Five savings accounts with easy rules

There are so many different saving accounts available that you’d be forgiven for just looking for the ones with the top savings rates and signing up to one on the spot. Yes, you’d get a  return for your money, but the chances are that this would be dependent upon you leaving the money alone and possibly making a minimum deposit each month. If this is OK for you, then go right ahead and grab that great interest rate. 

If you don’t want a saver with lots of strings attached, however, then you need to be a bit more discriminating. You don’t have to spend hours on each bank’s website to find the right features and rules for you, you can just head to a reliable comparison site and use a few filters. A handy tip is to start with the highest interest rates and work downwards until you find the one with the most relaxed rules for you.

Australia’s best and most relaxed savings accounts

No strings, no hassle

There’s one saver in particular which Infochoice likes a lot because it has no rules or restrictions on its highest interest rate. Xinja’s Stash account actually only offers one rate – 1.80 per cent p.a. – with no reductions for withdrawals and no bonuses for not making withdrawals. 

This rate is paid on balances of up to $245,000 and there are no requirements in terms of minimum monthly deposits or a maximum number of withdrawals. The Stash account doesn’t have an introductory period either, so you put your money in and basically set and forget it (don’t actually forget it, though, because you might need it one day).

Even signing up to Stash is easy as you can set it up almost instantly through the bank’s mobile app.

A good booster savings account

When it comes to high interest online savings accounts, Rabobank has just the thing. It’s even called the High Interest Online Saving Account and it does exactly what it says on the tin. For four months, at least.

With this account, you’ll get 2.25 per cent p.a. for the first four months, after which the interest rate reverts to 0.8 per cent p.a. but there are no conditions or restrictions. You can also link your transaction account to this saver regardless of which bank it’s with.

From savings accounts with no rules to savers with some easy rules.

The UBank USaver account has a bonus interest rate of up to 1.60 per cent p.a. but you’ll need to make a deposit of at least $200 each month from a linked Ultra transaction account. If you fail to meet this requirement, you’ll revert to 0.54 per cent p.a. the following month.

ME’s Online Savings Account offers savers 1.80 per cent p.a. if it’s linked to an ME Everyday transaction account and there’s at least one debit Mastercard contactless purchase per week,

The ING Savings Maximiser accounts offers 1.80 per cent p.a. if it’s linked to an ING Orange Everyday bank account and has at least $1,000 deposited into it each month. You’ll also need to make five or more card purchases a month. The $1,000 monthly requirement might seem steep, but with this saver you can make as many withdrawals as you like, so you could simply deposit some or all of your salary.

Interest rates are very low at the moment

The interest rates are at an all–time low right now, so people are looking around for ways to improve their returns. Some are choosing neobanks and online–only options, whereas others are aiming for the bonus rates.

Earning your bonus interest rate

If your saver offers a bonus rate, it’ll be contingent on your “good behaviour”; you’ll have to deposit a minimum amount each month and not exceed the maximum number of withdrawals. 

Other saver accounts require you to have a linked transaction account with the same bank, or to make a minimum number of card transactions each week or month.

Of course, there are savers with no minimum deposits or maximum withdrawals, but then they might not offer a bonus rate either. This is why you should spend some time comparing the products available to you.

How much can you save with the best savings accounts?

The easiest way to find this out is to use a savings calculator and use the interest rate offered by your favourite account, as well as the likely amounts you’ll be depositing.

Which type of savings account is best for me?

The best saver for you is determined primarily by the type of saver you are. 

A newbie saver

If you’re a younger saver then an account with a low or no minimum opening deposit is ideal. You should also look for an account with a good introductory rate to boost your savings up over a short period. No penalties for withdrawals is also important.

An experienced saver

Once you’re earning a salary then you should look for an account that offers a bonus rate for regular deposits and very few withdrawals so that you get the best returns.

A digital saver

If you’re no stranger to apps and all things digital, then an online – only saver could be good for you. Online–only banks can offer higher interest rates because they have fewer overheads than physical banks.

A paired–up saver

Many banks offer joint saver accounts, which are ideal for saving up a house deposit or for a wedding. You’ll both have access to the funds, so make sure you’re on the same page. Some accounts need both holders to approve any transactions, whereas others need only one. Talk it through first.


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.

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