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Online savings accounts

See a list of the top online 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

Bank of Melbourne

1% - 5.1%

Flexible Amount

180 days

Queensland Country Bank

2.9% - 5.05%

Flexible Amount

Flexible Term

Westpac Bank

1% - 5%

Flexible Amount

Flexible Term

Rabobank

2.5% - 5%

Flexible Amount

Flexible Term

NAB

1.55% - 5%

Up to $20,000,000

120 days

Commonwealth Bank (CBA)

1.95% - 4.95%

Flexible Amount

Flexible Term

Heritage Bank

3.45% - 4.9%

Up to $1

Flexible Term

Bendigo Bank

0.1% - 4.75%

Up to $100,000

Flexible Term

Commonwealth Bank (CBA)

0.25% - 4.75%

Flexible Amount

Flexible Term

Australian Military Bank

4.6%

Flexible Amount

Flexible Term

G&C Mutual Bank

1.5% - 4.25%

Flexible Amount

Flexible Term

Bank Australia

2.5% - 4.2%

Flexible Amount

Flexible Term

Bank First

0.05% - 3.55%

Flexible Amount

Flexible Term

Gateway Bank

0.1% - 3.45%

Flexible Amount

Flexible Term

Beyond Bank Australia

2.3% - 2.85%

Flexible Amount

Flexible Term

Geelong Bank

1.35% - 2.71%

Up to $1

Flexible Term

MyState Bank

0.9% - 1.25%

Flexible Amount

Flexible Term

ANZ Bank

1.10%

Flexible Amount

Flexible Term

Hume Bank

Up to $1

Flexible Term

RACQ Bank

Flexible Amount

Flexible Term

Quick Expert Insights

Interest Rates

Average:1.76%

Range:0.05% - 5.1%

Product Term

Minimum: 120 days

Maximum: 180 days

Limit / Amount

Min Entry:$1

Max Limit:$20,000,000

Analysis of 20 offers shows an average rate of 1.76%, with the absolute market maximum reaching 5.1%. Flexible terms from 120 days are available at NAB, while Bank of Melbourne offers terms up to 180 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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ANZ Bank

ANZ Online Saver

Rate: 1.10%

💰 Fees & Rates

$0 monthly account service fee
$0 internet banking transaction fees
$0 electronic transaction fees
No minimum balance fees

📋 Important Terms

Available to Australian residents aged 12 or older
Requires Australian residential address
Must be linked to an eligible ANZ transaction account
Variable interest rate applied to full balance monthly
No minimum deposit or balance requirements
Allows savings goal tracking tools

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

This is a straightforward online savings account similar to basic high-interest savings products offered by Canadian Big Five banks like RBC or Scotiabank, though typically simpler in structure. Its main advantage is the combination of no fees and a guaranteed variable interest rate with no balance requirements. However, the interest rate is relatively modest compared to more aggressive savings products in the market. It is best suited for everyday savers who want a low-maintenance, flexible account to store funds while earning some interest.

📍 View official contacts for ANZ Bank

Australian Military Bank

Online Saver

Rate: 4.6%

💰 Fees & Rates

No monthly account keeping fees Free online and mobile banking access

📋 Important Terms

Bonus interest rate applies to balances over 0 dol when no withdrawals are made during the month Interest is calculated daily and paid monthly Available as an online-only account for personal use

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Online Saver offers a highly competitive bonus rate of 4,60%, outperforming many standard savings products from the "Big Four" (CBA, NAB, ANZ, Westpac) that often require a minimum monthly deposit. The main advantage is the high yield for disciplined savers, while the primary disadvantage is the total loss of bonus interest if even one withdrawal is made. This product is best suited for individuals who want to park their savings without the need for frequent access.

