Independent Editorial Guide

Comparing Australian Savings Accounts

Questions worth researching when you look at savings accounts from major Australian banks. This page does not list rates or recommend products.

Editorial note: Onyx Bolt is an independent personal finance education publisher. We are not affiliated with, endorsed by, or sponsored by St.George Bank – A Division of Westpac Banking Corporation, ANZ, Bendigo Bank, Commonwealth Bank, ING, Macquarie, NAB, Westpac, or any of their related entities. All trademarks belong to their respective owners. This page contains no interest rate data, no ratings, and no application links. It is a research guide for educational purposes.

How to Use This Page

The table below lists eight Australian banks and the types of conditions worth investigating on their public savings account pages and Product Disclosure Statements. The questions in the third column are research prompts — they are not data from Onyx Bolt and do not reflect any particular account's current terms.

For each bank, visit their official website directly. Read the current PDS. Call or visit a branch if the conditions are unclear. ASIC's MoneySmart website (moneysmart.gov.au) also provides independent guidance on savings accounts.

Eight Banks to Research — Questions to Ask

Bank Public Website Questions Worth Checking
ANZ anz.com.au What are the bonus rate conditions (deposit amount, withdrawal rules)? Are there monthly account fees? What is the base rate if bonus conditions are not met?
Bendigo Bank bendigobank.com.au What savings products are available? Are there introductory rate periods? What conditions apply to earn the ongoing rate?
Commonwealth Bank commbank.com.au Does the account require a linked transaction account? What are the monthly growth conditions? Is the rate tiered by balance?
ING ing.com.au What transaction account activity is required each month to earn bonus interest? Are there limits on withdrawals that maintain the bonus rate?
Macquarie macquarie.com.au What is the introductory offer period and what does the rate revert to? Are there balance caps on higher rates?
NAB nab.com.au What account fees apply? What are the conditions to avoid those fees? Does the account allow unlimited withdrawals?
St.George stgeorge.com.au What are the monthly deposit and growth conditions? What happens to the rate if conditions are not met in a given month? Is this account part of the Westpac group terms?
Westpac westpac.com.au How does the Life account's rate work across age brackets? Are there separate products for different life stages? What are the withdrawal conditions?
Onyx Bolt is an independent personal finance education publisher. We are not affiliated with, endorsed by, or sponsored by St.George Bank – A Division of Westpac Banking Corporation, or its related entities. All trademarks belong to their respective owners.

General Questions to Ask at Any Bank

  • What is the base (or standard) interest rate, and what is the bonus rate?
  • What specific conditions must I meet each month to earn the bonus rate?
  • What happens to my interest in months where I do not meet the conditions?
  • Are there limits on how many times I can withdraw before I lose the bonus rate?
  • Are there monthly account-keeping fees? Can they be waived, and if so, how?
  • Is interest calculated daily and credited monthly, or quarterly?
  • What is the minimum deposit to open the account?
  • Is there a maximum balance covered by the higher rate?

Where to Get Independent Comparison Tools

ASIC's MoneySmart website provides consumer guidance on savings accounts, including how to read a Product Disclosure Statement. Visit moneysmart.gov.au/saving/savings-accounts.

The Australian Banking Association also publishes plain-English explanations of how savings products work at ausbanking.org.au.

For a deeper editorial guide, see our dispatch: Questions to Ask When Comparing Australian Savings Accounts.