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The highest savings rate on our database right now is 5.90% p.a. available as an intro bonus rate for four months for new customers.
The top ongoing savings rate with no conditions is 5.10% p.a.
Written by Sean Callery and fact checked by Jared Mullane. Updated 26 May 2026.
Sponsored
Top Intro Offer
Earn up to
5.90%
p.a. for 4 months, then up to 4.00% p.a. variable
Rabobank High Interest Savings Account
No account fees. No min balance. 4.00% ongoing rate after intro period for balances up to $250k.
View More
Top Offer for up to $1m
Earn up to
5.85%
p.a. Welcome Bonus Rate for up to 4 months, then 5.10% p.a. Everyday Bonus Rate.
Ubank Save Account
Earn bonus interest on total savings up to $1M. Sign up with EASY30 and spend to score $30.*
*View Terms
Bonus $30
offer
Popular Choice
Earn up to
5.85%
p.a. for 4 months (on balances up to $500k), then up to 4.80% p.a. for balances up to $2m.
ING Savings Accelerator
No monthly deposit requirements, no bonus conditions and no fuss. Earn a great ongoing rate on balances up to $2m.
View Details
Grow your balance faster with these popular offers.
Earn
5.05%
p.a. standard variable interest rate on balances up to $3m
Easy Street Flex Saver Account
Earn a top rate with no hoops to jump through, including no minimum regular deposit and no transfer fees to move your money around. Plus no interest or fee penalties when you withdraw your money.
Earn up to
5.15%
p.a. variable when monthly criteria are met
IMB Bank Reward Saver Kickstart Account
Available for 13-17 year olds and students, trainees or apprentices up to 30 years on balances up to $100k. Deposit $20 per month and make no withdrawals to qualify. See website for T&Cs
Earn up to
4.80%
p.a. variable interest rate on balances up to $250k
Judo Bank SMSF Savings Account
Earn bonus interest when you deposit $500 or more each calendar month. Take advantage of unlimited withdrawals with no interest penalty. Enjoy competitive returns on cash holdings up to $5m.
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 26 May 2026
Filter by 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 | 5.90% View terms | 4.00% | $0k - $250k | |
 ING Savings Accelerator | 5.85% View terms | 4.80% | Up to $500k | |
 UBank Save Account | 5.85% View terms | - | $0k - $1m | |
IMB Bank Reward Saver | 5.15% View terms | 0% | $0k - $1m | |
IMB Bank Reward Saver Kick Start Account | 5.15% View terms | 0% | Up to $5k | |
 AMP Bank GO Save | 5.10% View terms | 5.10% | $0k - $500k | |
Easy Street Flex Saver Account | 5.05% | 5.05% | $0k - $3m | |
Rabobank High Interest Savings Account | 5.90% View terms | 4.00% | $0k - $250k | |
ING Savings Accelerator | 5.85% View terms | 4.80% | Up to $500k | |
UBank Save Account | 5.85% View terms | - | $0k - $1m | |
 Bankwest Easy Saver | 5.75% View terms | 5.00% | $0k - $250k | |
 Westpac Life 18-34 | 5.75% View terms | 0.10% | Up to $30k | |
 The Mutual Bank Internet Saver | 5.65% View terms | 3.25% | $100k - $250k | |
 Credit Union SA Netsave Account | 5.50% View terms | 1.25% | $0k+ | |
 MyState Bank Hello Saver account | 5.40% View terms | 5.00% | $0k - $100k | |
Rabobank Premium Saver Account | 5.40% View terms | 0.65% | $0k - $250k | |
 Move Bank Growth Saver | 5.40% View terms | 0.10% | $0k - $25k | |
 Bank of Melbourne Maxi Saver | 5.35% View terms | 1.25% | $0k+ | |
 BankSA Maxi Saver | 5.35% View terms | 1.25% | $0k+ | |
 St George Bank Maxi Saver | 5.35% View terms | 1.25% | $0k+ | |
 Great Southern Bank Goal Saver Account | 5.35% View terms | 0.50% | Up to $50k | |
 BOQ Future Saver (14-35 year olds) | 5.35% View terms | 0.05% | $0k - $50k | |
Judo Bank Personal Savings Account | 5.35% View terms | 0.05% | $0k - $250k | |
 Up Up Saver Account - Grow Rate | 5.35% View terms | 0% | Up to $250k | |
Up Essentials Saver | 5.35% | - | Up to $5k | |
 RACQ Bank Bonus Saver | 3.01% View terms | 0.01% | $100k+ | |
 Border Bank U30 Super Charge | 5.25% View terms | 5.25% | $0k - $30k |
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 savings rate on our database right now is 5.90% p.a. for the first four months on Rabobank's High Interest Savings Account (balances up to $250,000). After the intro period, it drops down to 4.00% on the standard variable rate.
