I have a UBank savings account set up for my savings. I have three accounts there - all for different things. At the moment they are for my Thailand Holiday, General Savings and one dubbed Project ***way - our account for baby savings! You can nickname all your accounts and they are 100% FEE FREE.

The only disadvantage (which I don't think is actually a disadvantage at all) is that they are 100% ONLINE meaning you can't go into a branch to deposit or withdrawl - it all has to be online. You also can't have a card on the account.

But I find this works great as it makes it difficult to access the money - which effectively means I can't spend it easily!!