Question
What is the best Australian Savings Accounts for 2025?
Making your own money is hard, so why not put your money to work for you instead?
Let's talk about last year's results. Ubank's High Interest Saver account won the podium at a whopping 158 votes, with ING Savings Maximiser taking a distant second at 53. Then Macquarie Savings Account took third with 32 votes.
So, as I was writing this up, The RBA has just cut cash rates for the third time in six months, down to just 3.60 percent. We can expect the banks to pass on those rate cuts to their customers quite soon.
Ubank's changes to their HISA account has also caused quite a stir, with many choosing to leave Ubank for greener pastures. So it'll be interesting to see what bank Ozbargainers have migrated to.
Anyway, the rest of the post is a copy and paste from previous. Feel free to skip ahead and start discussing in the comments and tell us what bank you have chosen in 2025.
What is a Savings account?
Savings accounts, as opposed to Transaction accounts, are high-interest bearing accounts that give you more money in return for the amount of money you put in. Savings accounts differ from Transaction accounts in one major way; they specifically discourage you to spend money by reducing the interest paid to you if you withdraw from it, but might reward you if you regularly deposit money into it.
Some key factors to look out for when deciding on a Savings Account:
- The Interest rate, and how frequently you receive the interest.
- Honeymoon periods - also known as introductory interest rates, these are short periods of time that you'll receive a higher interest than normal before it reverts to a standard interest rate.
- Minimum and Maximum account balances. Some Accounts don't pay interest if you keep too little in the account, and some won't pay you interest on balances over a certain amount.
- Account keeping fees.
- What rewards you reap when you deposit in money regularly and what penalties you'll get for withdrawing money.
- There may be certain requirements to fulfill before you can apply for the account (such as having a linked account).
Bank Interest Rates Spreadsheet
This spreadsheet is maintained by a user Kyle-K on this subreddit, please note the figures are not updated in real time and they are not in any way associated with us or Ozbargain. All credits go to the maintainers of this document. Please note that it is your own responsibility to do your own product research before opening any bank account, no-one else can be held responsible for any adverse events (or financial loss) that you may encounter through the use of this list.
How to add new suggestions to the poll?
Fill in the Suggestion box found just above the commenting textbox with the bank account name (e.g HSBC Everyday Savings Account), leave your review or thoughts about the account then click submit. I will then approve the options manually later
4.50%pa as long as you add $100 a month. No max limit. Seamless UI app.
https://www.anz.com.au/plus/accounts/save/