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Compare bonus savings rates up to 5.00% p.a. or ongoing high interest savings account offers up to 4.75% p.a.
Written by Sean Callery and fact checked by Jared Mullane. Updated 16 Sep 2025.
Sponsored
Top Intro Offer
Up to
5.00%
p.a. for 4 months, then up to 3.45% p.a. variable
Rabobank High Interest Savings Account
No account fees. No min balance. 3.45% ongoing rate after intro period for balances up to $250k.
View More
Top Bonus Rate Offer
Up to
4.80%
p.a. variable with bonus interest when monthly criteria are met
ING Savings Maximiser
Fee free. No min balance. Bonus interest available when monthly criteria are met.
View Details
Top Ongoing Rate Offer
Up to
4.60%
p.a. for 4 months, then ongoing 4.25% p.a. variable
Macquarie Savings Account
Earn interest without monthly criteria. High ongoing rate after intro period. $0 fees.
View Details
Available for 13-17 year olds and students, trainees or apprentices up to 30 years old.
Up to
4.75%
p.a. variable when monthly criteria are met
IMB Bank Reward Saver Kickstart Account
Young savers can earn a great ongoing rate on balances up to $100k. Deposit $20 per month and make no withdrawals to qualify. No fees, easy online application. Plus, new account holders by 16 Sep 2025 can score a bonus $50! See website for T&Cs
Bonus $50
Ends 16/9
Deposit amount | ||
Rabobank High Interest Savings Account |  Base interest rate 3.45% per annum Max interest rate 5.00% per annum Bonus Conditions
| |
UBank Save Account |  Base interest rate - per annum Max interest rate 5.00% per annum Bonus Conditions
| |
BOQ Future Saver (14-35 year olds) |  Base interest rate 0.05% per annum Max interest rate 4.85% per annum Bonus Conditions
| |
Bankwest Easy Saver |  Base interest rate 4.00% per annum Max interest rate 4.80% per annum Bonus Conditions
| |
ING Savings Maximiser |  Base interest rate 0.05% per annum Max interest rate 4.80% per annum Bonus Conditions
| |
Virgin Money Boost Saver |  Base interest rate 0.05% per annum Max interest rate 4.75% per annum Bonus Conditions
| |
IMB Bank Reward Saver Kick Start Account |  Base interest rate 0% per annum Max interest rate 4.75% per annum Bonus Conditions
| |
Rabobank Premium Saver Account | Base interest rate 0.60% per annum Max interest rate 4.65% per annum Bonus Conditions
| |
Macquarie Savings Account |  Base interest rate 4.25% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
Credit Union SA Netsave Account |  Base interest rate 0.75% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
Great Southern Bank Goal Saver Account |  Base interest rate 0.50% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
BOQ Smart Saver | Base interest rate 0.05% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
ME Bank HomeME |  Base interest rate 0.05% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
Up Home Up Saver Account - Grow Rate |  Base interest rate 0% per annum Max interest rate 4.60% per annum Bonus Conditions
| |
Arab Bank Australia Personal Online Savings Account |  Base interest rate - per annum Max interest rate 4.55% per annum Bonus Conditions
| |
RACQ Bank Bonus Saver |  Base interest rate 0.01% per annum Max interest rate 4.51% per annum Bonus Conditions
| |
Great Southern Bank Home Saver Account | Base interest rate 0.50% per annum Max interest rate 4.50% per annum Bonus Conditions
| |
BCU Bank Boss Saver Account |  Base interest rate 0.20% per annum Max interest rate 4.50% per annum Bonus Conditions
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P&N Bank Savvy Saver Account |  Base interest rate 0.20% per annum Max interest rate 4.50% per annum Bonus Conditions
| |
IMB Bank Reward Saver | Base interest rate 0% per annum Max interest rate 4.50% per annum Bonus Conditions
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Currently the highest bonus savings rate on our database is 5.00% p.a. from Rabobank, Westpac and UBank, with conditions attached for the maximum rate. The top ongoing savings rate is 4.50% p.a. from Border Bank and Police Bank on balances up to $30k with the U30 Super Charge Account.
Under 18s can access slightly higher ongoing rates, up to 4.75% p.a. available with Australian Mutual Bank's Young Saver Account and Great Southern Bank's Youth eSaver, both with maximum balances of $5,000.