📍 View official contacts for Australian Military 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 First

Online Saver

Rate: 0.05% - 3.55%

💰 Fees & Rates

Account keeping fees: $0 Other fees and charges may apply

📋 Important Terms

Balances of $2000 and over earn the maximum rate of 3,55% p.a. Balances between $0 and $1999 earn a base rate of 0,05% p.a. Allows unlimited withdrawals without losing the accrued interest rate. Available to applicants aged 18 and over.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Online Saver account provides a flexible parking spot for cash with the benefit of unlimited withdrawals. Its main advantage is the lack of penalties for accessing your money, allowing you to earn the standard rate regardless of transaction activity. The primary disadvantage is the relatively low peak interest rate of 3,55% p.a. compared to bonus accounts, and the requirement to maintain at least $2000 to earn it. Compared to online savers from the Big Four (Commonwealth Bank, NAB, ANZ, Westpac Bank), Bank First offers a transparent ongoing rate without relying on short-term introductory teasers, though the rate itself is somewhat average. This account is perfectly suited for consumers who need an emergency fund with immediate, penalty-free access.

📍 View official contacts for Bank First

Bank of Melbourne

Maxi Saver

Rate: 1% - 5.1%

Term: 180 days

💰 Fees & Rates

Account-Keeping Fee: $0.00.
Staff assisted transactions (branch and telephone): $0.00.
Note: Fees may apply on the required linked transaction account.

📋 Important Terms

Introductory Rate: 5.10% p.a. for the first 6 months (combination of 1.00% standard variable, 3.65% intro fixed, and 0.45% online bonus).
Online Bonus: Available to new customers opening individual accounts online; joint accounts are ineligible.
Linking Requirement: Must hold an eligible Bank of Melbourne transaction account in the same name.
Access: Unlimited online access to savings with no lock-in period.
Balance: Interest calculated on every dollar with no deposit limits.

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main advantage of the Maxi Saver is the highly competitive 5.10% p.a. introductory rate, which currently beats most standard savings offers from Canada’s Big Five banks like RBC or BMO. The primary disadvantage is the significant rate drop to 1.00% p.a. after the initial 180-day period, requiring active management to maintain high yields. Compared to TD or Scotiabank’s high-interest accounts, this product offers superior initial growth but requires a linked transaction account. It is best suited for new individual customers in Australia who have a lump sum to deposit and want to maximize short-term earnings while maintaining full liquidity.

📍 View official contacts for Bank of Melbourne

Bendigo Bank

Reward Saver

Rate: 0.1% - 4.75%

Sum: $100,000

💰 Fees & Rates

Monthly service fee: $0
E-banking withdrawals: $0 (Free)
Branch and ATM withdrawals: Not available
Deposits: $0 (Free)

📋 Important Terms

Applicants must be an Australian citizen or resident
New customers signing up via the app require an Australian Driver's licence or Australian Passport for identity verification
To unlock the maximum 4.75% p.a. bonus variable rate, the account holder must make at least one deposit per month and grow the balance by the end of each calendar month (excluding interest paid by the bank)
If monthly growth criteria are not met, the interest yield drops to a base rate of 0.10% p.a. for that month
The maximum bonus interest rate is capped on balances up to $100,000
No physical card access is provided; account management is strictly online via e-banking, phone banking, or the mobile app
Not available to business customers; joint accounts must be opened in-branch

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The main benefit of this incentive-driven savings account is its highly competitive peak variable interest rate of 4.75% p.a. on balances up to $100,000, paired with an entirely zero-fee structure that helps retail depositors aggressively grow capital. The primary disadvantage is its highly restrictive access model, which lacks card functionality and entirely prohibits physical branch or ATM withdrawals, forcing a sudden yield penalty down to 0.10% p.a. if you fail to increase your balance in any given month. Compared to performance savings accounts offered by traditional Big Five networks, which frequently dictate rigid minimum opening capital boundaries or impose transaction limits on digital transfers, this product provides superior ongoing yield potential for disciplined savers. This account is best suited for goal-oriented retail investors, regular salary earners, and emergency fund builders who want a high-yielding, digital-only storage vehicle and can commit to a strict monthly deposit routine without tapping into their capital.