The top ongoing bonus rate (with conditions) is 5.75% p.a. on Westpac's Life Savings Account For 18-34-Year-Olds on balances up to $30,000.
The top ongoing savings rate with no bonus conditions, upper age limits or restrictive minimum balance requirements is 5.10% p.a. from AMP Bank on its GO Save account (up to $500,000).
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 | 4.00% | 5.90% for 4 months | Up to $250k |
Ubank High Interest Savings Account | 0% | 5.85% for 4 months (then 5.10% p.a.) | Up to $1m |
ING Savings Accelerator | 4.80% | 5.85% for 4 months | Up to $500k |
Bankwest Easy Saver | 5.00% | 5.75% for 4 months | Up to $250k |
Westpac Life 18-34 | 0.10% | 5.75% | Up to $30k |
The Mutual Bank Internet Saver | 3.25% | 5.65% | Up to $250k |
Credit Union SA Netsave Account | 1.25% | 5.50% for 4 months | $0k+ |
MyState Bank Hello Saver account | 5.00% | 5.40% for 4 months | $0k - $100k |
Rabobank Premium Saver | 0.65% | 5.40% | Up to $250k |
Move Bank Growth Saver | 0.10% | 5.40% | Up to $25k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Border Bank U30 Super Charge | 5.25% | 5.25% | Up to $30k |
| Greater Bank Life Saver Account | 5.25% | 5.25% | $0k+ |
| AMP Bank GO Save | 5.10% | 5.10% | Up to $500k |
| ANZ Bank Plus - Flex Saver | 5.10% | 5.10% | Up to $5k |
| Easy Street Flex Saver Account | 5.05% | 5.05% | Up to $3m |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Newcastle Permanent Smart Saver Under 25s Account | 0.05% | 5.75% | Up to $50k |
| Great Southern Bank Youth eSaver Account | 5.50% | 5.50% | Up to $5k |
| First Option Bank Kids Bonus Saver | 0.05% | 5.30% | Up to $6k |
| IMB Bank Reward Saver Kick Start Account | 0% | 5.15% | Up to $5k |
| Bank Australia MySaver | 0.10% | 5.10% | Up to $50k |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Rabobank High Interest Savings Account (SMSF) | 3.45% | 5.10% for 4 months | Up to $250k |
| AMP Bank SuperEdge Saver Account | 2.95% | 4.85% | Up to $5m |
| Judo Bank SMSF Savings Account | 0.50% | 4.80% | Up to $250k |
| Rabobank Premium Saver Account (SMSF) | 0.55% | 4.60% | Up to $250k |
| BankVic SMSF Saver | 4.40% | 4.40% | Up to $5m |
| Product name | Base interest rate | Max interest rate | Min-max balance |
|---|---|---|---|
| Westpac Life 18-34 | 0.10% | 5.75% | Up to $30k |
| NAB iSaver | 1.65% | 5.25% for 4 months | Up to $20m |
| Westpac eSaver | 1.25% | 5.25% | $0k+ |
| CommBank NetBank Saver | 2.10% | 5.20% | $0k+ |
| CommBank GoalSaver | 0.25% | 5.00% | Up to $50k |
| Westpac Life | 0.10% | 5.00% | $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 4.9 out of 5 on Trustpilot.
Sean Callery, Editor
Following a third consecutive increase to the cash rate by the Reserve Bank of Australia at its May board meeting, savings rate increases are starting to flow through.
Some of the best high interest savings accounts are now offering bonus intro rates up to 5.90% p.a., with ongoing rates as high as 5.10% available. Savings rates have already surpassed the highs of last year, and will go higher still if further cash rate increases materialise as expected.
Something to watch for as rates increase is whether any rate increase is applied to the base rate or the bonus rate on your savings account. An increase to the base rate is generally a better outcome, as you’ll earn more interest regardless of how you use the account. A higher bonus rate is only beneficial if you meet the conditions.
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.
If you want to get the highest return possible on your savings, one strategy is to move your savings around to take advantage of intro offers. That’s when a savings account offers a high rate for a few months and then reverts to a lower ongoing rate.
