Your selected savings accounts
Savings accounts are an easily accessible way of storing your cash while also growing interest. If you’re looking to open a student savings account, scroll down, compare and find the best account for you.
5.50% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Read reviews and learn more about Macquarie savings accounts
Your selected savings accounts
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
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.
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.
Read reviews and learn more about BCU Bank savings accounts
Your selected savings accounts
5.35% p.a. (for $0 to $250,001)
1.45% p.a.(for $0 and over)
Yes up to $250,000
Increase balance by $200 by the end of each month
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.
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.
Read reviews and learn more about Rabobank savings accounts
Your selected savings accounts
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
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.^
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.^
Read reviews and learn more about ING savings accounts
Your selected savings accounts
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
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.
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.
Read reviews and learn more about Unity Bank savings accounts
Your selected savings accounts
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
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.
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.^
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.^
Read reviews and learn more about ING savings accounts
Your selected savings accounts
5.20% p.a. (for $0 to $30,000)
1.85% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a linked Westpac Choice account, make one deposit and grow the balance each month.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Read reviews and learn more about Westpac savings accounts
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
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.
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.
Read reviews and learn more about MyState Bank savings accounts
Your selected savings accounts
While savings accounts can be straightforward, they do come in a few different forms that can affect the interest rates you receive. This can be as simple as a deposit and forget system or one that requires you to meet certain conditions in order to earn the highest rate available.
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.
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.
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.
So, perhaps you’re considering opening a student savings account, but you’re 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 monthly or annual 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 student savings accounts to find the highest interest rate on the market is a sensible way to get the best deal possible. You can use the table above to compare accounts.
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.
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.
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.
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.
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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