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Goal saver accounts

See a list of the top goal saver accounts in Australian banks

Updated: 01.09.2026

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Quick Rates Review

Compare top financial options at a glance. Comprehensive analysis for each listed offer is available further down the page

Institution

Rate (APR/APY)

Sum & Term

Bankwest

2.1% - 5.75%

Flexible Amount

Flexible Term

Defence Bank

0.1% - 5%

Up to $1,000,000

Flexible Term

AMP Bank

4.85%

Flexible Amount

Flexible Term

Commonwealth Bank (CBA)

0.25% - 4.75%

Flexible Amount

Flexible Term

Westpac Bank

0.1% - 4.75%

Flexible Amount

Flexible Term

Bank of Queensland (BOQ)

0.05% - 4.55%

Up to $5,000,000

Flexible Term

P&N Bank

0.2% - 4.55%

Flexible Amount

Flexible Term

Heritage Bank

0.01% - 4.40%

Up to $1

Flexible Term

Bank Australia

2.5% - 4.2%

Flexible Amount

Flexible Term

Gateway Bank

0.1% - 3.6%

Flexible Amount

Flexible Term

Bendigo Bank

3.55%

Flexible Amount

Flexible Term

ANZ Bank

0.01% - 3.5%

Flexible Amount

Flexible Term

BankVic

2.9%

Up to $5,000,000

Flexible Term

Geelong Bank

0.01% - 2.71%

Up to $1

Flexible Term

Australian Mutual Bank

2.2%

Flexible Amount

Flexible Term

Quick Expert Insights

Interest Rates

Average:1.26%

Range:0.01% - 5.75%

Product Term

Minimum: 0 days

Maximum: 0 days

Limit / Amount

Min Entry:$1

Max Limit:$5,000,000

Analysis of 15 offers shows an average rate of 1.26%, with the absolute market maximum reaching 5.75%. Flexible terms from 0 days are available at , while offers terms up to 0 days . The lowest entry is $1 (via Heritage Bank).

Full Products Review

In-depth analysis of available financial offers. Compare detailed terms and explore expert insights to choose the most suitable option for your needs.

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AMP Bank

AMP Bank GO Save

Rate: 4.85%

💰 Fees & Rates

Monthly account-keeping fees: Nil Deposit and withdrawal fees: Nil

📋 Important Terms

No minimum monthly deposit or growth requirements to earn the interest rate No withdrawal limits or penalties Must be linked to an AMP Bank GO Everyday transaction account Accessible exclusively via the AMP Bank GO mobile app Interest is calculated daily and paid monthly

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The AMP Bank GO Save account is a highly competitive "no-strings-attached" savings product, offering a strong variable rate of 4,85% without the typical requirements found at Big Four banks. Unlike bonus savings accounts from CBA or Westpac, which often mandate monthly deposits or restrict withdrawals to maintain high rates, this account provides total flexibility. Its main advantage is the lack of "hoop-jumping," while its primary disadvantage is the absence of a desktop web portal and branch support. It is an excellent choice for mobile-first savers who want a high yield on their emergency fund without worrying about meeting strict monthly conditions.

📍 View official contacts for AMP Bank

ANZ Bank

ANZ Progress Saver

Rate: 0.01% - 3.5%

💰 Fees & Rates

Monthly account service fee: $0
First monthly withdrawal or transfer: $0 (disqualifies bonus interest)
Subsequent Electronic Transactions: $1.00 each
Subsequent Staff Assisted Transactions: $2.50 each
Under 18s Fee Waiver: Available upon application and proof of age

📋 Important Terms

Bonus Interest Requirement: Single deposit of $10 or more and no withdrawals, transfers, or fees processed in the month
Base Interest Rate: 0.01% p.a. applied if bonus criteria are not met
Eligibility: Australian residents aged 12 or older (under 12 requires a Trust account)
Account Purpose: Designed for personal use only
Effective Date Logic: Bonus eligibility is based on effective processing dates, which may differ from calendar transaction dates

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The primary advantage of the ANZ Progress Saver is the high 3.50% p.a. total interest rate triggered by a very low $10 monthly deposit, making it one of the most accessible high-interest accounts for consistent savers. The main disadvantage is the strict "no-withdrawal" policy; even a single transaction or fee charge will revert the entire balance to a negligible 0.01% p.a. base rate for that month. Compared to the Big Five Canadian banks like Scotiabank or RBC, which offer similar incentive-based savings accounts (such as the Momentum Plus), ANZ's version is more punitive regarding any account activity but requires a much lower monthly growth amount. It is best suited for children, teenagers, and individuals building an emergency fund who can commit to leaving their savings untouched.

