Australian Savings Bank Accounts Comparison
Understanding and comparing savings accounts in Australia
What is a Savings Bank Account?
A savings bank account, also known as a savings account or deposit account, is a banking product designed specifically to help individuals grow their money over time. Unlike everyday transaction accounts that prioritize convenience and frequent access, savings accounts are structured to encourage regular deposits and longer-term money management. These accounts typically offer interest on your balance, allowing your money to earn returns while remaining accessible. Savings accounts are ideal for building emergency funds, saving for major life events, or simply growing your wealth without taking investment risks. Most Australian banks offer various savings products with different interest rate structures, features, and minimum balance requirements to cater to different savings goals and investment strategies.
Savings vs Everyday Bank Accounts
While both savings and everyday accounts are essential banking tools, they serve different purposes and have distinct characteristics:
Purpose
Everyday Account: Designed for daily transactions, bill payments, and salary deposits with frequent account activity.
Savings Account: Designed to accumulate and grow money over time with a focus on earning interest and building wealth.
Interest Rates
Everyday Account: Typically offers little to no interest on your balance, or variable low interest rates.
Savings Account: Offers higher interest rates that vary by bank and account type, often with bonus rates for meeting conditions.
Transaction Limits
Everyday Account: Unlimited transactions, EFTPOS, ATM withdrawals, and bill payments with no restrictions.
Savings Account: Often limited withdrawals per month (e.g., 4-6 free withdrawals), encouraging money to stay in the account.
Account Fees
Everyday Account: May charge monthly fees (though many fee-free options exist) with transaction-based charges.
Savings Account: Often have no monthly fees but may charge for excess withdrawals or early account closure.
Access & Flexibility
Everyday Account: Designed for maximum accessibility with debit cards, online transfers, and ATM access 24/7.
Savings Account: May have limited access options (online/app transfers, limited ATM withdrawals) to prevent frequent spending.
Target Users
Everyday Account: Everyone who needs a basic transaction account for daily banking and salary deposits.
Savings Account: People who want to save money, build emergency funds, or have medium-term financial goals.
Savings Account Comparison
| Feature | Ubank Savings | ING Savings Maximiser | BOQ Future Saver |
|---|---|---|---|
| Monthly Account Fee | Free | Free | Free |
| Interest Rate (Bonus)* | 5.00%* | 4.80%** (0.05% base) | 4.85%*** (0.05% base) |
| Minimum Balance | No Minimum | No Minimum | No Minimum |
| Withdrawal Limit | Unlimited | Unlimited | Unlimited |
| ATM Withdrawals | Free at major banks | ING ATM network | Yes |
| EFTPOS Transactions | Free | Via linked Orange Everyday | Free |
| Online Transfers | Free | Free | Free (via app) |
| Mobile Banking App | Yes | Yes | Yes (exclusive) |
| Debit Card Included | Yes | Orange Everyday required | Visa Debit Card |
| Bonus Interest Rate | Available for eligible customers* | Available for eligible customers** | Available for eligible customers*** |
Ubank Savings
ING Savings Maximiser
BOQ Future Saver
Ubank Bonus Interest Conditions*
Bonus Interest Requirements:
- Must have a Spend account with Ubank
- Grow your combined balance across all Save accounts by at least $1 each month
- Interest earned does not count towards this $1 growth requirement
Additional Important Information:
- Bonus interest only applies to combined balances up to $1M per customer
- Bonus criteria must be met by 11:30pm (Sydney time) on the last day of the month
- If you switch a Save account to offset or close it during a month, no interest is paid on that account for that month
- Interest rates are variable and subject to change
ING Savings Maximiser Bonus Interest Conditions**
Bonus Interest Requirements:
- Must hold an Orange Everyday account
- Deposit $1,000 or more per month from external sources
- Make 5 or more card purchases during the month
- Grow your account balance by at least $1 during the month
Interest Rate Tiers:
- Base rate applies to standard balances
- Higher rates apply to balances of $50,000 or more
- Bonus rate applies when eligibility criteria are met
Additional Important Information:
- Bonus applies to one nominated Savings Maximiser account per customer
- Bonus criteria must be met by the end of the calendar month
- Interest rates are variable and subject to change
- Refer to ING's Terms and Conditions for complete details
BOQ Future Saver Bonus Interest Conditions***
Eligibility & Account Requirements:
- Age 14–35 years old
- Australian residential address required
- Valid Australian phone number and ID required
- Available exclusively via myBOQ mobile app
Bonus Interest Requirements (for highest rate):
- Deposit minimum $1,000 from external Australian bank account
- Complete at least 5 eligible transactions per month (direct debits, ATM, BPAY, card purchases)
- Note: Ages 14–17 earn full bonus rate without meeting these criteria
Interest Rate Tiers (for balances up to $50,000):
- Base rate: 0.05% p.a.
- Bonus rate: 4.80% p.a. (with eligibility criteria)
- Highest rate: 4.85% p.a. (when all criteria met)
- Lower rates apply to balances above $50,000
Additional Important Information:
- Account auto-converts to Smart Saver at age 36
- Round-up savings feature available to boost savings
- No transaction fees within Australia
- Interest rates are variable and subject to change
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Everyday Accounts
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