Below we've rounded up more of the top savings rates from our database, both overall and for different account types.
| Account | Base rate | Conditional bonus rate | Max balance |
|---|---|---|---|
Rabobank High Interest Savings Account | 3.45% p.a. | 5.00% p.a. (four months only) | $250k |
Westpac Life 18-29 | 0.40% p.a. | 5.00% p.a. | $30k |
UBank Save Account | 0.00% p.a. (or 4.35% p.a. ongoing bonus rate subject to conditions) | 5.00% p.a. (max intro rate for four months only) | $250k |
Credit Union SA Netsave Account | 1.00% p.a. | 4.85% (four months only) | All balances |
BOQ Future Saver (14-35 year olds) | 0.05% p.a. | 4.85% | $50k |
| Account | Ongoing rate | Max balance |
|---|---|---|
Border Bank/Police Bank U30 Super Charge Account | 4.50% p.a. | $30k |
Australian Unity Freedom Saver | 4.35% p.a. | $50k |
Heartland Bank MySavings Account | 4.25% p.a. | $300k |
AMP Go Save | 4.25% p.a. | $250k |
Macquarie Savings Account | 4.25% p.a. | $250k |
ANZ Plus Flex Saver | 4.25% p.a. | $5k |
| Account | Base rate | Max rate | Max balance |
|---|---|---|---|
BOQ Future Saver Account (14+) | 0.05% p.a. | 4.85% p.a. | $50k |
First Option Bank Kids Bonus Saver (under 18s) | 0.05% p.a. | 4.80% p.a. | $5,555 |
Australian Mutual Bank Young Saver Account (12-18) | 4.75% p.a. | 4.75% p.a. | $5k |
Great Southern Bank Youth eSaver (under 17s) | 4.75% p.a. | 4.75% p.a. | $5k |
IMB Bank Reward Saver Kick Start Account | 0.00% p.a. | 4.75% p.a. | $5k |
| Account | Base rate | Conditional bonus rate | Max balance |
|---|---|---|---|
Rabobank SMSF High Interest Savings Account | 2.90% p.a. | 4.35% p.a. (four months only) | $250k |
Heritage Bank Online Saver Savings Account | 2.45% p.a. | 4.00% p.a. (four months only) | $100k |
Qudos Bank DIY Super Saver | 0.35% p.a. | 3.95% p.a. | $10k+ |
AMP SuperEdge Saver Account | 2.45% p.a. | 3.90% p.a. | $5m |
Rabobank Premium Saver Account (SMSF) | 0.50% p.a. | 3.85% p.a. | $250k |
| Provider | Base rate | Conditional bonus rate | Max balance |
|---|---|---|---|
Westpac Life 18-29 | 0.40% p.a. | 5.00% p.a. | $30k |
CommBank NetBank Saver | 1.55% p.a. | 4.45% p.a. (five months only) | n/a |
NAB iSaver | 1.25% p.a. | 4.40% p.a. (four months only) | $20m |
ANZ Plus Growth Saver | 0.15% p.a. | 4.25% p.a. | n/a |
To get the highest interest rate on your savings each month, you often need to meet specific conditions. For example, you may need to deposit a minimum amount, make no withdrawals, and make transactions on a linked everyday account.
Unless you’re happy to switch regularly to chase the best savings rate, you may be better off with an account offering a high ongoing interest rate. A lot of high interest savings accounts start off with a high rate but revert to a much lower rate after 3-6 months.
As well as the conditions for getting the top rate of interest, there can be other restrictions. For example, some accounts have an upper or lower age limit.
Something else to watch for is limits on the balance the top rate of interest will apply to. For example, you might get the best rate on your balance up to $50k but a much lower rate on amounts above that.
Is the account provider an ‘authorised deposit-taking institution’? Only these ADIs are covered by the Government’s Financial Claims Scheme which protects your deposits up to a total value of $250,000 per institution.
Some savings accounts offer handy tools, like savings trackers, the ability to set up multiple savings ‘buckets’ with different names and automatic reminders so you don’t miss out on the bonus interest.
While most savings accounts in Australia don't charge ongoing fees, some may charge 'ancillary' fees, like fees for requesting statements or making in-person withdrawals at a branch.
Some savings accounts are only available if you also have a transaction account with the same provider. This is not a major hurdle, as transactions are usually free and easy to open. But if it’s a tie-break based on other factors, it’s worth considering whether a linked transaction account is a plus or a minus.
Megan Birot, Head of PR at Money.com.au
"As someone saving for a home deposit, it’s all about the rate for me. But also the conditions to get that rate. For example, with ING I have to make 5 transactions on the linked transaction account and have to deposit at least $1,000 each month. Nice and simple. Basically, I just want the best rate, without having to jump through hoops to get it."
Megan Birot, Head of PR at Money.com.au
This is the standard variable interest rate that applies by default to money saved in the account. It’s usually a relatively low rate. This rate sometimes depends on the balance of the account. For example, a higher rate may apply to the balance up until a point, and then a lower rate kicks in, or vice versa.