📍 View official contacts for ANZ Bank

Australian Mutual Bank

iNet Savings Account

Rate: 2.2%

💰 Fees & Rates

Annual fee: 0 dol Monthly account keeping fee: 0 dol Transaction fees: 0 dol

📋 Important Terms

No minimum deposit required to open Interest is calculated daily and paid monthly Provides at-call access via online banking and mobile app Restricted to one account per membership Includes BPAY and direct credit functionality No debit card access available

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The iNet Savings Account is a simple, no-frills online savings tool that provides a consistent 2,20% rate across all balances. While it lacks the high bonus tiers found in products from "Big Four" banks like CBA or Westpac, its primary advantage is the total lack of conditions—no minimum monthly deposits or withdrawal restrictions are required to earn the rate. The main disadvantage is the lack of a linked debit card, which limits its use for immediate point-of-sale spending. This account is best for digital-savvy savers who want a separate, fee-free space to hold emergency funds with immediate electronic access.

📍 View official contacts for Australian Mutual Bank

Bank Australia

Online Saver

Rate: 2.5% - 4.2%

💰 Fees & Rates

Monthly account fee: $0 Deposit fee: $0 Online transfer fee: $0

📋 Important Terms

Earn base interest rate regardless of the number of withdrawals made. Balances up to $499999 earn 4,10% p.a., and balances from $500000 to $1999999 earn 4,20% p.a. Protected by the Australian Government guarantee up to $250000. Applicants must be 18 years or older to apply online.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Online Saver account provides ultimate flexibility, allowing you to earn a solid base interest rate without any penalty for making withdrawals. The main advantage is the freedom to access your cash at any time while still earning up to 4,20% p.a. and paying no monthly fees. The primary disadvantage is that the interest rate is lower than what can be achieved with a restrictive bonus savings account. When compared to basic online savings accounts from the Big Four (Commonwealth Bank, NAB, ANZ, Westpac Bank), Bank Australia delivers a highly competitive unconditional ongoing rate, as the majors often rely on short-term introductory rates that drop significantly after a few months. This product is ideal for individuals who need an everyday savings bucket where they can park their emergency funds with immediate access.

📍 View official contacts for Bank Australia

Bank of Queensland (BOQ)

Simple Saver Account

Rate: 0.05% - 4.55%

Sum: $5,000,000

💰 Fees & Rates

Monthly account keeping fees: $0

📋 Important Terms

Exclusive mobile app savings account available solely through the myBOQ application; cannot be accessed or managed via the classic BOQ desktop online banking portal.
Earns a flat ongoing variable rate without requiring a linked transaction account, minimum monthly deposits, or transaction activity hurdles.
Features a multi-tiered interest structure based on total balance: 4.55% p.a. on balances up to $5,000,000 and drops to a 0.05% p.a. base rate on any portion of the balance exceeding $5,000,000.
Allows users to open and run up to 9 separate individual Simple Saver sub-accounts within the mobile application to isolate different financial goals.
Provides full app-based budgeting tools, direct bill payment tracking with automated due date notifications, and live customer support chat.
Integrates with an optional myBOQ Everyday Account to enable automated debit card transaction round-ups directly into a chosen savings bucket.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Simple Saver account is its complete operational freedom, delivering a highly competitive ongoing yield of 4.55% p.a. without forcing customers to clear complex transactional hurdles, maintain active direct debits, or deposit mandatory monthly salary tranches. The primary disadvantage is its restrictive technical architecture, which locks account access exclusively to a smartphone app and completely isolates it from classic BOQ accounts, alongside a massive interest cliff dropping to 0.05% p.a. for large capital deployments past the $5,000,000 cap. Compared to standard liquid savings products from Canada Big Five institutions like RBC or TD Bank—which generally offer low base rates between 1.00% and 1.90% p.a. unless tied to short-term promotional windows—this account provides exceptional, unconditional value for liquid capital. This product is best suited for independent savers, investors holding transient cash reserves, and multi-goal budgeters who want high flexible returns and smart app tracking without the anxiety of missing monthly account activity benchmarks.

