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Banking / Savings Accounts / Online Savings Accounts

Looking for an online savings account?

Not only do online savings accounts typically come with zero monthly fees and higher interest rates due to their low maintenance costs, some also offer excellent introductory rates as an added bonus.

Bear in mind that online savings accounts may need to be linked to a transaction account with the same institution or have limited features, so it’s important to understand the details before making your choice.

Use our comparison tables to review and compare the interest rates and features for different online savings accounts offered by a range of banks and credit unions.

Which online savings account is best?

Savings Amount

Account Type
Account Type

Not sure which savings account is for you? Click here for more information

Institution Product Name
(click for details)
Linked Account Required? Max Interest Rate ($10,000) Max Monthly Interest Base Interest Rate ($10,000) Base Monthly Interest Visit Provider's Website
RaboDirect High Interest Savings Account Any Institution 3.05% $25.42 1.90% $15.83 Go to site
Savings Maximiser (Base rate 1.50%p.a + 1.50%p.a Standard Bonus Rate = 3.00%p.a on balances up to $100K) Any Institution 3.00% $25.00 1.50% $12.50 Go to site
Citi Online Saver (2.85% Variable intro rate for 4 months on balances up to $500k) Any Institution 2.85% $23.75 1.70% $14.17 Go to site
Maxi Saver (2.75% variable for first 3 months) Same Institution 2.75% $22.92 1.00% $8.33 Go to site
Maxi Saver Account Same Institution 2.75% $22.92 1.00% $8.33 Go to site
Hero Saver (Earn an ongoing variable rate of 2.65% p.a. for balances up to $250,000 minimum deposit of $200 excludes interest monthly with no withdrawals) Any Institution 2.65% $22.08 0.01% $0.08 Go to site
ANZ Online Saver (Earn up to 2.55% p.a. for 3 months) Same Institution 2.55% $21.25 1.15% $9.58 Go to site
Westpac eSaver (earn up to 2.51% p.a.) Same Institution 2.51% $20.92 1.00% $8.33 Go to site
Special eSaver Account 1.50% $12.50 1.50% $12.50 Go to site
Bank of Melbourne Sense Savings Account (must be linked to the Bank of Melbourne Sense Everyday Account) Same Institution 1.25% $10.42 1.25% $10.42 Go to site
ME Online Savings Account (with ongoing bonus) Same Institution 3.05% $25.42 1.30% $10.83  
Matrimoney Not Required 3.00% $25.00 3.00% $25.00  
Online Savings Account Same Institution 3.00% $25.00 1.50% $12.50  
RAMS Saver - Earn 3.00% p.a variable interest for balances up to $500k including 1.65% p.a. variable bonus when you deposit $200 and make no withdrawals each month. Not Required 3.00% $25.00 1.35% $11.25  
USaver Ultra (Base rate 2.06%p.a. +1.06% p.a. Standard Ultra Bonus Rate = 2.87%p.a on balances up to $200K) Same Institution 2.87% $23.92 1.81% $15.08  
eSaver Boost 2.85% $23.75 0.50% $4.17  
eSaver Reward 2.85% $23.75 0.05% $0.42  
SuperRate Account, Customers can receive an effective super rate of 2.80% p.a. inclusive of a 1.05% bonus for 4 months from account opening, on balances up to $250,000. Same Institution 2.80% $23.33 2.80% $23.33  
RaboDirect Notice Saver 90 Same Institution 2.75% $22.92 2.75% $22.92  
TeleNet Saver (4 month intro rate) Any Institution 2.75% $22.92 1.50% $12.50  
Institution Product Name
(click for details)
Linked Account Required? Max Interest Rate ($10,000) Max Monthly Interest Base Interest Rate ($10,000) Base Monthly Interest Visit Provider's Website

Sponsored Savings Account Listings
InfoChoice displays Savings accounts from providers that sponsor our site first and with a “SPONSORED” indicator in the left most column. To re-sort the savings account comparison list without this filter - simply  de-select the “Show sponsored listings first” checkbox.

