5 Best Bank Accounts Australia Compared

In this article, we compare 5 of the best bank accounts in Australia with very high-interest savings account rates!

These high-interest savings accounts can help you reach your financial goals faster. I hope you enjoy this list of Australia’s top 5 savings accounts!

These interest rates are accurate as at 21/06/24.

1. Ubank

Interest rate: up to 5.50% p.a. interest rate

Ubank offers competitive savings rate with a bonus interest rate of up to 5.50% p.a. on combined savings of up to $100K per customer. Just deposit $500+ per month from an external source into any of your Spend, Bills, or Save accounts. Get up to 5.00% p.a. on combined savings over $100k to $250K.

With a Ubank savings account there are no monthly fees, and you only need to make a minimum of $500 monthly deposit to qualify for the 5.50% p.a. interest rate. Additionally with this account, you can track your saving goals, have a deposit guarantee of up to $250k and open up to 10 savings accounts.

Plus score $30 when you sign up using my code, QUEENIE30, and make 5 purchases using your debit card or phone.

2. ING

Interest rate: up to 5.50% p.a. interest rate

If you have an ING Orange Everyday bank account or are looking to increase your savings, you should open an ING Savings Maximiser. The savings account offers a max interest rate 5.50%. To qualify for this interest rate, you need to make a monthly $1000 deposit, make 5 or more eligible transactions and grow your account balance (excluding interest).

3. Up Bank

Interest rate: up to 4.35% p.a. interest rate

If you’re looking for a bank that makes money fun and easy to track, then Up Bank is for you. With the Up Bank savings account you have zero monthly fees and a 4.35% p.a if you make 5 purchases each month. Additionally Up Bank has many features such as automatic transfers, savings lock and hidden features to help you reach your saving goals.

Get $7 using my code queeniet when you sign up

4. Macquarie

Interest rate: 5.35% p.a. Fixed welcome rate for 4 months on balances up to $250k~ then 4.75% p.a.

There are no deposit conditions to access this rate. Macquarie bank offers competitive interest rates and features that are uncommon at other banks. With a Macquarie bank you have no monthly fees, transaction fees, international purchase fees and get refund on ATM fees in Australia. If you value security, Macquarie bank is an award-winning digital bank. Additionally, for those that shop online a lot you get a 10% discount on over 50 retailers with Macquarie Marketplace.

5. Westpac Life

Interest rate: up to 5.20% p.a. interest rate

Earn up to 5.00% p.a. variable interest, including a 2.00% p.a. standard variable base rate on your account balance plus a 3.00% p.a. variable bonus rate each month you grow your balance. For bonus interest eligibility, you must make a deposit to the account, and the balance on the last business day of the month must be higher than the last business day of the prior month (excluding interest paid).

Westpac life savings account is one the best bank accounts in Australia. It’s 2% base interest and max interest rate of 5.20% is above average. It offers one of the lowest minimum monthly deposit of $0.01, making it more accessible to a wide range of people. Furthermore, the bank has zero account keeping fee.

What does the best bank account look like?

We all have different financial goals and timelines. So naturally, the best bank account for you might not work for me. However, we cannot deny that there are features that make a bank account good.

So, what exactly are those features?

Well let me break it down.

💳 Low fees

A good bank account should have no or low fees. In 2024 there should be no reason why you would be tempted to be with a bank with no or low fees. Fees may seem small but trust me, they add up. ING, Macquarie, NAB are all major banks that have zero monthly account fees.

📈 Interest rate

If your financial goal is to save, you need to be with a bank with high interest rates. I’m sure you already know this but just in case you forgot – you loose money with a low interest bank account. Inflation is real and you are not immune.

🪪 Strong security

Strong security is nonnegotiable.  No bank is safe from hackers, but its important that they put extensive safety measures to protect their customers. If your bank doesn’t offer two factor authentication, which is the bare minimum, please look elsewhere.

📲 Customer support

Customer support is just as important as security. You should be able to contact your bank via phone, email, live chat, online etc. A lot of things can go wrong especially when you add money into the equation. You should feel confident that if something was to happen e.g. you get hacked, your card gets stolen etc you could easily reach out to your bank.

🤳 Good App

The best bank account has a good app. The app should be easy to navigate and make banking more efficient. If your bank cares about you, they’ll make the app easy to use.

How to find the best bank account for you

There are so many banks and sometimes it can be overwhelming finding the best bank account.

I strongly recommend blocking out the noise and first figuring out your financial goals.

Do you want to save for a house deposit? Are you just looking for an everyday bank account? Are you looking for a bank account that’ll allow you to have sinking funds?

Once your financial goals are clear, it’s time to start listing your non-negotiables.

For example, you might feel more comfortable being with a bank that has branches as opposed to one that is only online.

Here are some things that you should consider being in your non-negotiable list, low or no fees, high interest rates, strong security, excellent customer support and a good app. Just be very mindful that some banks have conditions that you have to meet to get the high interest. It’s not very demure but it happens.

By following these steps, you should be able to find the best bank account for you!

Queenie’s bank account

In case your curious, Queenie uses Ubank.

Ubank is so good If you’re looking for a bank that has high interest rate on savings.

You simply cannot go wrong with a bank that offers up to a 5.5% p.a. bonus interest rate. And it’s so easy to get the bonus interest rate compared to other savings account.

The app is also so easy to use and navigate.

How to compare savings accounts

Comparing savings accounts is both overwhelming and tedious!

We’ve done a bit of research for you and compared some of Australia’s top savings accounts 🥳

Frequently asked questions