Currently, the three highest savings rates (and six of the top 10) on Money.com.au’s database are intro rates available for a limited time.
Jumping between those top rates over a 12-month period would mean earning an average rate of 5.87%, versus the top ongoing rate available on a single account of 5.50%.
Is the return going to be worth the effort of switching regularly? As the comparison below shows, on small balances, the difference is pretty small. It starts to become more interesting on higher balances.
Starting balance | $10,000 |
|---|---|
12-month interest with intro offers (5.87% average) | $602 |
12-month interest with ongoing rate (5.50%) | $564 |
Difference | +$38 |
Starting balance | $50,000 |
12-month interest with intro offers (5.87% average) | $3,01 |
12-month interest with ongoing rate (5.50%) | $2,822 |
Difference | +$189 |
Starting balance | $100,000 |
12-month interest with intro offers (5.87% average) | $6,023 |
12-month interest with ongoing rate (5.50%) | $5,645 |
Difference | +$378 |
| Starting balance | 12-month interest with intro offers (5.87% average) | 12-month interest with ongoing rate (5.50%) | Difference |
|---|---|---|---|
$10,000 | $602 | $564 | +$38 |
$50,000 | $3,01 | $2,822 | +$189 |
$100,000 | $6,023 | $5,645 | +$378 |
Considerations with an interest-maximising strategy:
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.
Furthermore, 19% of Australians don’t really understand compound interest, saying that they wouldn’t be able to explain it to someone else.
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.
For businesses looking to earn a return on surplus cash, all major banks and a decent number of smaller providers offer high interest business savings accounts. These work similarly to personal savings accounts.
Most of these providers also offer business term deposits as an alternative way of earning interest on cash reserves.
Research* from Money.com.au shows the majority of Australians with a savings account (56%) fail to earn the bonus interest on their savings account every month, potentially causing them to miss out on a significant amount of interest.
This raises the question: are you better off with a high ongoing savings rate, rather than chasing the top bonus rates that have conditions you may miss from time to time?
The reality is it’s going to depend on the specific accounts you’re considering, plus how often you’re likely to miss out on the top rate.
But to give you an idea of the margins involved, the table below shows the estimated interest earned over a 12-month period with a hypothetical ongoing savings rate and bonus savings rate account. In this example, missing the bonus rate more than once would mean earning less interest over 12 months compared to the account with a lower rate and no conditions.
Scenario | Initial savings amount |
|---|---|
Bonus savings account (5.65% max / 0.10% min) | $10,000 |
Ongoing savings rate (5.10%) | $10,000 |
Scenario | Bonus interest earned 12/12 months |
Bonus savings account (5.65% max / 0.10% min) | $579.86 |
Ongoing savings rate (5.10%) | $522.09 |
Scenario | Bonus interest earned 11/12 months |
Bonus savings account (5.65% max / 0.10% min) | $531.16 |
Ongoing savings rate (5.10%) | $522.09 |
Scenario | Bonus interest earned 10/12 months |
Bonus savings account (5.65% max / 0.10% min) | $482.68 |
Ongoing savings rate (5.10%) | $522.09 |
Scenario | Bonus interest earned 9/12 months |
Bonus savings account (5.65% max / 0.10% min) | $434.43 |
Ongoing savings rate (5.10%) | $522.09 |
| Scenario | Bonus savings account (5.65% max / 0.10% min) | Ongoing savings rate (5.10%) |
|---|---|---|
Initial savings amount | $10,000 | $10,000 |
Bonus interest earned 12/12 months | $579.86 | $522.09 |
Bonus interest earned 11/12 months | $531.16 | $522.09 |
Bonus interest earned 10/12 months | $482.68 | $522.09 |
Bonus interest earned 9/12 months | $434.43 | $522.09 |
Money.com.au consumer research shows that more than half of Australians (53%) keep their savings in a high interest savings account. In comparison, 21% of Australians store their savings in a mortgage offset account. Here's how these options differ:
Nearly three times as many people use a savings account (53%) as use a term deposit (19%). Here's how they differ:
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 5.90% p.a. on Rabobank's High Interest Savings Account for the first four months (then 4.00% p.a.) on balances up to $250,000.
The top ongoing savings rate with no bonus conditions or upper age limits is 5.10% p.a. from AMP Bank on its GO Save account on balances up to $500,000.
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 a decade 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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