📍 View official contacts for Bendigo Bank

Beyond Bank Australia

monEsaver Internet Savings Account

Rate: 2.3% - 2.85%

Commonwealth Bank (CBA)

NetBank Saver

Rate: 1.95% - 4.95%

💰 Fees & Rates

Monthly account fee: 0 AUD Paper statement fee: 2,50 AUD Transaction listing and ad-hoc statement fee: 2,50 AUD

📋 Important Terms

Must be 14 years or older to apply Requires a linked eligible CommBank transaction account Introductory bonus rate of 4,95% p.a. applies for the first 5 months

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The NetBank Saver is a highly flexible at-call account, with its main advantage being the strong 5-month introductory rate of 4,95% p.a. for new accounts. The primary disadvantage is the sharp drop to a low 1,95% p.a. standard variable rate once the honeymoon period ends. Compared to introductory saver accounts from ANZ or Westpac, CommBank's deep integration with the Goal Tracker in the app provides excellent saving visibility. This product is best suited for individuals looking for a short-term, high-yield parking spot for their cash while maintaining instant access.

📍 View official contacts for Commonwealth Bank (CBA)

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)

Gateway Bank

eMax Saver

Rate: 0.1% - 3.45%

G&C Mutual Bank

iNet Saver Account

Rate: 1.5% - 4.25%

Geelong Bank

iSaver Account

Rate: 1.35% - 2.71%

Sum: $1

Heritage Bank

Online Saver

Rate: 3.45% - 4.9%

Sum: $1

Hume Bank

iSave account

Rate: 3%

Sum: $1

MyState Bank

Special eSaver Account

Rate: 0.9% - 1.25%

NAB

NAB iSaver

Rate: 1.55% - 5%

Sum: $20,000,000

Term: 120 days

💰 Fees & Rates

Monthly account fee: 0 AUD

📋 Important Terms

Total introductory rate of 5,00% p.a. is available for the first four monthsIntroductory rate applies to customers who have not held a NAB iSaver in the last 12 monthsStandard variable rate of 1,55% p.a. applies after the four-month periodBonus interest applies to balances up to 20000000 AUDInterest rate remains unaffected by withdrawals

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The NAB iSaver's biggest strength is its high 5,00% p.a. introductory rate paired with total liquidity, allowing users to withdraw funds at any time without penalty. The clear disadvantage is the significant drop to a 1,55% p.a. standard variable rate once the four-month promotional period ends. When compared to the Westpac eSaver or ANZ Save, NAB's 20 million AUD balance cap for bonus interest is exceptionally high. This account is best suited for new customers with large capital reserves looking for a temporary high-yield "parking spot" while maintaining full access to their cash.

📍 View official contacts for NAB

Queensland Country Bank

Online Saver account

Rate: 2.9% - 5.05%

Rabobank

PremiumSaver

Rate: 2.5% - 5%

RACQ Bank

eSave Account

Rate: 3%

Westpac Bank

Westpac eSaver Online Savings Account

Rate: 1% - 5%

💰 Fees & Rates

Account-Keeping Fee (eSaver account): 0 AUD Westpac Choice linked account fee: 5,00 AUD per month Online, Telephone, and Branch staff assisted withdrawals: 0 AUD Overdrawn Fee: 15 AUD

📋 Important Terms

Age requirement: 14 years or older Must hold a linked Westpac everyday account in the same name Introductory rate condition: The 5,00% p.a. rate only lasts for the first 5 months and is strictly for new eSaver customers applying online Base rate drop: After the 5-month introductory period, the rate reverts to a flat 1,00% p.a. No minimum deposit or monthly balance requirements

💡 Adviser’s Tip

Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The Westpac eSaver functions as a highly liquid, short-term holding account. Its main advantage is the lack of deposit restrictions, allowing unlimited withdrawals without sacrificing the fixed introductory interest rate of 5,00% p.a. The significant disadvantage is the sharp drop to a poor 1,00% p.a. standard variable rate after the initial 5 months. When evaluated against introductory saver accounts from the Big Four, Westpac's 5-month window provides a decent, albeit temporary, parking spot for cash. This product is best suited for individuals who have a sudden lump sum to deposit and need unrestricted access to those funds while still earning a high return in the short term, before moving the money elsewhere.

📍 View official contacts for Westpac Bank

Author: Prostobank Consulting

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