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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.
With the advent of internet came internet banking. Thanks to the sophistication and robust nature of the internet today, you can quite easily run your finances solely off the screen you’re looking at right now. There’s a plethora of options for great online savings accounts available to you now, so it can be difficult to narrow down your choice to just one. Learn more about online savings accounts, how they work and how you should compare the best options on the market right here with Savvy.
An online savings account is essentially the same as the standard type of savings account, with the key distinction that it’s based entirely online. Just about any kind of savings account can be converted into an online account, which moves your services to within the confines of your devices. While they’re available for most other savings account holders, online savings accounts make use of more advanced banking apps and websites to facilitate access to your account wherever and whenever you wish.
Firstly, and perhaps most notably, online savings accounts cut out the need for any in-person or branch dealings. This may be a problem for some, but for those who are banking with a more obscure financial institution which has less physical accessibility, it’s more convenient. What this also does is scrap any prospect of you paying fees for services conducted at your branch by a member of staff. For some savings accounts, you’ll be charged a fee if you go into a branch to make a deposit, for example. With everything controlled online, there’s no need to break a sweat over the potential for incurring fees in this area.
Aside from this, the conditions and features you’ll find on your online savings accounts remain much the same as others. You’ll likely have to meet a set of requirements each month as part of maintaining your account, such as adhering to a maximum number of withdrawals and minimum amount deposited and overall account balance. If these aren’t met, you could risk incurring a fee or miss out on a bonus interest rate if your account has one.
There many areas to compare on savings accounts. The table below outlines the most important and why you should consider them crucial to securing the best online savings account deal.
| What you should compare | Why you should compare it |
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Type of online savings account |
There are savings account types to suit a wide variety of people. Whether you’re a child, student, adult or pensioner/retiree, there’s a savings account that can work for you and be opened and operated online. This can also apply to those looking at opening an online savings account to help manage business finances, as well as cash management accounts for investors who are looking to earn interest on their funds while they’re not required for other investments. |
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Type of financial institution |
You’ll come across a wide range of institutions offering online savings accounts, but the main distinction is between bigger banks and smaller banks and other financial institutions. In the online space, bigger banks can often offer broader customer service across a wider range of platforms, while smaller institutions will generally be able to cater their service to your needs more effectively on a case-by-case basis. Some of these may operate solely online also, so you may find that they’re a more convenient option to go with. |
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Interest rates |
This is one of the easiest ways to compare online savings accounts. To put it simply, the savings account with the highest interest rates will earn you the most overall. A relevant consideration for high interest rate savings accounts online is how that rate is obtained. This could be via a bonus rate, which grants higher monthly interest provided the account holder meets certain requirements, or an introductory rate, which stays at a high rate for an initial set period before reverting to a low rate. Alternatively, you may wish to go for an account that has a higher base rate, which won’t be as high as the other options but will likely be better for long-term saving. |
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Fees |
While less prevalent with online accounts, you’ll still encounter fees for certain services provided on your savings account. One of the most common of these is a monthly account fee, which is often waived by financial institutions, while other common ones include statement, ATM and transfer fees. If you’re someone who utilises features like these as part of your online savings account, as most do, you should prioritise low or no fees in these areas, as costs can add up. |
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Deposit requirements |
Most online savings accounts will have a minimum requirement for the amount of money that must be deposited each month. This can vary widely between institutions between a few hundred and few thousand dollars. You should look to this as one of the key areas of consideration when comparing online savings accounts. Only commit to an account with achievable deposit requirements. |
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Balance requirements |
Similarly, maintaining a certain balance from month to month may be challenging for those with a lower income and high expenses like rent and bills. Not adhering to this limit, which can vary anywhere between a minimum of $2,000 to a maximum of $250,000, can rule you out from receiving the highest bonus interest rate on your online savings account or, in some cases, incur a fee. These accounts may also require low or no minimum balance, which can be useful when starting up the account. |
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Withdrawal requirements |
Another common requirement for online savings accounts is a maximum number of withdrawals that can be made each month. Always bear this in mind when shopping around for the best online savings accounts, as limiting your capacity to withdraw more than five times, or any at all, can result in your interest rate falling from above 1% to the base rate, which is just above 0%, in some circumstances. However, it’s important to note that these limits can be more flexible in online savings accounts. |
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.
Able to be accessed at the touch of a button 24/7, online savings accounts offer a level of convenience unrivalled by more traditional savings accounts
With no need for fees in relation to branch access and less common account-keeping charges, these accounts are often the most fee-free on the market
If you have an online savings account linked to a bank account, transferring money between the two is made much simpler through an online framework
No minimum initial deposit is required with most online savings accounts, while withdrawal limits can negotiated with your institution on an individual
If the internet at your house breaks down and your financial institution operates solely online, gaining access to your account can be difficult
Online savings accounts linked to bank accounts with other institutions can experience delays with their money transfers
If you’re someone who values going into a branch for service from a member of staff in person, this probably won’t be offered for free or at all with online savings accounts
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.
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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.
