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Everyday Savings Accounts

Compare with Savvy and find the most flexible everyday savings account on the market. 

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, updated on July 28th, 2023       

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Compare savings accounts

Are you looking to grow your savings?  Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings.  

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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.

Compare everyday savings accounts

Living in a fast-paced world means it’s important to have money at your fingertips whenever you need it. Everyday savings accounts give you this while also allowing you to earn interest on your funds.

Comparing accounts with Savvy allows you to compare deals side-by-side to find the best rate and conditions, so take the headaches out of picking your account and start the comparison process today.

What is an everyday savings account?

An everyday savings account allows you to use your money for day-to-day expenses while earning moderate growth on your balance. They’re a hybrid bank and savings account and have similar features to a pensioner or online savings account. Pensioner accounts in particular allow you to spend without it impacting the interest you earn. These accounts allow you to pay bills through BPAY and come without monthly fees. Some accounts require you to set up a linked everyday account to spend your money, while others come with a debit card to access the funds directly.

Compared to a standard savings account, everyday savers offer more access but aren’t as effective in building savings and earning interest. Interest is calculated on savings accounts, such as everyday savers, daily and paid monthly. Some accounts offer tiered interest, which increases your rate as your balance grows. For example, if you had a balance of under $40,000, you may only be earning 0.01% p.a., whereas if your balance was over $50,000 you could be earning 0.10% p.a. on your money. Also, because you’ll have money coming out of your account more regularly, you’re likely to find it more difficult to grow your nest egg as effectively.

What is the difference between this account and an everyday bank account?

The key difference between an everyday saver and an everyday bank account is that you can earn interest on your money. The sole purpose of an everyday bank account is to give you quick access to your money, on which most institutions will pay minimal or no interest on your balance. An everyday savings account comes with variable or tiered interest calculation at higher rates than those offered on spending accounts, which are either just above 0% p.a. or nothing at all. They can also offer honeymoon interest rates for a short period to boost the interest you earn in the months after you first open your account.

What features should I compare on an everyday saver?

Every type of savings account has different features and variables that are important to weigh up. Some of these include:

Base interest rate

Everyday savings accounts come with different base variable rates. These rates will change in line with inflation and if the Reserve Bank of Australia (RBA) tinkers with the cash rate but comparing with Savvy can help you find the highest interest rate on offer right now. You can use our savings calculator to work out how much you can earn on your money at different rates.

Introductory offers

Some financial institutions offer introductory rate offers on new everyday savings accounts. If you open an account, you get a window of about three to six months where you can earn a high interest rate. After this, your rates revert to a much lower standard variable percentage. Keep an eye on the base rate, as this is the percentage you’ll earn interest on once your honeymoon period ends.

Access to money

The ways you can withdraw money vary depending on the institution with whom you open an account. Some everyday savers allow you to tap into your money with a debit card, while others require you to set up a linked transaction account. Finding an account with the right level of access for you will save you from being caught short if you need funds.

Account requirements

These accounts don’t usually come with minimum deposits or balances or set the benchmarks very low. Some accounts may only make your minimum account balance $1. Even still, it’s important to cross-check this when comparing with Savvy. If you need a hand working out how much to deposit to reach your savings target, you can use Savvy’s online goal calculator.

Fees

These are typically fee-free accounts. You won’t have to pay monthly account keeping fees on these funds, saving you up to $5 every month. However, some accounts will charge you $5 per month for use of a debit card attached to your account. Weighing up fees will ensure you can find the cheapest option on the market.

Online access

You want to be able to tap into your funds fast with online or smartphone access at any point. Make sure you choose an account which is accessible with internet banking so you can make fuss-free transactions.

Types of savings account

Online accounts

Your account doesn't have to be with a bricks-and-mortar bank. By opening an account with an online institution, you can manage your funds via online banking and apps.

High interest accounts

When it comes to growing your savings, the higher the interest, the better. High interest accounts can either come with higher base rates or steep bonus rates.

Kids' accounts

Opening an account for your child can be a great way to give them a head-start with their savings and help teach them about the responsibility of managing their money.

Student accounts

Keeping track of your funds and growing them is important as a student. Some providers offer special accounts with high interest and no fees to help you boost your savings.

Joint accounts

There are many reasons why you may need a joint account, such as if you're combining funds with your partner or managing your parents' money with your siblings.

Business accounts

Businesses have different needs when it comes to their savings, so many banks and other financial institutions offer specialist products designed to offer flexibility.

Bonus interest accounts

Many savings accounts offer bonus interest, which can offer a much higher rate if certain conditions are met, such as a set number of deposits or linked transactions.

Why compare savings accounts with Savvy?

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You won't have to pay a cent to compare savings accounts with us, so you can do so at any time you like.

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Online from start to finish

There's no need for you to worry about visiting any banks, as you can compare accounts and open one online.

A Range of Options

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We're partnered with trusted financial institutions around Australia to bring more quality to your comparison.

Commonly asked everyday savings account questions

How do I open an everyday savings account?

Institutions will typically allow you to open an account online if you’re 14 years or over. You must also be an Australian resident for tax purposes. If you’re under the age of 14, you can open an account at a branch but must be accompanied by a parent or guardian. Once you apply online or through a branch, your bank will email or post you a welcome pack containing your BSB and account number. From there, you can start using the account.

What documents do I need to provide?

You must provide two forms of ID to open a savings account. The following forms of ID are acceptable:

  • Australian or foreign passport
  • A driver’s licence
  • A state or territory government-issued proof of age card
  • Foreign or Australian birth certificate
  • Medicare card
  • Centrelink pension card
  • Marriage certificate
Can I access my money overseas?

Yes – some everyday savings accounts come with a debit card which will allow you to make purchases if you’re travelling overseas. It’s worth checking with your bank if they offer this and if it comes with any fees.

Can I have a joint everyday savings account?

Yes – most banks will allow you to have two account holders on an everyday savings account. This can be a great way for couples to access a shared pool of money or contribute equally towards a shared savings goal. Make sure you discuss with your partner what happens to the funds in the account if you want to close it to avoid any messiness. You can use Savvy’s online savings goal calculator to work out how long you have to save to reach your goal.

Is there a cap on my balance with this type of savings account?

These types of accounts usually have balance limits of between $1 million and $2 million, depending on who you open an account with.

Our savings calculators

Savings calculator

Use our savings calculator to help you calculate how much you could save over a set timeframe based on different deposit sizes and frequencies.

Compound interest calculator

Your savings can put in work for you. Crunch the numbers to see how much interest you could earn on top of your interest by compounding daily, monthly and annually.

Budget planner

It's crucial to have a clear idea of your monthly household budget to see where your money is going and where it could potentially be better spent.

Income annualisation calculator

If you're applying for a loan or need to know what your salary is for your tax return, you can use our annualisation calculator to work out what you'll earn this financial year.

How much to deposit

Setting savings goals is important. With this tool, you can work out how much you'll need to deposit to reach your financial aims over a set timeframe.

How long to save

Just as important as knowing how much to deposit is working out how long it'll take to reach your goals. This savings goal calculator can help you do just that.

Helpful guides on savings accounts

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