📍 View official contacts for Bank of Queensland (BOQ)

BankVic

EasyInvest

Rate: 2.9%

Sum: $5,000,000

💰 Fees & Rates

$0 account keeping fees

📋 Important Terms

Earns a flat variable interest rate of 2.90% p.a. on balances up to $5,000,000
Interest is calculated daily and paid monthly
No minimum balance or regular monthly deposit conditions are required to maintain the account or earn the rate
Account management and fund access are restricted to online channels only

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the EasyInvest account is its unconditional flexibility, allowing savers to earn a stable 2.90% p.a. variable rate on substantial balances up to $5 million without worrying about monthly deposit minimums or withdrawal penalties. The main disadvantage is that the interest yield is considerably lower than dedicated bonus saver or term deposit alternatives, and account access is strictly restricted to online channels, excluding branch or telephone transfers. Compared to high-interest savings accounts from Canada Big Five institutions like the RBC High Interest eSavings or TD ePremium Savings Account—which frequently impose transaction fees for moving funds out or offer baseline rates below 2.00% p.a. unless paired with promotional windows—BankVic offers a clean, penalty-free digital repository. This product is best suited for online-focused savers, emergency fund holders, and individuals who want a highly liquid, mid-tier yielding digital stash where they can deposit and withdraw capital entirely at their own discretion.

📍 View official contacts for BankVic

Bankwest

Easy Saver

Rate: 2.1% - 5.75%

💰 Fees & Rates

$0 monthly maintenance or account-keeping fees
Transactional fees may apply in accordance with the Easy Saver Product Schedule

📋 Important Terms

Requires a mandatory linked fee-free Bankwest Easy Transaction Account
Initial 4-month promotional tiered variable introductory rates apply exclusively to new account holders: 5.75% p.a. on balances up to $250,000.99, and 4.80% p.a. on the portion of the balance over $250,001
Ongoing tiered standard variable rates apply after 4 months: 5.00% p.a. on balances up to $250,000.99, and 2.10% p.a. on the portion of the balance over $250,001
Introductory offer is restricted to one account per customer (no joint accounts available) and is invalid if the customer held an Easy Saver account with an introductory rate that expired within the last 2 years
Interest is calculated daily using the part-balance tiered method and paid out monthly
Allows unlimited penalty-free transfers between the Easy Saver and the linked Easy Transaction Account at any time
Defaults to digital eStatements via the app and online banking, with optional paper configuration

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Easy Saver account is its incredibly strong short-term earning potential, combining a top-tier 5.75% p.a. introductory rate with an excellent, condition-free 5.00% p.a. ongoing standard rate on the first quarter-million dollars, providing high liquidity with zero deposit or withdrawal penalties. The primary disadvantage is the severe tiered drop-off for higher balances, where any capital exceeding $250,000.99 falls dramatically to a 2.10% p.a. yield ongoing, combined with the structural requirement of managing a secondary linked clearing account. Compared to flexible digital savings accounts at Canada Big Five institutions—such as the RBC High Interest eSavings or TD ePremium Savings Account, which frequently pay flat baseline rates under 2.00% p.a. and impose administrative transaction fees for moving cash out—Bankwest delivers vastly superior interest benchmarks with total transactional freedom. This product is best suited for retail investors and everyday savers looking to maximize their immediate interest yield on up to $250,000 over a 4-month introductory horizon while retaining instant, digital mobile access to their cash reserves.

