Best Savings Accounts in Australian Capital Territory Canberra–Queanbeyan

Their system has gone down TWICE in 24 hours. Cant transfer money. Cant use my card. They refuse to assist or do anything aside from provided useless canned corporate speak responses. Will be changing banks.

Total Scam. They lure you with their ads but they are the only bank i know that keeps your money interest free for a month before applying a bonus… Read more

rate the next month. Basically you lose your bonus rate for a month. If you have gone to a different bank You would get bonus interest on the current month plus the following month. You basically parked your money there for free for a month before earning interest on it. Dont bother with this unethical scammy company

Nightmare assistance if misplaced the digipass. Forever wait on the phone and theres no help at a branch even if take ID which is laughable. Review and go with a standard bank.

I’ve been with St George for over 27years, AND never an issue. All banks have fine print, you just need to common sense thing and READ the T&Cs. If… Read more

you don’t understand, then ask the question. You’re all adults right? Well don’t blame the bank for your own failings.

Maximise Profits by Minimising Deposit Rate Increases – I have had a progress saver account for many years. ANZ is super fast at passing interest rate increases to borrowers and extremely slow at passing… Read more

them to deposit customers. Most competitors passed the November 2023 increase to their deposit customers late last month, but ANZ still hasn't passed it on over 1 month since the cash rate increased. You can get at least 0.25% more from nearly every other bank.

Very disappointed with NetBank Saver interest rate and CBA's attitude to loyal customers. The best NBS rate I can get now is only 2.45%. I was… Read more

getting 4.25% but the special offer rate has now finished. I am getting 5.00% in my Macquarie Savings account (at call rate) so now have $107,000 with Macquarie and only $1,500 with CBA. Why should I lose 2.55% which equates to $2,728 p.a. interest income difference. We have been with CBA for over 30 years, had 5 home loans with them at one time and still have a transaction account, credit card, CDIA account and CommSec account. Has CBA become so big it does not even try to be competitive or does it just not care about long-term loyal customers?

The savings account with bonus interest is almost a scam in that if you ever withdraw from it to the point the monthly balance goes down you get… Read more

nothing that month, not less, not a small amount, not a basic rate, nothing, nada, zilch. Every month apparently their call centre is hammered on the 1st day of the month with complaints. Avoid.

A good online option with competitive rates – A good account with easy access and high variable rate for 'rainy day' savings which aren't locked away. Although you do lose majority of interest… Read more

reward in any one month which contains a withdrawal, you only need manage the account as a 'deposit without withdrawal' style. Although lower interest than a fixed term, it does provide easy access Easy to set up and move money into, 24x7 access via internet to your money, good interest rate Slug of 'no interest' virtually in month of withdrawal - would prefer a lower hit on that front. Can only be in one name so if you hold joint accounts, only the account holder can view this account

Love the high interest rate – I can’t afford to put much away, so the maximum of $250 per month is fine with me. The interest rate for this account has always been the highest… Read more

that i could find anywhere (always above 3%). Unfortunately this particular account is no longer offered.

St George changed my savings account interest rate without telling me – Beware - you need to contact St George every 3 months and ask for discretion rate or else it goes down to worthless rate. They did not call or… Read more

message me to tell me rate drop.

This does NOT seem correct to me - why is it not possible to advise via email, text or post that there will be a change to the interest rate they are paying?

How can they blatantly change the conditions of the saver account I've changed to Macquarie bank exactly how it should be for savings reward account

No access to account, still charged me $490 yet still says no premium account…have tried to contact them, am ignored, have attempted to go through PayPal it’s a SCAM - BEWARE!! Give me my money back!!!

You can earn interest on savings of around 5% these days, but nearly all mainstream banks make you jump through hoops to get the high amount. These… Read more

include ensuring the funds grow each month, making you use the attached transaction account to pay for a nominated number of debit card transactions per month, and deposit a defined amount from outside to your transaction account each month. If you don't comply with these conditions, they'll only pay a pittance, often a fraction of 1%.

A good summary of what's available and the hoops they make you jump through can be found here: https://www.accountsleaderboard.au/

I've got tired of these conditions with my current bank so opened an AMP Go Save account. There's no hoops, you can have any amount at any time in it and still receive the full interest every month. However, it's not perfect if you want to do all your banking through them.

The Good:

1. No hoops high interest saving account as stated above.

2. Easy to set up, but you must use the AMP Go app on your phone.

3. You can set up a joint transaction account with your partner, but they must set up a personal account first, again, using the bank's phone app.

4. A debit card is available, and has no fees for foreign currency transactions. Good for OS travel.

The Bad:

1. You can only access your account by using the phone app. There is no internet access to your account, using an internet browser. This is a problem if you and your phone part company while away from home.

