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​.

Peter Terlato
Senior Money Writer
JP Pelosi
Managing editor
Fact Checked
green piggy bank
Last updated 24 March 2025 Important disclosures
  • Promoted

    Boss Saver

    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
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    Online Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for the first 3 months
    • No minimum monthly deposit
    • 24/7 account management via the app
  • Promoted

    Savings Maximiser

    Maximum rate
    5.40 % 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
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^

  • Savings Maximiser

    Maximum rate
    5.40 % 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
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^

  • Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 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
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^

  • Savings Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $250,000)
    Bonus variable rate is available for the first 4 months.
    Standard rate
    4.75 % p.a.
    (for $0 to $1,000,000)
    Go to site
    • Earn a great variable rate with no restrictions
    • Save up to 10% on eGift cards at over 50 retailers
    • Multiple 2024 Mozo Experts Choice Award winner

  • Boss Saver

    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
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • 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
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • Online Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for the first 3 months
    • No minimum monthly deposit
    • 24/7 account management via the app

  • Smart Saver Youth Account

    • under 25
    Maximum rate
    5.00 % p.a.
    (for $0 to $50,000)
    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
    • No monthly account fees
    • 2 free everyday transactions each month
    • Access your money wherever Visa is accepted

  • Savings+Bonus

    Maximum rate
    4.75 % 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 meet criteria
    • Access your money at any time via app
    • $250K maximum balance

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app

  • Bonus Saver Account

    Maximum rate
    4.75 % 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
    • No fees or penalties for withdrawing money
    • Personalised insights via the MyState Bank app
    • Fast online application

  • MoneyMAX Account

    Maximum rate
    4.35 % p.a.
    (for $1 and over)
    Standard rate
    4.35 % p.a.
    (for $1 and over)
    Go to site
    • Interest is calculated daily and paid monthly
    • No fees or penalties for withdrawing money.
    • Online access only

  • Smart Saver Account

    Maximum rate
    4.25 % 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
    • No monthly account fees
    • Earn bonus interest (T&Cs apply)
    • 24/7 account management via the app

  • SwiftSaver Account

    Maximum rate
    4.25 % 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 (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance

  • Kids Saver Account

    Maximum rate
    3.50 % p.a.
    (for $0 to $10,000)
    Standard rate
    3.50 % p.a.
    (for $0 to $10,000)
    Go to site
    • Help your child develop good spending and saving habits.
    • 3.50% p.a. interest applies to the first $10,000.
    • Savings account for children under 17.
Showing 15 results from 250 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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Peter Terlato
Peter Terlato
Senior Money Writer

Peter is a content writer with nearly 15 years of journalism experience, writing extensively about finance, politics, travel and lifestyle – including a decade specialising in comparisons. Peter publishes news, guides and reviews across an array of topics; from credit cards and the cash rate to car loans and capital gains.

JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

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