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The highest savings rate on our database is 5.10% p.a., with both Rabobank and UBank offering this intro bonus rate for new customers.
Written by Sean Callery and fact checked by Jared Mullane. Updated 5 Feb 2026.
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Top Intro Offer
Up to
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Rabobank High Interest Savings Account
No account fees. No min balance. 3.45% ongoing rate after intro period for balances up to $250k.
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See some of the best savings rates in Australia, among providers on our database. The table is sorted by highest maximum savings rate, then highest base interest rate. Use the filters to search for the best savings rates.
Rates updated 05 February 2026
Deposit amount
| Product | Max rate p.a. | Base rate p.a. | Min/Max Balance at this rate | Link to site |
|---|---|---|---|---|
 Rabobank High Interest Savings Account | 5.10% View terms | 3.45% | $0k - $250k | |
 UBank Save Account | 5.10% View terms | - | $0k - $1m | |
 Westpac Life 18-34 | 5.00% View terms | 0.10% | Up to $30k | |
 BOQ Future Saver (14-35 year olds) | 4.85% View terms | 0.05% | $0k - $50k | |
 Bankwest Easy Saver | 4.80% View terms | 4.00% | $0k - $250k | |
 Bank Australia Bonus Saver | 4.75% View terms | 0.10% | $0k - $100k | |
 Move Bank Growth Saver | 4.75% View terms | 0.10% | $0k - $25k | |
ING Savings Maximiser | 4.75% View terms | 0.01% | $0k - $100k | |
 IMB Bank Reward Saver Kick Start Account | 4.75% View terms | 0% | $5k - $100k | |
Rabobank Premium Saver Account | 4.65% View terms | 0.60% | $0k - $250k | |
 BCU Bank Boss Saver Account | 4.65% View terms | 0.20% | $0k - $100k | |
 P&N Bank Savvy Saver Account | 4.65% View terms | 0.20% | $0k - $100k | |
 Macquarie Savings Account | 4.60% View terms | 4.25% | Up to $250k | |
 MyState Bank Hello Saver account | 4.60% View terms | 4.25% | $0k - $100k | |
 Bank of Melbourne Maxi Saver | 4.60% View terms | 1.00% | $0k+ | |
 BankSA Maxi Saver | 4.60% View terms | 1.00% | $0k+ | |
 St George Bank Maxi Saver | 4.60% View terms | 1.00% | $0k+ | |
 Credit Union SA Netsave Account | 4.60% View terms | 0.75% | $0k+ | |
 Great Southern Bank Goal Saver Account | 4.60% View terms | 0.50% | Up to $50k | |
BOQ Smart Saver | 4.60% View terms | 0.05% | Up to $250k |
This information is general in nature and doesn’t take your objectives, financial situation or needs into account. Consider whether it’s appropriate for you and read any relevant disclosure from providers before acting.
The highest bonus savings rate on our database right now is 5.10% p.a., with both Rabobank and UBank offering this top rate for the first four months only if you're a new customer.
The top ongoing savings rate is 4.50% p.a. from Border Bank and Police Bank's on balances up to $30,000 with the U30 Super Charge Account. Teachers Mutual Bank (Group) is also offering 4.50% p.a. as a base rate on its Starter Saver account for under 30s, on balances up to $50,000.
Below we've rounded up more of the top savings rates from our database, both overall and for different account types.