2. You can't open a joint interest bearing account. Really?? Every other bank I've dealt with allows this. Because of this, our savings account, which is in my name, can't be accessed by my wife, or directly transfer funds to our joint account ... I have to first transfer to my transaction account, and again to our joint account. The savings account doesn't have a BSB / Account number, as you'd normally expect.

3. With most transactions, even internal transfers, they make you include a reference. Why? This should be optional.

4. The app takes some getting used to ... it's not that user friendly.

5. Setting up and saving a bill pay or Osco transaction is different to what I'm used to. For BP, you enter the organisation number and save. It's not until you want to make a transfer that they ask for the account number. I'm used to it now, but I still find this bizarre.

6. Every time you use the app, it sends a notification to your phone. It's annoying, and impossible to turn off.

I'll persevere. It's good, the savings account makes it worth while, but there's a long way to go if they want to compete with more mainstream banks.

I've been with ME Bank for 20 or more years. Their internet banking app was good. It used to be terrific. But they recently changed (when they… Read more

became ME Go). Now their internet banking app (on my laptop) is dreadful and not user friendly. Gives you very little information and doesn't give you a receipt after making a payment. In the past you'd finish making the payment and then a receipt would appear for you to print or save. That doesn't happen any more. The layout is not at all user friendly.

CBA treatment of the Aged – My father who is bed ridden in an aged care facility, saved well throughout his life and put is monies in various banks. CBA has frozen his Netbank… Read more

account after he sold one of his investment properties in an attempt to move some of his assets into various term deposits. He was told that he would need to come into a branch to identify himself which isnt possible without an ambulance. He doesn't know if the aged care facility is going to be paid to keep his place, cant prepare his tax return and been on the security line for more than 1 hr. CBA need to realise that not ALL their customers can get to a branch without the use of an ambulance. When asked if a CBA employee could visit the aged care facility they said it was against the banks policy. So CBA has the bulk of his assets and he doesnt have access to any of it! I would also like to point out the CBA was notified that such transactions were coming and still their processes cant cope.

Commonwealth Bank - Security or Marketing – I am an 89 years young customer of the Commonwealth Bank and have used its facilities to transfer money to various organizations over the years. … Read more

Friday, 19 Jan I went to my local branch and with the cheerful assistance of the Manager, transferred funds to an interstate Bank; all "checks and balance" were made;. There was no possibility of a scam.

Within 30 minutes of leaving the bank, I received a phone call; 2-3 texts and 4-5 emails wanting me to contact the Bank.

Suspecting a scam I checked with the local branch and was assured the contact was genuine.

I phoned the number and was advised the bank was doing a security check to protect me. After the usual "identifying" questions; full name, date of birth, residential address etc; then followed a list of questions which appeared to have nothing to do with security but more attuned to a "Marketing Survey." I objected to this unwarranted intrusion of my private affairs but was informed that unless I answered all questions, the transfer of funds would not proceed. BIF DADDY HAD THE STICK.

Under protest, I answered all questions. It was agreed that there was no scam and that the funds would be transmitted to the receiving Bank and should be in the designated account by Saturday 20 January.

A review of my Bank Account on Monday 22 revealed that the amount had not been transferred as I was told on the previous Friday and by way of email. [FALSE ADVICE FROM COMM BANK]

Another trip to the local branch late on Tuesday 23 Jan and was advised to contact the security section again. This section failed to notify me that the funds HAD NOT been transferred.

Today, 24 January, another call to Security to be advised the funds would be transferred within a 40 minute time frame. Records now show that to be correct.

On three occasions, I have requested to be supplied with the questions asked (apart from identifying questions) and on each occasion was advised that staff could not provide the questions. When asked for a reason for the refusal, I was told it was because of "BANK POLICY."

When any organization hides behind the excuse "POLICY," then one commences to smell a 'rat.'

Was the Commonwealth Bank trying to protect my financial interests or more likely was the Commonwealth Bank conducting a covert "Marketing Survey" to find reasons for their shrinking business base and loss of customer support. You be the Judge.

Tom

That is effectively theft!!!! I am trying to withdraw all of my money from my account before closing it, due to the takeover by ANZ. Bad enough that… Read more

I cannot transfer my daily limit of $5000 without being bullied into using an App, but now that I had done the second $3000 transfer which in theory I can do without an App and which worked fine the first time, I am told the payment is "on hold". WHAT????? Because it might be fraud. Give me my money. MY money. Not your money. Whatever happened to checking with the customer? Sending and SMS or email code perhaps. No, you just decide to quarantine (aka keep) MY MONEY. The spirit of ANZ already well and truely alive it seems.

