Your selected savings accounts
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.
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Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
Read reviews and learn more about Newcastle Permanent savings accounts
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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.^
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Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Read reviews and learn more about IMB Bank savings accounts
Go to siteGreat 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.^
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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.
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Go to siteIntroductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Read reviews and learn more about IMB Bank savings accounts
Go to siteComplement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
Read reviews and learn more about Newcastle Permanent savings accounts
Go to siteEnjoy 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.
Read reviews and learn more about First Option Bank savings accounts
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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.
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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.
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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
Go to siteWork 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.
Read reviews and learn more about Newcastle Permanent savings accounts
Go to siteEnjoy 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
Go to siteYour selected savings accounts
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.
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.
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.
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.
Learn more about savings accounts and managing your budget in our helpful guides. See all
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I love my bank.I've been a dollar my kids since I was born
Read full reviewI love my bank.I've been a dollar my kids since I was born
They are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.
Read full reviewThey are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.
Helpful bank that meets all my needs
Read full reviewHelpful bank that meets all my needs