📍 View official contacts for Bankwest

Bendigo Bank

EasySaver

Rate: 3.55%

💰 Fees & Rates

Monthly service fees: $0
Branch withdrawals: 2 free branch withdrawals per month
Digital transactions: $0 (unlimited free transactions via e-banking or the Bendigo Bank app)

📋 Important Terms

Must be an Australian citizen or resident to apply
New customers signing up via the app require an Australian Driver's licence or Australian Passport for identity verification
Earns a straightforward ongoing variable base interest rate of 3.55% p.a. regardless of savings balance or transaction volume
Interest is calculated daily and paid monthly
Joint or business accounts cannot be opened via the mobile application and require visiting a physical branch

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main benefit of this high-yield savings tool is its straightforward, no-strings-attached reward structure, which delivers a highly competitive ongoing variable rate of 3.55% p.a. without forcing savers to satisfy aggressive monthly deposit targets or introductory conditional criteria. The primary disadvantage is the friction surrounding real-world cash logistics, as the account caps out at just two free branch withdrawals per month before charging potential over-the-counter handling penalties. Compared to standard liquid storage vehicles managed by Canada's traditional Big Five institutions, which commonly restrict high interest tiers to short-lived introductory promo windows or relegate base growth rates below the 1.50% p.a. benchmark, this account offers exceptional ongoing utility. This product is best suited for self-directed retail savers and digital-first consumers who want a reliable, zero-maintenance cash reservoir to build wealth seamlessly while retaining constant, unpenalized electronic access to their capital.

📍 View official contacts for Bendigo Bank

Commonwealth Bank (CBA)

GoalSaver

Rate: 0.25% - 4.75%

💰 Fees & Rates

Monthly account fee: 0 AUD Assisted withdrawal fee: 0 AUD Paper statement fee: 2,50 AUD

📋 Important Terms

Must be 18 years or older to apply online To earn bonus interest, the balance must be higher at the end of the month than at the start Must make at least one deposit of any amount per calendar month

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The GoalSaver account rewards disciplined financial habits, highlighted by a competitive 4,75% p.a. maximum rate. Its main advantage is the lack of withdrawal penalties, provided the overall monthly balance still grows. The significant disadvantage is the punishingly low 0,25% p.a. base rate if the growth conditions are missed. When evaluated against bonus savers from NAB or Westpac, GoalSaver is straightforward but requires strict monthly tracking. It is ideal for consistent, goal-oriented savers who can reliably grow their balance every single month.

📍 View official contacts for Commonwealth Bank (CBA)

Defence Bank

Max eSaver

Rate: 0.1% - 5%

Sum: $1,000,000

Gateway Bank

Goal Saver Account

Rate: 0.1% - 3.6%

Geelong Bank

Achieve Savers Account

Rate: 0.01% - 2.71%

Sum: $1

Heritage Bank

Target Bonus

Rate: 0.01% - 4.40%

Sum: $1

P&N Bank

SwiftSaver Account

Rate: 0.2% - 4.55%

Westpac Bank

Westpac Life Goal Savings Account

Rate: 0.1% - 4.75%

💰 Fees & Rates

Account-Keeping Fee (Life account): 0 AUD Westpac Choice linked account fee: 5,00 AUD per month Online, Telephone, and Branch staff assisted withdrawals: 0 AUD

📋 Important Terms

Age requirement: 18 years or older Must hold a linked Westpac everyday account (like Westpac Choice) in the same name To earn the 4,65% p.a. bonus interest: You must make at least one deposit each month, ensure your balance is higher at the end of the month than at the start, and never let the balance drop below 0 AUD Promotional offer: Get 50 AUD cashback when you open a new Choice account with an eligible savings account and deposit 50 AUD within 10 days (offer ends 8 June 2026 for new customers)

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Westpac Life account is a behavioral savings tool designed to build financial discipline. Its primary advantage is the ability to compartmentalize funds into up to 6 distinct "Savings Goals" within one account while earning a competitive 4,75% p.a. total rate when conditions are met. The main drawback is the strict bonus criteria—if you withdraw more than you deposit in a single month, your rate plummets to a negligible 0,10% p.a. Compared to the goal-oriented savings accounts of Commonwealth Bank, NAB, and ANZ, Westpac offers excellent app integration for visualizing targets. It is best suited for diligent savers who can commit to consistently growing their balance month over month without needing frequent withdrawals.

📍 View official contacts for Westpac Bank

Author: Prostobank Consulting

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