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Rabobank High Interest Savings Account | 3.45% | 5.10% for 4 months | Up to $250k |
| UBank Save Account | - | 5.10% for 4 months | Up to $1m |
| Westpac Life 18-34 | 0.10% | 5.00% | Up to $30k |
| BOQ Future Saver (14-35 year olds) | 0.05% | 4.85% | Up to $50k |
| Bankwest Easy Saver | 4.00% | 4.80% for 4 months | Up to $250k |
| Bank Australia Bonus Saver | 0.10% | 4.75% | Up to $100k |
| Move Bank Growth Saver | 0.10% | 4.75% | Up to $25k |
| ING Savings Maximiser | 0.01% | 4.75% | Up to $100k |
| IMB Bank Reward Saver Kick Start Account | 0% | 4.75% | Up to $5k |
| Rabobank Premium Saver Account | 0.60% | 4.65% | Up to $250k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Border Bank U30 Super Charge | 4.50% | 4.50% | Up to $10k |
| AMP Bank Go Save | 4.25% | 4.25% | Up to $250k |
| Heartland Bank MySavings Account | 4.25% | 4.25% | Up to $300k |
| ANZ Plus - Flex Saver | 4.25% | 4.25% | Up to $5k |
| MyState Bank Hello Saver account | 4.25% | 4.60% for 4 months | Up to $100k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Newcastle Permanent Smart Saver Under 25s Account | 0.05% | 5.00% | Up to $50k |
| First Option Bank Kids Bonus Saver | 0.05% | 4.80% | Up to $6k |
| Australian Mutual Bank Young Saver Account | 4.75% | 4.75% | Up to $5k |
| Great Southern Bank Youth eSaver Account | 4.75% | 4.75% | Up to $5k |
| IMB Bank Reward Saver Kick Start Account | 0% | 4.75% | Up to $5k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Rabobank High Interest Savings Account (SMSF) | 2.90% | 4.35% for 4 months | Up to $250k |
| AMP Bank SuperEdge Saver Account | 2.45% | 3.90% | Up to $5m |
| Rabobank Premium Saver Account (SMSF) | 0.50% | 3.85% | Up to $250k |
| Australian Military Bank DIY Super Saver Account | - | 3.50% | $0k+ |
| Rabobank 90 Day Notice Saver (SMSF) | 3.45% | 3.45% | Up to $250k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Westpac Life 18-34 | 0.10% | 5.00% | Up to $30k |
| CommBank NetBank Saver | 1.55% | 4.45% | $0k+ |
| NAB iSaver | 1.25% | 4.45% for 4 months | Up to $20m |
| Westpac eSaver | 1.00% | 4.45% | $0k+ |
| ANZ Plus - Flex Saver | 4.25% | 4.25% | Up to $5k |
| CommBank GoalSaver | 0.25% | 4.25% | Up to $50k |
| Westpac Life | 0.10% | 4.25% | $0k+ |
| ANZ Progress Saver | 0.01% | 3.05% | $0k+ |
| ANZ Online Saver | 0.65% | 0.65% | $0k+ |
Our High Interest Savings Account comparison shows all the products in our database (not just paid partners) giving you a fairer, more transparent comparison, with way more choice.
With hundreds of options, comparing Savings Accounts can be overwhelming. We give you smart ways to filter and narrow down your options based on what matters to you.
We only compare Savings Accounts from Authorised Deposit Taking Institutions covered by the Government’s Financial Claims Scheme. It means you can compare with confidence.
Thousands of Aussies trust us to compare financial products every day. Why? Because WE GIVE A BUCK about getting them better deals the right way. It shows in our score of 4.8 out of 5 on Trustpilot.
Sean Callery, Editor
As of February 2026, some of the best high interest savings accounts are offering up to 5.10% p.a., with many banks advertising bonus rates above 4.50%.
Rates are set to increase over the coming weeks, following the Reserve Bank’s decision to increase the official cash rate at its February Board meeting. Savers will be watching their own rate closely, but the usual trend is for banks to apply cash rate increases uniformly across the board.
Something to watch for, however, is whether any rate increase is applied to the base rate or the bonus rate on your account. All other things being equal, an increase to the base rate on your savings account is a better outcome.
Either way, it will likely still be some time before rates get back to the levels we saw during the recent peak of early 2025, when savers could get up 5.60% p.a.
Sean Callery, Editor
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.
New research from Money.com.au shows almost half of Australians (47%) don’t know if the interest rate on their savings account is keeping up with inflation. Among those who do keep track, 26% say their savings rate is below inflation, meaning their money is going backwards in real terms, while 16% say it’s roughly keeping pace.
Just 12% of Australians say their savings are outperforming inflation.
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.
The highest bonus savings rate on our database is 5.10% p.a., with both Rabobank and UBank offering this top rate for the first four months only.
The top ongoing savings rate is 4.50% p.a. from Border Bank and Police Bank's on balances up to $30,000 with the U30 Super Charge Account. Teachers Mutual Bank (Group) is also offering 4.50% p.a. as a base rate on its Starter Saver account for under 30s, on balances up to $50,000.
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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