need to deposit to reach your financial aims over a set timeframe.
Just as important as knowing how much to deposit is working out how long it'll take to reach your goals. This savings goal calculator can help you do just that.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
