Fact checked
Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Savings accounts where you can’t withdraw your money without losing interest are an ideal way to motivate yourself to be disciplined and save money. Compare locked savings accounts with term deposits and bonus saver accounts right here with Savvy to see what each type of account offers to keen savers. We compare financial products to make choosing the best account easier for you.
Bank accounts which limit access to your savings are known as locked bank accounts, also called closed accounts. Although you aren’t physically prevented from removing your funds, you’ll lose substantial interest or be penalised if you do.
Other types of savings accounts have withdrawal limits per month to encourage you to leave your savings alone. Such accounts can be valuable for those who find saving hard or who lack the discipline to let their savings grow. Savvy can help you find the best savings bank account by providing clear and precise information to help you compare accounts and find one that fits your banking needs.
Term deposits
A term deposit is one you make for a set period in return for a higher interest rate. The longer you leave your savings with the bank, the higher the interest rate you may be offered up to a set limit. You can’t withdraw your funds during your term deposit period (except in very exceptional circumstances and often with at least one month’s notice). The term of your deposit can vary from one month up to several years, with a tiered increasing interest rate depending on how long you leave your savings alone.
Restricted withdrawal savings accounts
These accounts give you a set interest rate on the condition that you make at least one deposit per month into the account and no withdrawals. For every month you meet this ‘no withdrawal’ condition, you receive the stated interest. If you do make a withdrawal, though, you won’t earn interest for that month, so there’s a strong incentive to leave your savings alone and watch them grow.
Bonus interest saver accounts
These accounts offer a basic interest rate and a bonus rate if certain conditions are met. If you do meet these conditions, which may involve depositing a certain sum per month or maintaining a minimum amount in your account, you can be awarded the bonus interest. If you don’t meet the conditions, though, you only receive the basic interest rate, which can be as low as 0.02% p.a. This is the ‘carrot on a stick’ method to encourage you to save your money and grow your balance month by month.
Others offer a set interest rate if conditions are met involving other linked accounts. These conditions may require you to make a certain number of purchases with a linked credit or debit card or make a set number of transactions in your linked transaction account. For example, you may have to make five credit card purchases a month or ten transactions a month in your linked transaction account in order to earn the advertised interest rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
