Savings institution of the year

BankWest

Last year, BankWest were "highly recommended" by AFR Smart Investor; this year, the company has gone one better. Steven Anderson, head of research at Infochoice, says , overall, BankWest's products are "spectacular" including its market-leading TeleNet Saver online account which pays new customers more than any of its competitors and has no bank fees.

Overall savings account

BankWest TeleNet Saver

BankWest won the award because its TeleNet Saver Account offered the best rate - 8.5percent. On September 5 that fell to 8.1percent and will revert to 7.6percent after January 1, 2009 - at this point, that is still the best rate in the market.

Incentive saver account

Westpac Reward Saver

If you are disciplined and want to earn a higher rate on your cash, you may want to try an incentive saver account. Make deposits and no withdrawals and you will receive a bonus rate. Westpac's Reward Saver is the top product simply because it offers the best rate of 7.1percent, including a 4.6percent bonus rate if at least $50 is deposited each month and no withdrawals are made (otherwise, you get a 2.5percent base rate).

Cash management account

AMP Cash Management Account

Whereas incentive savings accounts have conditions attached and pay higher interest, cash management accounts (CMA) pay lower rates but have no strings attached. AMP's CMA, unlike its competitors, offers high rates on small amounts, including 6.50percent for $0 to more than $1million and 6.80percent for the first three months.

Personal transaction account

BankWest Hero Transaction Account

This is not usually where you find high interest rates, if at all. So it was pretty easy for BankWest to win this award - its Hero Transaction Account pays 5percent on balances between $2000 and $5000. Compare that with most of its competitors, who are paying less than 1percent.

Term deposits 30-270 days

Suncorp eOptions

Suncorp's eOptions account offers the best interest rates - up to 7.8percent - for all amounts and most terms from 30 days to 270 days. This is a more flexible online account with options for customers to fix a portion of their balances to a bonus interest rate.

Term deposits Over 360 Days

RaboPlus

RaboPlus has taken the gong for the long-term deposit. In light of some economists predicting that the Reserve Bank may drop the cash rate even lower, RaboPlus's offer of 7percent fixed for the next year or 6.85percent a year for two years looks decidedly attractive (the offer applies to a minimum balance of $1000).