Banking (Australian)

Everyday accounts, savings accounts, interest rates and deposit protection.

Most Australian savings accounts pay a low base rate plus a bonus rate that only applies in months you meet conditions — typically a minimum deposit and no withdrawals. Deposits with an authorised deposit-taking institution are covered by the Financial Claims Scheme up to A$250,000 per account holder per ADI, again per licence rather than per brand. If you have a mortgage, an offset account often beats any savings rate after tax.

What this section covers

How savings interest is quoted in this market
What deposit protection covers, and what it does not
Choosing between account types
Conditions attached to headline rates

Written for Australia. Terminology, protection limits and regulators differ between markets, so a guide from another country will not transfer cleanly.