Finty

Compare savings accounts with no conditions

Enter your balance to see the interest 225 savings accounts with no conditions would pay you, and what each asks of you to earn its bonus, so your savings earn more.

These accounts pay their rate whatever you do each month, with no deposit or withdrawal rules to meet. The rate is often lower than a bonus saver's top rate, but it's the rate you actually get.

Written byDavid Boyd

Plan your savings

Tell us what you have now, what you can add each month and for how long, and we'll show where each account below would take you, at today's rates.

214 accounts

Showing 20 of 214

Rates are variable and can change at any time. Balances are estimates before tax, at today's rates, with interest added monthly at the rate for the balance at the time. Some banks pay a balance band's rate only on the part of the balance inside it, and an introductory rate ends after its set time.

Savings accounts with no conditions at a glance

Worked out from the 225 accounts from 78 banks we compare on this page.

Typical top rate

3.00%

Half the accounts pay between 2.25% and 4.30% at their best.

Typical base rate

3.00%

What you earn without meeting any bonus conditions.

With an intro rate

12 of 225

accounts pay a higher rate for the first few months only.

Bonus conditions

0 with conditions225 without
How top rates are spreadNumber of accounts in each band. The most common is 2–3%.

The short version

  • These accounts pay the same rate whatever you do, with no monthly hoops.
  • The rate is usually a little lower than a bonus saver's top rate.
  • They suit savers who need to dip in now and then.

Why choose an account with no conditions

These accounts pay their rate whether or not you deposit or withdraw each month. They suit an emergency fund, or savings you dip into, where a bonus saver's rules would often be broken.

The headline rate is often lower than a bonus saver's top rate, but compare it with the rate you'd realistically earn. A no-conditions account can come out ahead if you'd miss the bonus some months.

Pros

  • The rate you see is the rate you get, every month.
  • Withdraw when you need to, without losing interest.
  • Simple to manage, with nothing to keep track of.

Cons

  • Usually a lower rate than a bonus saver at its best.
  • Some have intro rates that fall after a few months.
  • Rates are still variable, so they can change.

Alternatives

  • A bonus saver, if you can meet its conditions every month.
  • A term deposit, which locks your rate for a set time. It suits money you won't need, and protects you from rate cuts.
  • A home loan offset account, if you have a mortgage. Every dollar cuts the interest you pay, with no tax on the saving.

How to open one

Most banks let you open one online in about ten minutes.

  • Have your ID ready. A driver's licence or passport, and your tax file number so you're not taxed at the top rate on the interest.
  • Link an everyday account. Most savings accounts move money through a linked transaction account, often with the same bank.
  • Set up a regular transfer. An automatic transfer on payday makes saving the default, and helps meet any deposit condition.

Questions people ask

Is my money safe in a savings account?

Savings with an Australian bank, building society or credit union are covered by the government's Financial Claims Scheme, up to $250,000 per person per bank. Check that the provider is an authorised deposit-taking institution.

Is savings interest taxed?

Yes. Interest counts as income and is taxed at your marginal rate. Give your bank your tax file number, or it must hold back tax at the top rate.

Can my savings rate change?

Yes. Savings rates are variable, so the bank can change them at any time, usually after Reserve Bank moves. Check your rate every few months.