* Default sorting is based on the maximum monthly interest rate in descending order.
* Monthly interest is the savings amount accumulated over the first month. Use our Savings Calculator to project further accumulation of funds. 
'Max Monthly Interest' includes any introductory rates that may only apply for a limited period and bonus rates that may only apply if certain conditions are met. 
'Base Monthly Interest' includes the the ongoing savings interest rate with no introductory or bonus interest.
* Default value for monthly interest is based on a savings amount of $10,000.

Any information or product contained on this website does not constitute a recommendation or suggestion to purchase or apply for any particular product with any particular institution and may not suit your personal objectives, financial situation or needs. Please consider whether it is appropriate for your circumstances, before making a decision to purchase or apply for any product.

Looking for a high interest savings account with little or no fees? Then an online savings account could be just what you are looking for.
Online savings accounts offer higher rates of interest 'at call' in return for more restricted account access. Usually no over-the-counter or cheque facilities are available, with account holders encouraged to make internet or telephone transfers. Most online savings accounts will need to be linked to an everyday transaction account, either the same bank or you can link to any existing account you may have with another provider - it's imprtant to keep an eye out when applying.

Online Savings accounts are also a variable rate which means they can fluctuate up or down, banks will often offer high interest bonus rates on new accounts to entice new customers. Often these inflated rates will only last for a short period of time and will eventually drop back down, when comparing online savings accounts always check the standard rate this is likely to be the the interest rate you'll receive once the bonus offer comes to an end. Another type of bonus rate is sometimes offered if customers set up a regular savings plan, depositing a minimum weekly or monthly amount. If you are able to save money regularly then taking advantage of these bonus interest rates will help you save faster.


With the emergence of Internet in all aspects of life, online savings accounts have gained importance. Banking and other financial solutions can now be performed in a lot smarter manner with online savings accounts. Online savings accounts are meant for salaried professionals, individuals, students and housewives. Depending upon the guidelines laid by the state government and the laws of the land, banks may provide bi-annually interest to online savings accounts.
Online savings accounts are the usual savings accounts which can be accessed online with the help of secured net banking password and user name. Online savings accounts can provide great amount of flexibility to one and all. Some of the best in class features that are associated with online savings accounts include:
•    Payment to registered billers online can be managed with a click of a button.
•    Online savings accounts holders need not visit bank to transfer funds. All can be done conveniently online during the working hours of online transactions.
•    It gives more control to users as they can access their account anytime, anywhere and may track their funds for better fund channelization and personal budget formalization.
•    Online savings accounts demand the customers to maintain a minimum amount of balance. However, for salaried online savings accounts no minimum balance might be required to maintain.
•    Transactions which are managed by online savings accounts are performed pretty quickly. One need not wait for long time for getting the transactions cleared or for the funds to land up in the target account. Transaction management in online savings accounts is pretty fast indeed.
•    Online savings accounts can be easily opened with authorized bankers or financial institutions. One can get to enjoy unparallel benefits from day one.
Online savings accounts are an ideal product for those who seek to maintain long term savings account. They can get to earn the interest while they will be able to manage operational transactions and withdrawals on the day to day basis too. Online savings accounts can provide much needed flexibility to salaried professionals, students and housewives. There are no specific criteria in order for one to hold online savings accounts solutions. Some of the very basic information and ID proof along with other documentation is required to activate a savings account on the go within no time at all. It is simple and fairly easy to operate online saving accounts solutions from day one.

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Although we cover a range of products, providers and services we don't cover every product, provider or service available in the market. The information and products contained on this website do not constitute recommendations or suggestions to purchase or apply for any particular product. Products included on this site may not suit your personal objectives, financial situation or needs. Please consider whether it is appropriate for your circumstances, before making a decision to purchase or apply for any product. If you are considering acquiring any financial product you should obtain and read the relevant Product Disclosure Statement or other offer document prior to making an investment decision.

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