Best student savings accounts

Savings accounts allow you to store cash while also growing interest. Want to open a student savings account? Scroll down, compare and find the best account for you​.

Cameron Thomson
Money writer
Peter Terlato
Senior Money Writer
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 251 savings accounts using the filters.
Last updated 13 December 2024 Important disclosures

Savings account comparisons on Mozo

  • Promoted

    High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Promoted

    Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Promoted

    Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Promoted

    Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Maximiser

    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • PremiumSaver

    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Hi Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Bonus Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • SwiftSaver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest each month by depositing $10 or more and making no withdrawals. A great on-going rate. No monthly fees to pay. Open up to five accounts to make saving for different goals simple. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • EasySaver Account

    Maximum rate
    3.70 % p.a.
    (for $0 and over)
    Standard rate
    3.70 % p.a.
    (for $0 and over)
    Go to site

    Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.

Showing 13 results from 251 savings accounts. Use the filters to see more

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Knowledge Hub

Why open a student savings account?

When you're a student, your budget may be pretty tight, which is why getting the best return on your money is important. Rather than keeping your cash in an everyday account - which earns little to no interest - a high interest savings account can help you increase your account balance. Most savings accounts are available digitally, meaning you can transfer money almost instantly if you need access fast, or use it as an emergency fund.

What kinds of savings accounts are there?

Accounts with introductory rates

Some providers offer savings accounts with an introductory rate. This means that for a set period of time you’ll be given a higher interest rate on your savings before switching over to the ongoing base rate.

Accounts with bonus rates

Savings accounts with a bonus rate will usually require some kind of criteria to be met, such as regular monthly deposits or a minimum number of transactions on a linked account. Keep in mind that these conditions may vary depending on the provider and account type, so be sure to research your options before committing.

Accounts with base rates

The base rate of a savings account is the standard interest rate that is offered for keeping your money in the provided account. The base rate will generally be lower than any bonus or introductory rates and will usually be the rate the account reverts to if any necessary bonus interest conditions aren’t met.

What's the best student savings account?

Not sure what to look for? Generally, there are some advantageous features that a lot of the best savings accounts possess that you can keep an eye out for. These include:

No account fees: Student accounts generally have no fees which, in the long run, can add up to a bunch of extra savings.

Bonus rate: Student savings accounts offering a healthy bonus rate might be preferable if you want to earn the highest interest on your savings that you can and you’re confident you can meet the monthly conditions imposed.

Competitive high interest rate: Comparing a range of different accounts to find the highest available rate can help you get the best deal possible. Use the table above to compare accounts.

Things to keep in mind when choosing a student savings account

While savings accounts can possess a number of beneficial features, there are some things to bear in mind when you’re considering which account you want to open:

Minimum deposits: Some accounts require that you have and/or maintain a minimum balance.

Bonus rate conditions: As mentioned above, while a bonus rate account may offer higher interest than other providers, it may involve certain conditions that you might struggle to meet in order to maintain the highest rate.

Other restrictions: Some accounts may require you to pay account fees or be an existing customer, with an established transaction account. Other accounts may impose withdrawal limits, age limits and require you to periodically provide proof of your status as a student.

FAQs

Who is eligible for a student savings account?

Eligibility usually requires you to be a full-time student, often under a specific age (e.g. under 25). Banks may ask for proof of enrolment, such as a student ID or enrolment confirmation. However, these conditions are not the same at all institutions. Check requirements with your preferred provider before signing up for an account.

Students savings accounts vs regular savings accounts?

Student savings accounts typically have lower or no monthly fees, competitive interest rates and incentives for regular deposits. Regular savings accounts may have more general features and not offer the same level of flexibility or incentives tailored to students.

Another significant difference is eligibility criteria. Student savings accounts usually have age limits or require proof of student status, such as a valid student ID or enrolment confirmation. While students may enjoy tailored benefits, they’ll likely transition to a regular savings account as their financial situation evolves, such as after graduation.

