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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.
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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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
A locked savings account can make it easier to grow a nest egg if you’re someone who lacks a bit of financial discipline. You can open a term deposit or bonus saver account and restrict access to your cash to help it accumulate interest over time.
As a reward for not chipping away at your money, you get a higher interest rate to help grow your bank balance. Read more about how locked savings accounts work and how you can find the one that’s right for you across Australia by comparing with Savvy.
Lockable savings accounts come in two forms: bonus saver accounts and term deposits. Both make it harder for you to withdraw money to help you save, but they have noticeable differences. That’s why it’s important to compare them with Savvy to find the one that’s right for you.
Interest rates
A bonus saver account comes with a variable interest rate while a term deposit comes with a fixed rate. The rates on bonus saver accounts are generally more competitive than a term deposit. However, a fixed rate protects your savings goals if there’s a downturn and interest rates hit a slump, guaranteeing you a set return on investment.
Minimum balances
To earn a high interest rate, bonus saver accounts will often come with a bunch of requirements, such as holding a minimum balance each month. This isn’t a factor with term deposits, as your interest rate is locked in.
Accessing your money
While a bonus saver lets you dip into your savings whenever you see fit, you probably won’t qualify for the higher interest rate if you do. Withdrawing from a term deposit is harder, as institutions will typically only let you withdraw if you give them 31 days’ notice and you’ll likely forfeit the interest you’ve earned for the month.
Deposits
Depending on the institution you’re with, term deposits usually have minimum down payments of between $1,000 and $5,000. You’ll also have to wait until your term is completed to top it up. Making deposits is easier with a conditional saver account, as you’ll be able to make ongoing payments without restriction.
Linking account
A conditional saver account allows you to set up a linked everyday account. You can transfer a sum of money from your saver to an everyday account to pay your ongoing expenses. If you open a term deposit, some institutions will offer to pay the interest you’ve earned into a linking account, but you otherwise won’t be able to access the funds during your term.
Term length
The length of time you can lock your money away is also different between the two accounts. Your term on a bonus saver is open-ended, whereas a term deposit has a set period, which can be anywhere from one month to five years.
Interest rates
Finding a lockable savings account with a high interest rate is the key to maximising your balance. For example, if you put $3,000 in an account at 1% p.a. interest and deposited $450 monthly over ten years, your total interest would reach $3,083. However, if your rate was 1.5% p.a., you would earn $4,706. Use Savvy’s online savings calculator to work out how much you can save.
Bonus interest
Lock-away savings accounts can come with some conditions that help you earn a higher interest rate, including minimum balance and deposit requirements. They can be enticing when shopping around, but it’s important to compare with Savvy so you don’t opt for an account with conditions you’ll struggle to meet.
Fees and charges
Bonus saver accounts generally won’t come with fees, but it’s important to triple-check for any hidden costs when comparing offers with us. Term deposits often come with set-up fees and a $30 charge if you want to access your money before maturity.
Terms and conditions
Bonus saver accounts may come with extras such as free monthly transfers which can be important selling points to weigh up when choosing what type of lock-away savings account you want. Likewise, term deposits will come with a range of terms, including no automatic rollovers.
When interest is paid
While a bonus saver will pay your interest every month, term deposits can give you the power to choose your interest payment frequency. You’ll get the option of being paid monthly, annually or when your term matures. It’s important to compare these points because opting to be paid at maturity may give you access to a higher interest rate.
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.
Before you start looking for the best accounts, figure out what your savings goal and purpose are. Having an idea of what you want to use your funds for will give you a clearer picture of what type of locked savings account you want to open. Determine if you’ll be depositing large amounts over a short period, smaller amounts over a longer period or putting down a lump sum to help you compare and choose an account which best suits your needs.
By using our comprehensive comparison processes, you’ll be able to contrast untouchable savings account offers side-by-side. This invaluable knowledge helps put you in the best position to find a deal which best suits your needs.
No two locked savings accounts are the same, so it’s important to weigh up who offers the best conditions and extras. Opening an account which offers bonus interest can be enticing but making sure you can meet the requirements, such as minimum deposits, will save you unnecessary financial heartache.
Interest payment options vary, but you’re typically given a few choices. You can have what you’ve earned paid into a linked account or reinvested back into your account to earn compound interest. Savvy’s handy online compound interest calculator helps you work out how much you’ll earn over time, which can help take the fuss out of the decision-making process.
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.
