Top 10 Best Saving Accounts and Rates In Australia For October 2022
Top 10 Best Saving Accounts and Rates In Australia For October 2022. Photo KnowInsiders

High interest saving accounts offer more competitive interest rates to help your savings grow. All high interest-earning savings accounts have variable rates, meaning they could go up or down over time, usually in response to changes to the Reserve Bank cash rate. So, it's important to compare the market thoroughly to find the best high interest savings account for your needs.

Top 10 best savings accounts and rates in Australia in October 2022

1. AMP Saver Account – Maximum rate: 3.60% p.a. (for $0 to $250,000)

2. Virgin Money - Boost Saver with Go Account - 3.60% p.a. maximum interest rate

3. BOQ Smart Saver Account - 3.35% p.a. maximum interest rate (on balances up to $250K)

4. MyState Bank - Bonus Saver Account - 3.20% p.a. maximum interest rate

5. Macquarie: 2.25% p.a. up to $250,000 (3.10% p.a. 4-month introductory rate)

6. ING: 3.10% p.a. up to $100,000 (multiple hurdles)

7. uBank: 2.85% p.a. up to $250,000 (with a deposit hurdle)

8. Australian Unity: 2.50% p.a. up to $500,000 (with a deposit hurdle)

9. Suncorp: 2.40% p.a. (grow balance by $200 each month and make max 1 withdrawal)

10. Up Money: 1.60% p.a. up to $1,000,000 (transaction hurdle) increasing to 2.10% on 1st September 2022

How do I earn interest on my savings?

Most savings accounts calculate earned interest daily, based on your closing balance. It is then paid out monthly – this is known as compound interest. So, the more you deposit into your account to grow your balance and the less you withdraw, the more interest you earn on your money.

Generally speaking, savings account base interest rates are variable, so they can fluctuate over time. Some savings accounts pay an introductory additional bonus interest rate for a limited amount of time, whereas other savings accounts offer a bonus rate if monthly requirements are met.

Do you have to pay tax on your savings?

Yes, you need to include your annual earned interest on your tax return. If you have money in a savings account and earned interest on the balance in the most recent financial year, then you’ll want to declare the amount of interest earned and pay tax on that.

How to open a bank account in Australia?

Moving to Australia can be a very busy time, so it is best to organise your account before you arrive so you can access your money straight away.

The process is usually as follows:

1. Most banks will allow you to apply to open an account through their website using an online application form. You will need to supply your passport details when you apply.

2. When your application has been processed and approved, you will be notified and given the details of your new account so that you can transfer money.

3. Once you arrive in Australia, you will need to go into your bank and show them your passport so that you can access your money. At this time, you will also receive a debit card linked to your account and can register for telephone and internet banking.

4. If you would prefer to wait until you are in Australia before opening a bank account, you should do so within six weeks of arrival. You will need to visit a bank to provide staff with your details and show them your passport as proof of identity. They will then send you an account card in the mail.

As an international student, many banks will offer you a special student account that does not charge monthly account fees. You may also be allocated an international student banker who you can contact with any queries, and many banks will try to find a banker who speaks your language.

Ten things to look for when selecting a bank in Australia

1. Are there any application fees?

2. Can you open an online savings account before you arrive so you can earn interest on the funds you send to Australia?

3. Are you provided with a personal banker? If so, does your banker speak your language?

4. Are you eligible for a student account that does not charge monthly account fees?

5. Is there a minimum opening deposit required at the time of opening an account and a minimum balance you are required to maintain?

6. Can you transfer money to Australia with your foreign exchange provider of choice when setting up an account?

7. Does the account include a Visa or MasterCard debit card at no extra cost, so you can shop online with your own money?

8. Does your bank have a national network of branches?

9. Does your bank have a large number of ATMs?

10. Do the bank's ATMs provide access in multiple languages?

Top 4 Australia’s big banks


The Australia and New Zealand Banking Group (ANZ) has around 400 branches⁷ and 900 ATMs⁸ throughout Australia. It serves over 8.5 million personal, retail and business customers worldwide⁹.

The main bank account on offer at ANZ is the Access Advantage account¹⁰, available to Australian residents, students and new arrivals too. It comes with an ANZ Visa debit card, internet banking and mobile banking through the ANZ app. There’s a monthly account fee, but this is waived for students¹¹ and for monthly deposits over a certain amount.

If you’re moving to Australia, you can apply for the ANZ Access Advantage account online before you arrive¹².

ANZ also has a full range of accounts and services for business customers.


The National Australian Bank (NAB) is one of the largest banks in Australia. It has around 9 million customers across Australia, New Zealand and worldwide. It has nearly 550 branches and more than 900 ATMs across Australia.

The main account type on offer is the NAB Classic Banking account, which has no monthly fees and comes with a contactless visa debit card as standard. There are also no overdraft fees, ATM withdrawal fees or minimum deposit amounts.

The Classic account is available for students (NAB doesn’t offer a separate account specifically for students) and for new arrivals. This means you can apply from overseas, up to 12 months before you arrive in Australia.

NAB also has two business bank accounts to choose from, depending on the size of your business.

Commonwealth Bank

Commonwealth Bank, or CommBank, serves around 15.9 million customers worldwide. In Australia, there are around 20 CommBank branches and over 100 ATMs.

CommBank offers two main accounts for new arrivals to Australia. The first is the Everyday Account Smart Access, a day-to-day current account offering fee-free ATM withdrawals, banking through the CommBank app and no monthly account fees for the first year. You can open the account up to three months before (or after) you arrive in Australia.

The second is the Everyday Account Smart Access for Students. This offers nearly all of the same features, but with no monthly fees for as long as you’re studying.

There are also two CommBank business accounts to choose from, depending on the size of your business.


One of Australia’s oldest banks, Westpac has around 800 branches and over 3,000 ATMs across the country.

The main everyday account on offer here is Westpac Choice, available for everyone from students to new arrivals. It comes with a Debit Mastercard, mobile and internet banking and cardless ATM withdrawals. There’s a monthly fee, but this is waived for students and New to Australia customers (for the first year) and for customers depositing a certain amount each month.

There are also a number of business transaction accounts to choose from at Westpac, depending on the needs of your business.

Other banks worth looking into

There are many other banks in Australia, aside from the big four. Here are a few others to check out:

Bank of Queensland

Bendigo Bank

AMP Bank






Can I open an Australian bank account from the UK?

If you’ve not yet moved to Australia, you should be able to open your new bank account from the UK. You can do it all online, apart from some final ID checks in person once you arrive.

The ‘big four’ Australian banks - ANZ, Commonwealth Bank, NAB and Westpac - all have tailored migrant banking facilities that make it possible to open a bank account online before you arrive.

For example, at Commonwealth Bank, you can apply for an everyday account up to three months before you arrive in Australia⁴. At NAB, you can do it up to 12 months in advance.

Top 3 best online banks in Australia

1.Ally-Annual Percentage Yield (APY): 2.10% APY

2.Axos Bank-Annual Percentage Yield (APY): Up to 1.25% APY

3.Capital One 360-Annual Percentage Yield (APY): 2.15% APY

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