With a high interest savings account, the bulk of the interest usually comes via the bonus savings rate that kicks in if you meet the eligibility criteria. This rate is also usually variable, meaning your bank could change it at any time.
Some accounts offer extra interest (at a fixed rate) for the first few months only, as an incentive to get savers to sign up.
A savings account with tiered interest pays a different rate on different portions of your balance. For example you might earn 1% p.a. on the first $10,000, then 1.5% p.a. on any amount above that.
These accounts offer a higher rate of interest or ‘bonus’ interest if the account holder meets certain criteria each month. These accounts often have a fairly meagre base interest rate if the bonus interest isn’t applied.
If you’re looking for a consistent rate of interest, you might prefer a standard savings account that doesn’t rely on you jumping through hoops to qualify. Some accounts just offer a base rate of interest that applies regardless of how you use the account.
Junior saver accounts typically offer high interest rates but only to young people (e.g. under 18 years old). It’s usually a requirement that a parent or guardian opens the account on the child’s behalf and is listed as a signatory on the account to make transactions.
Some savings accounts are aimed at people saving for a deposit for a first home. In reality this is essentially a marketing tactic to appeal to first home buyers. Apart from the name, the account itself will likely be no different to any other kind of savings account.
These accounts are designed for people who are saving for retirement through a self-managed super fund (SMSF) and are looking to earn interest on their money. Functionally, they are very similar to standard savings accounts.
A savings account is one of the most straightforward financial products to apply for. You can usually apply online in a few minutes. This might explain why the majority of Australians put their savings into these accounts.
The only slight complication is that a lot of providers require you to have or apply for a transaction account first.
To open a savings account, you’ll generally need to:
In many cases, to earn the highest interest rate on a savings account you may need to deposit a minimum amount each month, have a linked transaction account and make no withdrawals (or ensure the balance grows each month). There may also be a maximum balance you can earn the highest interest rate on.
This depends on the savings account, and in many cases there won’t be a maximum. But many high interest savings accounts only pay the top interest rate up to a limit, e.g. up to $250,000. This is the largest amount that can be guaranteed for an individual at any one bank under the Government’s Financial Claims Scheme.
Most banks will allow you to hold more than that amount in a savings account. But any money above that amount won’t be guaranteed by the government if the bank goes bust.
The highest interest savings accounts aren’t all necessarily offered by online banks, although online providers do tend to offer more competitive rates overall. In reality, virtually all ‘traditional’ banks will also have an online application process and you may not need to go into a branch at any stage as a savings customer.
Currently the highest bonus savings rate on our database is 5.00% p.a. from Rabobank, Westpac and UBank, with conditions attached for the maximum rate.
The top ongoing savings rate is 4.50% p.a. from Border Bank and Police Bank on balances up to $30k with the U30 Super Charge Account.
Generally, yes. Money in a high interest savings account is guaranteed by the Australian Government’s Financial Claim Scheme, up to a value of $250,000 per person per bank. If you have more than $250,000 in savings, you could spread your savings across multiple providers covered by the scheme to ensure you are protected.
The following providers are authorised deposit taking institutions whose savings accounts are covered by the government’s Financial Claims Scheme.
Interest on savings accounts is calculated daily based on the current balance of your account using this formula:
Daily interest = Account balance X interest rate ÷ 365
For example: $10,000 X 0.05 (5%) ÷ 365 = $1.37
If the balance on that account remained the same during a 31-day month, the total interest earned that month would be: $1.37 X 31 = $42.47
There’s generally no limit on how many savings accounts you can have across multiple providers. However, to keep things manageable, it may be best to limit it to one or a couple of accounts. One strategy could be to have one account with a high bonus interest rate (even if it has conditions attached), but to also have some savings in an account that offers a relatively high base interest rate.
That way if you miss out on the bonus interest, you will still be earning some interest via the base rate.
If you have more than $250,000 in savings, you may choose to spread your savings across multiple providers, as your deposits are only guaranteed by the government up to $250,000 with any one provider.
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
Jared Mullane is a finance writer with more than eight years of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).
Money.com.au has strict rules and policies in place that ensure we can provide accurate and reliable information to consumers about financial products, without it being influenced by our commercial arrangements. Read more about how we make money and avoid conflicts.
Our high interest savings account comparison is based on products analysed by Money from banks covered by the Government’s Financial Claims Scheme. By default the table is sorted by highest max interest rate, then highest base interest rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions – and seek financial advice if necessary – to ensure the product is right for you. While this is an extensive list of the savings accounts available in Australia, we do not guarantee that all products in the market are shown.
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