This i criminal!!! What if I desperately needed that money, perhaps to pay for medical treatment or something.

And to my message, I just got the usual AI garbage back. One for the ombudsman I think.

I don’t recommend this option as you cannot withdraw funds. I loose interest in second month as I didn’t transfer funds to this account. It’s more like a scam this way that you are loosing interest income for not transferring $1

NAB = Scam scam scam, signed up for 4.45%. RBA raised rates by .25%… NAB only passed on .15 then the RBA put the rate rates up another .25% and NAB… Read more

only increased again at .15% scamming me out of .2% approximately $4000 per year.

Their rate is now lower than most saving rates with other banks so don’t waste your time moving over to these guys once you’re there they won’t look after you… Just rip you off considering they are offering 4.95% for new customers. they don’t give a cr#p about their existing customers only giving them 4.75 once you’ve already signed up and transferred your funds. 0/10

I’m out

Unnecessary step(s) to earn highest interest – - Home Saver Account offers 5.25% with conditions - You need to deposit $2K (*you can withdraw) - The unnecessary step (*in my opinion): don't… Read more

deposit direct into Home Saver [ where your bonus interest is accrued ] instead deposit into everyday account then transfer to Home Saver otherwise you don't meet criteria, therefore get zero bonus interest - Finally when their interest rates change or drop, you don't get notified (apparently it's too costly to undertake such) so it just costs customers in lost interest. This is low hanging fruit for GSB to improve upon - GSB can just electronic communication of upcoming change to interest on the app/internet banking/email - it's not that costly.

Bank BOQ bulldust – Complicated accounts offered.not simple to navigate .online application say -go to branch....there's hardly any. Using words simple.smart.term . I'm no lawyer.wasted 5 hrs of work time

Westpac is a cheater. Don’t fall for their 5% interest rate trap — you won’t actually get it even if you appear to meet the criteria.

Shady business practice, Taking customers for a ride – well, Banksa would only give you this interest rate if you remember to call them every 3 months and renew it. even then its quite low compared to… Read more

some other banks. the normal interest rate is 0.15% and its pathetic. the bonus 1.48% only applies if you call them ( in 2020 it has dropped down to 0.80% including bonus interest). i mean why do we have to call them for it? it's because they are counting on you to forget to call them after that time and then you can just drop you back to 0.15% without even telling you or without any notification what so ever. they want you to forget so they can rip you off. i mean its not that hard to send you an email to alert you to let you know that your 3 months are almost over. but NOPE, they ll just sneakily drop your interest rate. and this time i tried calling them 3 days before it was over, they refused to do it and told me that i ll have to call back once it expired. i mean WTH? they want me to wait for it to expire and only then they ll apply it for me? this is such shady business practice. i am moving my money to a different bank. F%$k you Banksa.

Commbank the kings of shifty business – CBA is honestly a ruthless, bloodsucking bank that only seems to care about taking your money. They could not care less and just refer to the fine… Read more

print as their argumnent I've had two loans with them for over 15 years and never missed a payment once !

Out of nowhere, they started taking money from my account for a loan that was already paid off because apparently the interest-only period had ended. I was shocked to find out they hadn’t notified me at all—no letter, no email, no phone call, and no SMS.

When I called to ask why I wasn’t informed, they told me they didn’t have my email address! Seriously? After all this time, they don’t have my contact info? It’s hard to believe that a bank can operate like this. If I had defaulted on my payments, would they really have just ignored me because they didn’t have my email? What if there was no money in the account from which they took the funds? Would CBA have just forgotten about everything? It’s absurd!

Now they’re refusing to give me back the money they took without any notice. I rThis whole situation has left me frustrated and disappointed with their service.

cant wait to close these loans and all accounts with them

More like gambling than saving – A flexible account that pays you almost no interest if you make any kind of withdrawal within a month. This is more like placing a bet on whether you… Read more

need to withdraw money each month than it is a regular savings account.

Be aware you will get almost no interest in the month you close it, and god forbid you make a small transaction in error while you hold the account. This is not a term deposit, but it has all the worst features of a term deposit plus an element of gambling with only downsides.

Awful customer service. Had applied for a partial discharge only to be told on the date of settlement that the partial discharge had not been… Read more

processed due to information being lost during the transfer to Pepper money. I had called prior to settlement date to follow up the status of the application and was only told that it was in progress. I was never informed about the issues that were ongoing with partial discharges due to information being lost. I have been calling twice everyday to follow up on the status of our partial discharge only to be told that it's still under review or they had no further information and cannot give me an estimated date as to when this will be processed. Have been a customer with them for nearly 10 years and once this is all settled I will be moving my business elsewhere as this is ridiculous.