If you have a longer term goal and can resist the temptation of tapping into your funds, a term deposit might be a good option to consider. These may have a minimum deposit amount (usually $1000) and terms range from 30 days, up to 5 years. Your return is fixed, along with your interest rate, but you may be penalised if you withdraw your money before the end of the term.
The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society or credit union fails. It only covers banking institutions that are incorporated in Australia, and has been known as the Australian Government deposit guarantee.