The MySavings Account from Challenger Bank is about as straightforward as they come, so if you like the idea of a condition-free savings account with a competitive ongoing interest rate of 0.60% p.a., then this could be an option for you. To top it all off it also won a 2022 Mozo Experts Choice Award for best No Strings Savings category.
Let’s start with the most important feature of any savings account - the interest rate. Well, MySavings Account holders will be able to earn a competitive ongoing rate of 0.60% on their savings, with no minimum balance requirement.
And for savers who don’t enjoy having to meet monthly conditions to earn the maximum interest rate, they’ll appreciate that there are no catches to earning that 0.60% p.a. rate. That means zero deposit requirements, zero withdrawal restrictions and zero minimum transactions to worry about.
Like most savings accounts there’s also no monthly account fee to eat into your savings balance, plus you’ll be able to access the account through Challenger Bank’s internet banking or mobile app options.
Finally, if you are thinking about squirrelling away a substantial amount into a savings account, you may be pleased to know that balances of up to $250,000 per person in a MySavings Account will be backed by the Australian Government under the Financial Claims Scheme.
With its competitive ongoing interest rate and no monthly account conditions, the MySavings Account could provide a straightforward place for Aussie savers to grow their savings without having to jump through any extra hoops.
While the MySavings Account offers a competitive unconditional interest rate, savers who are happy to meet monthly requirements may be interested in comparing savings accounts with bonus rate offers too.
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Balances from $0: 0.60% p.a. |
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n/a |
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n/a |
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$0.00 |
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n/a |
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unlimited free transactions from internet, mobile banking app. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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none |
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none |
ubank
Save Account
1.85% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Future Saver Account
3.00% p.a. (for $0 to $50,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Great Southern Bank
Youth eSaver
No Current Offer
3.25% p.a.(for $0 to $5,001)
Yes up to $250,000
Rabobank
High Interest Savings Account
2.10% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $250,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
2.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
2.10% p.a. (for $0 to $500,000)
1.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Smart Saver Account
2.00% p.a. (for $0 to $250,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ubank
Save Account
1.85% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Future Saver Account
3.00% p.a. (for $0 to $50,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Great Southern Bank
Youth eSaver
No Current Offer
3.25% p.a.(for $0 to $5,001)
Yes up to $250,000
Rabobank
High Interest Savings Account
2.10% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $250,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
2.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Citi
Online Saver
2.10% p.a. (for $0 to $500,000)
1.10% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Smart Saver Account
2.00% p.a. (for $0 to $250,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
ubank
Save Account
0.10% p.a.(for $0 and over)
1.85% p.a. (for $0 to $250,000)
Yes up to $250,000
Bank of Queensland
Future Saver Account
0.05% p.a.(for $0 and over)
3.00% p.a. (for $0 to $50,001)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.05% p.a.(for $0 and over)
2.00% p.a. (for $0 to $250,000)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.05% p.a.(for $0 and over)
1.60% p.a. (for $0 to $250,000)
Yes up to $250,000
Bank of Queensland
Smart Saver Account
0.05% p.a.(for $0 and over)
2.00% p.a. (for $0 to $250,001)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
UniBank
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
Yes up to $250,000
Teachers Mutual Bank
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
Yes up to $250,000