When you’re looking for a saver account, you pay attention to the interest rate first of all, as this determines how much of a return you’ll get on the money you deposit. Secondly, you look at the features and perks that the account offers, as well as any rules that might apply to your handling of the account. Ideally, you want a good rate of interest that’s fairly strings–free. If you’re wondering what strings might be, examples include having to deposit a minimum amount each month in order to earn a bonus interest rate. There may also be restrictions on the number of withdrawals you can make each month before losing your bonus rate. It can be hard to find the right balance between an attractive interest rate and easy–going rules (or even none at all). There are lots of saver products on the market right now, so the best thing to do is to use a reliable comparison site to filter through the dozens of savings accounts out there to find the best one for you. It’s not always about the Big Four banks. The Big Four banks, Commonwealth Bank, Westpac, ANZ and NAB, have dominated the Australian banking scene for decades but in recent years, they haven’t always offered the highest interest rates. They don’t necessarily need to compete for business as their existing customers often choose to open savings accounts and term deposits with them. This is often easier than going to an entirely new provider because they already have a relationship with the bank. There may also be concerns about the safety and security of online–only and digital banks. If you’re thinking about going with a smaller, newer or simply lesser–known provider, then make sure that it’s licensed by the Australian Prudential Regulatory Authority (APRA) to take deposits and provide banking services. If it is, then your money is covered by the government guarantee up to the amount of $250,000. This means that if the bank folds, you can get your money back up to this amount. Commonwealth Bank, or CommBank, has the popular GoalSaver savings account, which offers a bonus rate of up to 1.00 per cent p.a. on balances between $50,000 and $1,000,000. For balances under $50,000, the interest rate is 0.50 per cent p.a. (including bonus). Under the GoalSaver savings account rules, you’ll need to deposit $200 per month and make no withdrawals to earn the bonus. If you fail to meet these requirements, you’ll revert to the base rate of 0.10 per cent p.a. for the following month. The GoalSaver account charges no fees for account keeping, counter transactions, ATM withdrawals or overseas access. You’ll have phone and internet banking, as well as counter service and you’ll need to link it a CommBank transaction account. Another CommBank saver is the NetBank Saver. The NetBank Saver account rules are similar to the GoalSaver, but there’s no minimum deposit requirement and it offers a bonus rate of 1.00 per cent p.a. for the first five months, reverting to 0.1 per cent p.a. thereafter. If you have a lot of money to invest, then Commonwealth Bank’s savings interest rates might work for you. However, if you don’t have lots to deposit then looking elsewhere is a good idea, as there are accounts with higher rates. CommBank vs Xinja. Xinja’s Stash account is an online-only account which offers savers a flat rate of 1.80 per cent p.a. There are no strings attached to this account; you can deposit and withdraw as much as you like, as many times a month as you like without penalty, as well as control and open the account via a mobile app. As of March 5 2020 in response to the RBA’s cash rate cut, Xinja isn’t opening any new accounts. Commbank vs ME. ME Bank’s Online Savings Account offers savers a bonus rate of 1.80 per cent p.a. (base rate 0.10 per cent p.a.) if they link their ME Everyday Transaction account and make at least four Tap & Go purchases from this transaction account. The purchases must be completed, not pending, in order to qualify. The bonus rate applies to balances of up to $250,000 and you can withdraw as much as you like without losing it, unlike the GoalSaver account, which has strict rules about withdrawals. CommBank vs UBank. The UBank USaver account offers savers an attractive bonus rate of 1.60 per cent p.a. on balances up to $200,000 when it’s linked to a UBank Ultra account and, like GoalSaver, receives at least $200 each month. If the saver isn’t linked, then it’ll earn 0.54 per cent p.a. on balances up to $5,000,000, but there’s no minimum deposit requirement. For younger savers (aged 18 to 29), UBank has the USaver Reach account, which offers a flat rate of 1.05 per cent p.a. on balances up to $5,000. There’s no minimum opening deposit or monthly deposit requirements with this account. None of UBank’s savers charge account–keeping fees and you can open any of these accounts – or link an Ultra transaction account in a matter of minutes. This update is not financial advice. This article is general news and information. Home Loans: The comparison rates are based on a secured loan amount of $150,000 and a term of 25 years. Personal Loans: The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless otherwise indicated in the product name with^, in which case, the comparison rate is based on a loan of $10,000 and a term of 3 years. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.