What happens to your account when you stop being a student?

Many banks require you to transition your student savings account to a regular savings account once you no longer meet the eligibility criteria. This transition usually involves reviewing the account's terms and conditions, which may include changes to fees and interest rates.

However, this doesn’t mean you can’t access introductory rates and bonus rates from either your current bank or another provider. It’s helpful to compare your options before selecting the account that best fits your circumstances.

What other types of accounts are available for students?

Students may want to open a transactional bank account for everyday use. A debit card or credit card can be a helpful money management tool for students. If you're looking to borrow money for a larger purchase, some lenders in Australia offer personal loans for students.

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Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

Peter Terlato
Peter Terlato
Senior Money Writer

Peter Terlato is a content writer with nearly 15 years journalism experience. He's written extensively about finance, politics, technology, travel and lifestyle. His work has appeared in a number of publications including RateCity, finder, Business Insider and ETB Travel News. At Mozo Peter publishes news, guides and product pages across an array of topics; from credit cards and the cash rate to car loans and capital gains.

Savings account customer reviews

AMP Bank AMP Saver Account
Overall 7/10
AMP Saver: 5.25% interest + $250 monthly deposit

AMP Saver’s rate is quite a find, 5.25% for peace of mind. Deposit $250 each month, you see, And watch your savings grow steadily. No need to call, no hassle or fight, Withdrawals are easy, all feels right. But if you forget that monthly deposit, The rate will drop, so don’t lose it! Still, if you’re keen and can meet the goal, This account will happily help your cash grow whole!

Read full review

AMP Saver’s rate is quite a find, 5.25% for peace of mind. Deposit $250 each month, you see, And watch your savings grow steadily. No need to call, no hassle or fight, Withdrawals are easy, all feels right. But if you forget that monthly deposit, The rate will drop, so don’t lose it! Still, if you’re keen and can meet the goal, This account will happily help your cash grow whole!

Price
8/10
Features
7/10
Convenience
8/10
Trust
8/10
Less
Joseph, New South Wales, reviewed 1 day ago
NAB Savings Account
Overall 8/10
NAB has the best Savings Interest rates

NAB has the best Savings Interest rates and features amongst the Major Banks in Australia and I would highly recommend NAB.

Read full review

NAB has the best Savings Interest rates and features amongst the Major Banks in Australia and I would highly recommend NAB.

Price
9/10
Features
9/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Christina, New South Wales, reviewed 1 day ago
Commonwealth Bank GoalSaver
Overall 5/10
CommBank-take responsability

I've banked with the Commonwealth Bank since I was a teenager, so 35 years. My only issues are a massive lack of ATMs and the bank allowing a Merchant to access my account after I had the card cancelled. The merchant has taken a subscription fee out three years in a row despite me originally cancelling the subscription with this merchant. Then upon speaking with Commonwealth bank staff they suggested I cancel the card to prevent further unauthorised transactions. Well that was 3 years ago and I'm still trying to hold Commonwealth bank accountable for allowing the funds to leave my account hence my account is now overdrawn.

Read full review

I've banked with the Commonwealth Bank since I was a teenager, so 35 years. My only issues are a massive lack of ATMs and the bank allowing a Merchant to access my account after I had the card cancelled. The merchant has taken a subscription fee out three years in a row despite me originally cancelling the subscription with this merchant. Then upon speaking with Commonwealth bank staff they suggested I cancel the card to prevent further unauthorised transactions. Well that was 3 years ago and I'm still trying to hold Commonwealth bank accountable for allowing the funds to leave my account hence my account is now overdrawn.

Price
6/10
Features
6/10
Customer service
3/10
Convenience
3/10
Trust
5/10
Less
Sharon, South Australia, reviewed 1 day ago

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  • ING brand logo
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  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • Rabobank brand logo
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  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • Rabobank brand logo
  • First Option Bank brand logo
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • Rabobank brand logo
  • First Option Bank brand logo
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo