High Interest Savings Accounts Compared

  • Compare bonus savings rates up to 5.75% p.a.
  • Or ongoing high interest savings account offers up to 5.20% p.a.
High interest savings accounts
High interest savings accounts

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Highest interest savings accounts (including bonus offers)

Rabobank High Interest Savings Account

Maximum interest rate (p.a.)

5.75%

Base interest rate (p.a.)

4.40%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

$250k

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ME Bank HomeME Savings Account

Maximum interest rate (p.a.)

5.55%

Base interest rate (p.a.)

0.55%

Conditions for bonus interest
  • Grow your savings balance (excluding interest) each month.
  • Deposit at least $2k into linked SpendME Transaction Account every month.
Maximum balance for top interest rate

$100k

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MOVE Bank Growth Saver

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.10%

Conditions for bonus interest
  • Deposit at least $200.
  • Make no withdrawals in a month.
Maximum balance for top interest rate

$25k

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Great Southern Bank Youth eSaver Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

5.50%

Conditions for bonus interest
  • 0-17 year olds only.
Maximum balance for top interest rate

$5k

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Macquarie Savings Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

4.75%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

$250k

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ING Savings Maximiser

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.55%

Conditions for bonus interest
  • Deposit at least $1k from an external source to a personal ING account each month.
  • Make 5 or more settled ING card purchases each month.
  • Grow Savings Maximiser balance (excluding interest) each month.
Maximum balance for top interest rate

$100k

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Firefighters Mutual Bank Target Saver Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $1k each month
  • Make no withdrawals
Maximum balance for top interest rate

No maximum, subject to approval

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Health Professionals Bank Target Saver Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $1k each month.
  • Make no withdrawals.
Maximum balance for top interest rate

No maximum, subject to approval

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Teachers Mutual Bank Bank Target Saver Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $1k each month.
  • Make no withdrawals.
Maximum balance for top interest rate

No maximum, subject to approval

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UniBank Target Saver Account

Maximum interest rate (p.a.)

5.50%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $1k each month.
  • Make no withdrawals.
Maximum balance for top interest rate

No maximum, subject to approval

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AMP Saver Account

Maximum interest rate (p.a.)

5.40%

Base interest rate (p.a.)

1.20%

Conditions for bonus interest
  • Deposit at least $1k in previous month.
Maximum balance for top interest rate

$250k

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BOQ Future Saver Account

Maximum interest rate (p.a.)

5.40%

Base interest rate (p.a.)

0.05%

Conditions for bonus interest
  • 14-35 year old only.
  • $1,000 minimum monthly deposit.
  • Make 5 or more eligible transactions from linked everyday account.
Maximum balance for top interest rate

$50k

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Bank of Melbourne Maxi Saver

Maximum interest rate (p.a.)

5.35%

Base interest rate (p.a.)

1.10%

Conditions for bonus interest
  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.
Maximum balance for top interest rate

No maximum

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BankSA Maxi Saver

Maximum interest rate (p.a.)

5.35%

Base interest rate (p.a.)

1.10%

Conditions for bonus interest
  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.
Maximum balance for top interest rate

No maximum

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St.George Maxi Saver

Maximum interest rate (p.a.)

5.35%

Base interest rate (p.a.)

1.10%

Conditions for bonus interest
  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.
Maximum balance for top interest rate

No maximum

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Great Southern Bank Goal Saver Account

Maximum interest rate (p.a.)

5.35%

Base interest rate (p.a.)

0.50%

Conditions for bonus interest
  • 18-24 year olds only.
  • Deposit $500 per month to linked Everyday Edge Account.
  • Make 5 eligible debit card purchases.
Maximum balance for top interest rate

$50k

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Virgin Money Boost Saver

Maximum interest rate (p.a.)

5.35%

Base interest rate (p.a.)

0.05%

Conditions for bonus interest
  • For bonus interest of 5.00% p.a., deposit at least $1k into your Go Account from another financial institution and make at least 5 settled purchases that month.
  • For the extra 0.30% p.a. in interest, agree to give 32 days’ advance notice to unlock your account or withdraw money.
Maximum balance for top interest rate

$250k

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Rabobank Notice Saver Account (90 days)

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

5.25%

Conditions for bonus interest
  • 90 days notice required for withdrawals
Maximum balance for top interest rate

$250k

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Easy Street Easy Savings

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

2.00%

Conditions for bonus interest
  • 6-month introductory offer only.
Maximum balance for top interest rate

No maximum, subject to approval

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Bank of Melbourne Incentive Saver

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

1.85%

Conditions for bonus interest
  • Earn bonus rate of 3.30% p.a. when you grow your balance by at least $50 a month (or $0.01 for customers under 21), excluding interest paid.
  • Plus, an extra 0.10% p.a. for the first 3 months only.
Maximum balance for top interest rate

$250k

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BankSA Incentive Saver

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

1.85%

Conditions for bonus interest
  • To earn bonus interest of 3.30% p.a. grow your account balance by at least $50/month (or by $0.01 if under 21).
  • Extra 0.10% p.a. for the first 3 months if you apply online.
Maximum balance for top interest rate

$250k

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St.George Incentive Saver

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

1.85%

Conditions for bonus interest
  • Earn a bonus rate of 3.30% p.a when you grow your balance by at least $50 a month (or $0.01 for customers under 21), excluding interest paid.
  • Plus, an extra 0.10% p.a. for the first 3 months only.
Maximum balance for top interest rate

$250k

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Bendigo Bank Reward Saver

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

0.30%

Conditions for bonus interest
  • Must have a linked eligible transaction account and increase your savings balance every month (excluding interest deposits).
Maximum balance for top interest rate

$100k

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Great Southern Bank Home Saver Account

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

0.50%

Conditions for bonus interest
  • Deposit $2k per month to linked Everyday Edge Account and make 5 eligible debit card purchases.
Maximum balance for top interest rate

$100k

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RACQ Bank Bonus Saver Account

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $100 each month.
  • Make no withdrawals.
Maximum balance for top interest rate

$100k

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IMB Reward Saver Account

Maximum interest rate (p.a.)

5.25%

Base interest rate (p.a.)

0.00%

Conditions for bonus interest
  • Ongoing bonus rate of 3.25% p.a. applies if you deposit at least $50/month and make no withdrawals.
  • Intro bonus of 2% p.a. applies for first four months only (if standard bonus criteria also met).
Maximum balance for top interest rate

$1m

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Australian Unity Freedom Saver

Maximum interest rate (p.a.)

5.20%

Base interest rate (p.a.)

5.20%

Conditions for bonus interest
  • None
Maximum balance for top interest rate

$50,000

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Rabobank Notice Saver Account (60 days)

Maximum interest rate (p.a.)

5.20%

Base interest rate (p.a.)

5.20%

Conditions for bonus interest
  • 60 days notice required for withdrawals
Maximum balance for top interest rate

$250k

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Westpac Life (18-29)

Maximum interest rate (p.a.)

5.20%

Base interest rate (p.a.)

2.00%

Conditions for bonus interest
  • 18-29 year olds only.
  • Bonus interest of 3.00% p.a. paid each month you grow your savings.
  • Plus spend & save bonus of 0.20% p.a. paid each month you use your debit card at least 5 times.
Maximum balance for top interest rate

$30k

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BCU Bonus Saver

Maximum interest rate (p.a.)

5.20%

Base interest rate (p.a.)

1.00%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

No maximum listed

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Rabobank Notice Saver Account (31 days)

Maximum interest rate (p.a.)

5.15%

Base interest rate (p.a.)

5.15%

Conditions for bonus interest
  • 31 days notice required for withdrawals
Maximum balance for top interest rate

$250k

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HSBC Everyday Savings

Maximum interest rate (p.a.)

5.15%

Base interest rate (p.a.)

3.30%

Conditions for bonus interest
  • 3-month intro offer only.
Maximum balance for top interest rate

$1m

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P&N Bank Hi Saver Account

Maximum interest rate (p.a.)

5.15%

Base interest rate (p.a.)

1.00%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

No maximum listed

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Australian Unity Easy Saver Plus

Maximum interest rate (p.a.)

5.10%

Base interest rate (p.a.)

4.10%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

No maximum listed

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Bankwest Easy Saver

Maximum interest rate (p.a.)

5.10%

Base interest rate (p.a.)

4.00%

Conditions for bonus interest
  • 4-month intro offer only.
Maximum balance for top interest rate

$250k

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Rabobank PremiumSaver

Maximum interest rate (p.a.)

5.10%

Base interest rate (p.a.)

3.00%

Conditions for bonus interest
  • Balance must increase by at least $200 a month.
Maximum balance for top interest rate

$250k

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Commbank NetBank Saver

Maximum interest rate (p.a.)

5.10%

Base interest rate (p.a.)

2.35%

Conditions for bonus interest
  • 5-month intro offer only.
Maximum balance for top interest rate

No maximum listed

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Ubank High Interest Save Account

Maximum interest rate (p.a.)

5.10%

Base interest rate (p.a.)

0.10%

Conditions for bonus interest
  • You must have a linked Spend account and deposit $200+ per month into any Spend or Save accounts (excluding internal transfers).
Maximum balance for top interest rate

$250k

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Suncorp Growth Saver Account

Maximum interest rate (p.a.)

5.05%

Base interest rate (p.a.)

0.35%

Conditions for bonus interest
  • Grow your balance by $200 or more (excluding interest).
  • Make no more than one withdrawal during the month.
Maximum balance for top interest rate

No maximum

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NAB iSaver

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

2.00%

Conditions for bonus interest
  • 4-month intro offer for new customers only.
Maximum balance for top interest rate

$20m

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Westpac Life

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

2.00%

Conditions for bonus interest
  • Bonus interest payable each month your grow your balance.
Maximum balance for top interest rate

No maximum listed

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Auswide Bank

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

1.50%

Conditions for bonus interest
  • Earn bonus interest for the first 3 months on funds transferred into a new account from any other financial institution.
  • Bonus offer ends 30 April 2024.
Maximum balance for top interest rate

No maximum listed

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Credit Union SA Netsave Account

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

1.50%

Conditions for bonus interest
  • 4-month introductory offer only.
Maximum balance for top interest rate

No maximum

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Newcastle Permanent Online Savings Account

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

1.00%

Conditions for bonus interest
  • 3-month intro offer only.
Maximum balance for top interest rate

No maximum listed

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NAB Reward Saver

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.35%

Conditions for bonus interest
  • Make at least one deposit on or before the second last banking day of the month and no withdrawals during the month.
Maximum balance for top interest rate

$50k

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Defence Bank Max eSaver

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.10%

Conditions for bonus interest
  • Grow your savings without making any withdrawals.
Maximum balance for top interest rate

$1m

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BOQ Smart Saver Account

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.05%

Conditions for bonus interest
  • 36+ year olds only.
  • $1k minimum monthly deposit requires plus 5 or more eligible transactions from linked everyday account.
Maximum balance for top interest rate

$250k

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MyState Bank Bonus Saver Account

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.05%

Conditions for bonus interest
  • Deposit $20+ each month.
  • Make 5+ settled Visa Debit transactions each month using a linked Glide Account.
Maximum balance for top interest rate

$250k

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Easy Street Bonus Saver Account

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $50 and make no withdrawals or transfers in the month.
Maximum balance for top interest rate

No maximum listed

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Hume Bank Reward Saver

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.01%

Conditions for bonus interest
  • Deposit at least $10 each month.
  • Make no withdrawals.
Maximum balance for top interest rate

No maximum listed

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Horizon Bank

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.00%

Conditions for bonus interest
  • To earn reward rate of 3.75% p.a. you must deposit at least $50 and make no withdrawal in the month.
  • Intro bonus rate of 1.25% p.a. applies for three months only.
Maximum balance for top interest rate

No maximum listed

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Regional Australia Bank

Maximum interest rate (p.a.)

5.00%

Base interest rate (p.a.)

0.00%

Conditions for bonus interest
  • Deposit at least $100 and make no withdrawals during the month.
Maximum balance for top interest rate
  • $250k
Visit provider
Maximum interest rate (p.a.)Base interest rate (p.a.)Conditions for bonus interestMaximum balance for top interest rateVisit provider

Rabobank High Interest Savings Account

5.75%

4.40%

  • 4-month intro offer only.

$250k

ME Bank HomeME Savings Account

5.55%

0.55%

  • Grow your savings balance (excluding interest) each month.
  • Deposit at least $2k into linked SpendME Transaction Account every month.

$100k

MOVE Bank Growth Saver

5.50%

0.10%

  • Deposit at least $200.
  • Make no withdrawals in a month.

$25k

Great Southern Bank Youth eSaver Account

5.50%

5.50%

  • 0-17 year olds only.

$5k

Macquarie Savings Account

5.50%

4.75%

  • 4-month intro offer only.

$250k

ING Savings Maximiser

5.50%

0.55%

  • Deposit at least $1k from an external source to a personal ING account each month.
  • Make 5 or more settled ING card purchases each month.
  • Grow Savings Maximiser balance (excluding interest) each month.

$100k

Firefighters Mutual Bank Target Saver Account

5.50%

0.01%

  • Deposit at least $1k each month
  • Make no withdrawals

No maximum, subject to approval

Health Professionals Bank Target Saver Account

5.50%

0.01%

  • Deposit at least $1k each month.
  • Make no withdrawals.

No maximum, subject to approval

Teachers Mutual Bank Bank Target Saver Account

5.50%

0.01%

  • Deposit at least $1k each month.
  • Make no withdrawals.

No maximum, subject to approval

UniBank Target Saver Account

5.50%

0.01%

  • Deposit at least $1k each month.
  • Make no withdrawals.

No maximum, subject to approval

AMP Saver Account

5.40%

1.20%

  • Deposit at least $1k in previous month.

$250k

BOQ Future Saver Account

5.40%

0.05%

  • 14-35 year old only.
  • $1,000 minimum monthly deposit.
  • Make 5 or more eligible transactions from linked everyday account.

$50k

Bank of Melbourne Maxi Saver

5.35%

1.10%

  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.

No maximum

BankSA Maxi Saver

5.35%

1.10%

  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.

No maximum

St.George Maxi Saver

5.35%

1.10%

  • Bonus interest of 3.90% p.a. for 3-month intro period only.
  • Extra 0.35% p.a. for the first 3 months if you apply online.

No maximum

Great Southern Bank Goal Saver Account

5.35%

0.50%

  • 18-24 year olds only.
  • Deposit $500 per month to linked Everyday Edge Account.
  • Make 5 eligible debit card purchases.

$50k

Virgin Money Boost Saver

5.35%

0.05%

  • For bonus interest of 5.00% p.a., deposit at least $1k into your Go Account from another financial institution and make at least 5 settled purchases that month.
  • For the extra 0.30% p.a. in interest, agree to give 32 days’ advance notice to unlock your account or withdraw money.

$250k

Rabobank Notice Saver Account (90 days)

5.25%

5.25%

  • 90 days notice required for withdrawals

$250k

Easy Street Easy Savings

5.25%

2.00%

  • 6-month introductory offer only.

No maximum, subject to approval

Bank of Melbourne Incentive Saver

5.25%

1.85%

  • Earn bonus rate of 3.30% p.a. when you grow your balance by at least $50 a month (or $0.01 for customers under 21), excluding interest paid.
  • Plus, an extra 0.10% p.a. for the first 3 months only.

$250k

BankSA Incentive Saver

5.25%

1.85%

  • To earn bonus interest of 3.30% p.a. grow your account balance by at least $50/month (or by $0.01 if under 21).
  • Extra 0.10% p.a. for the first 3 months if you apply online.

$250k

St.George Incentive Saver

5.25%

1.85%

  • Earn a bonus rate of 3.30% p.a when you grow your balance by at least $50 a month (or $0.01 for customers under 21), excluding interest paid.
  • Plus, an extra 0.10% p.a. for the first 3 months only.

$250k

Bendigo Bank Reward Saver

5.25%

0.30%

  • Must have a linked eligible transaction account and increase your savings balance every month (excluding interest deposits).

$100k

Great Southern Bank Home Saver Account

5.25%

0.50%

  • Deposit $2k per month to linked Everyday Edge Account and make 5 eligible debit card purchases.

$100k

RACQ Bank Bonus Saver Account

5.25%

0.01%

  • Deposit at least $100 each month.
  • Make no withdrawals.

$100k

IMB Reward Saver Account

5.25%

0.00%

  • Ongoing bonus rate of 3.25% p.a. applies if you deposit at least $50/month and make no withdrawals.
  • Intro bonus of 2% p.a. applies for first four months only (if standard bonus criteria also met).

$1m

Australian Unity Freedom Saver

5.20%

5.20%

  • None

$50,000

Rabobank Notice Saver Account (60 days)

5.20%

5.20%

  • 60 days notice required for withdrawals

$250k

Westpac Life (18-29)

5.20%

2.00%

  • 18-29 year olds only.
  • Bonus interest of 3.00% p.a. paid each month you grow your savings.
  • Plus spend & save bonus of 0.20% p.a. paid each month you use your debit card at least 5 times.

$30k

BCU Bonus Saver

5.20%

1.00%

  • 4-month intro offer only.

No maximum listed

Rabobank Notice Saver Account (31 days)

5.15%

5.15%

  • 31 days notice required for withdrawals

$250k

HSBC Everyday Savings

5.15%

3.30%

  • 3-month intro offer only.

$1m

P&N Bank Hi Saver Account

5.15%

1.00%

  • 4-month intro offer only.

No maximum listed

Australian Unity Easy Saver Plus

5.10%

4.10%

  • 4-month intro offer only.

No maximum listed

Bankwest Easy Saver

5.10%

4.00%

  • 4-month intro offer only.

$250k

Rabobank PremiumSaver

5.10%

3.00%

  • Balance must increase by at least $200 a month.

$250k

Commbank NetBank Saver

5.10%

2.35%

  • 5-month intro offer only.

No maximum listed

Ubank High Interest Save Account

5.10%

0.10%

  • You must have a linked Spend account and deposit $200+ per month into any Spend or Save accounts (excluding internal transfers).

$250k

Suncorp Growth Saver Account

5.05%

0.35%

  • Grow your balance by $200 or more (excluding interest).
  • Make no more than one withdrawal during the month.

No maximum

NAB iSaver

5.00%

2.00%

  • 4-month intro offer for new customers only.

$20m

Westpac Life

5.00%

2.00%

  • Bonus interest payable each month your grow your balance.

No maximum listed

Auswide Bank

5.00%

1.50%

  • Earn bonus interest for the first 3 months on funds transferred into a new account from any other financial institution.
  • Bonus offer ends 30 April 2024.

No maximum listed

Credit Union SA Netsave Account

5.00%

1.50%

  • 4-month introductory offer only.

No maximum

Newcastle Permanent Online Savings Account

5.00%

1.00%

  • 3-month intro offer only.

No maximum listed

NAB Reward Saver

5.00%

0.35%

  • Make at least one deposit on or before the second last banking day of the month and no withdrawals during the month.

$50k

Defence Bank Max eSaver

5.00%

0.10%

  • Grow your savings without making any withdrawals.

$1m

BOQ Smart Saver Account

5.00%

0.05%

  • 36+ year olds only.
  • $1k minimum monthly deposit requires plus 5 or more eligible transactions from linked everyday account.

$250k

MyState Bank Bonus Saver Account

5.00%

0.05%

  • Deposit $20+ each month.
  • Make 5+ settled Visa Debit transactions each month using a linked Glide Account.

$250k

Easy Street Bonus Saver Account

5.00%

0.01%

  • Deposit at least $50 and make no withdrawals or transfers in the month.

No maximum listed

Hume Bank Reward Saver

5.00%

0.01%

  • Deposit at least $10 each month.
  • Make no withdrawals.

No maximum listed

Horizon Bank

5.00%

0.00%

  • To earn reward rate of 3.75% p.a. you must deposit at least $50 and make no withdrawal in the month.
  • Intro bonus rate of 1.25% p.a. applies for three months only.

No maximum listed

Regional Australia Bank

5.00%

0.00%

  • Deposit at least $100 and make no withdrawals during the month.
  • $250k

Savings account interest rate comparison based on products analysed by Money.com.au. from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 18 February 2024. The table is sorted by highest maximum interest rate, then highest base rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of savings accounts available in Australia (with maximum interest above 5% p.a.), we can’t guarantee that all products in the market are shown.

Highest ongoing savings rates (no conditions)

Australian Unity Freedom Saver

Interest rate

5.20% p.a.

Maximum balance for top interest rate

$50k

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Unity Bank MoneyMAX Account

Interest rate

4.90% p.a.

Maximum balance for top interest rate

No maximum listed

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ANZ Save Account (ANZ Plus)

Interest rate

4.90% p.a.

Maximum balance for top interest rate

$250k

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BOQ Simple Saver

Interest rate

4.85% p.a.

Maximum balance for top interest rate

$5m

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Macquarie Bank Savings Account

Interest rate

4.75% p.a.

Maximum balance for top interest rate

$1m

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Macquarie Bank Cash Management Account

Interest rate

4.75% p.a.

Maximum balance for top interest rate

$2m

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Goldfields Money Cash Management Account

Interest rate

4.55% p.a.

Maximum balance for top interest rate

No maximum listed

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nabtrade High Interest Account

Interest rate

4.50% p.a.

Maximum balance for top interest rate

$1m

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MOVE Bank Online Saver

Interest rate

4.40% p.a.

Maximum balance for top interest rate

$5m

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Rabobank Australia High Interest Savings Account

Interest rate

4.40% p.a.

Maximum balance for top interest rate

$250k

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Qudos Bank Qsaver

Interest rate

4.35% p.a.

Maximum balance for top interest rate

No maximum listed (higher rate of 4.45% p.a. applies to balance of $500k & over)

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Bank of Sydney BoS Saver

Interest rate

4.25% p.a.

Maximum balance for top interest rate

$5m

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Great Southern Bank eSaver Flexi

Interest rate

4.20% p.a.

Maximum balance for top interest rate

No maximum listed

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Australian Unity Easy Saver Plus

Interest rate

4.10% p.a.

Maximum balance for top interest rate

No maximum listed

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Bankwest Easy Saver

Interest rate

4.00% p.a.

Maximum balance for top interest rate

$250k

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Interest rateMaximum balance for top interest rateVisit provider

Australian Unity Freedom Saver

5.20% p.a.

$50k

Unity Bank MoneyMAX Account

4.90% p.a.

No maximum listed

ANZ Save Account (ANZ Plus)

4.90% p.a.

$250k

BOQ Simple Saver

4.85% p.a.

$5m

Macquarie Bank Savings Account

4.75% p.a.

$1m

Macquarie Bank Cash Management Account

4.75% p.a.

$2m

Goldfields Money Cash Management Account

4.55% p.a.

No maximum listed

nabtrade High Interest Account

4.50% p.a.

$1m

MOVE Bank Online Saver

4.40% p.a.

$5m

Rabobank Australia High Interest Savings Account

4.40% p.a.

$250k

Qudos Bank Qsaver

4.35% p.a.

No maximum listed (higher rate of 4.45% p.a. applies to balance of $500k & over)

Bank of Sydney BoS Saver

4.25% p.a.

$5m

Great Southern Bank eSaver Flexi

4.20% p.a.

No maximum listed

Australian Unity Easy Saver Plus

4.10% p.a.

No maximum listed

Bankwest Easy Saver

4.00% p.a.

$250k

Savings account interest rate comparison based on products analysed by Money.com.au. from banks covered by the Government’s Financial Claims Scheme. Rates are current as of 18 February 2024. The table is sorted by highest maximum interest rate, then highest base rate, then provider name alphabetically. Check with the provider for full current account details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of savings accounts available in Australia (with maximum ongoing interest above 4% p.a.), we can’t guarantee that all products in the market are shown.

How to pick the best high interest savings accounts

1

Check the bonus interest conditions

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.

2

Intro offer vs ongoing rate

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.

3

Eligibility criteria

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.

4

Maximum balance

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.

5

Authorised deposit-taking institutions

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.

6

Savings tools

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.

7

Fees

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.

Megan Birot

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, Money.com.au Senior Finance Journalist

How do high interest savings accounts work?

High interest savings accounts offer savers the ability to earn interest on money they deposit into the account. You can make an initial deposit when you open the account and then regular deposits to grow your savings.

Most high interest savings accounts have different interest rates that apply depending on how the account is used. To get the best savings rate, there’s usually more to it than just depositing money and waiting for compound interest to work its magic. Here are the main types of interest that may apply to a high-interest rate savings account.

Base interest rate

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.

Conditional (bonus interest rate)

With a high interest savings account, the bulk of the interest usually comes via the bonus 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.

Intro (honeymoon) interest rate

Some accounts offer extra interest (at a fixed rate) for the first few months only, as an incentive to get savers to sign up.

Types of high interest savings accounts

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.

How to apply for a high-interest savings account

A savings account is one of the most straightforward financial products to apply for. You can usually apply online in a few minutes.

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:

  • Be an Australian resident with an Australian postal address.
  • Apply with the help of a parent or guardian if you are a child.
  • Provide information from your identity documents to prove your identity.
  • Provide a tax file number if you don’t want the bank to withhold tax on interest paid.

More questions you may have about high interest savings accounts

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.

At the time of writing Rabobank offers the highest maximum savings rate of 5.75% p.a. on balances up to $250,000. This top rate of interest is only available as an introductory offer for the first four months, after which the standard rate for 4.40% p.a. applies.

The savings account with the highest base interest rate is Australian Unity's Freedom Saver account which offers 5.20% p.a. on balances up to $50k.

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.

  • Alex Bank Pty Limited
  • AMP Bank Ltd
  • Arab Bank Australia Limited
  • Australia and New Zealand Banking Group Limited
  • Australian Military Bank Ltd
  • RSL Money
  • Australian Mutual Bank Limited (trading as - Endeavour Mutual Bank and Sydney Mutual Bank)
  • Australian Settlements Limited (provides industry services)
  • Australian Unity Bank Limited
  • Auswide Bank Ltd
  • Queensland Professional Credit Union Ltd
  • Avenue Bank Limited
  • B&E Ltd (trading as Bank of us)
  • Bank Australia Limited
  • Bank of China (Australia) Limited
  • Bank of Queensland Limited
  • BOQ Specialist (BOQS)
  • ME Bank
  • Bank of Sydney Ltd
  • Bendigo and Adelaide Bank Limited
  • Adelaide Bank
  • Alliance Bank
  • AWA Alliance Bank
  • BDCU Alliance Bank
  • Bendigo Bank
  • Circle Alliance Bank
  • Community Sector Banking
  • Delphi Bank
  • Nova Alliance Bank
  • Rural Bank
  • Service One Alliance Bank
  • Up Bank
  • Beyond Bank Australia
  • Nexus Mutual
  • BNK Banking Corporation Limited (previously
  • Goldfields Money Limited)
  • Goldfields Money
  • Cairns Penny Savings & Loans Limited (trading as Cairns Bank)
  • Central Murray Credit Union Limited
  • Central West Credit Union Limited
  • Challenger Bank Limited (previously - MyLifeMyFinance Limited)
  • Coastline Credit Union Limited
  • Commonwealth Bank of Australia Bankwest
  • Community First Credit Union Limited
  • Community First Bank
  • Easy Street Financial Services
  • Credit Union Australia Ltd (trading as Great Southern Bank)
  • Credit Union SA Ltd
  • Cuscal Limited (provides industry services)
  • Defence Bank Limited
  • Dnister Ukrainian Credit Co-operative Limited
  • Family First Credit Union Limited
  • Family First Bank
  • Fire Service Credit Union Limited
  • First Choice Credit Union Ltd
  • First Option Bank Ltd
  • Ford Co-operative Credit Society Limited (trading as Geelong Bank)
  • G&C Mutual Bank Limited
  • Gateway Bank Ltd
  • Goulburn Murray Credit Union Co-operative Limited
  • Heritage and People’s Choice Limited
  • Heritage Bank
  • People’s Choice Credit Union
  • Horizon Credit Union Ltd (trading as Horizon Bank)
  • HSBC Bank Australia Limited
  • Hume Bank Limited
  • IMB Ltd (trading as IMB Bank)
  • The Shire
  • Illawarra Credit Union Limited
  • in1bank Ltd
  • Indue Ltd
  • ING Bank (Australia) Limited (trading as ING)
  • Judo Bank Pty Ltd
  • Laboratories Credit Union Limited
  • Lithuanian Co-operative Credit Society "Talka" - Limited
  • Lutheran Laypeople's League of Australia
  • MacArthur Credit Union Ltd (trading as The MAC)
  • Macquarie Bank Limited
  • Macquarie Credit Union Limited
  • Maitland Mutual Limited (trading as The Mutual Bank)
  • Members Banking Group Limited (trading as RACQ Bank)
  • MyState Bank Limited
  • National Australia Bank Limited
  • Ubank
  • Newcastle Greater Mutual Group Ltd
  • Newcastle Permanent
  • Greater Bank
  • Northern Inland Credit Union Limited
  • Orange Credit Union Limited
  • Police Bank Ltd (trading as Border Bank)
  • Police Credit Union Limited
  • Police Financial Services Limited (trading as BankVic)
  • Police & Nurses Limited (trading as P&N Bank, and BCU Bank)
  • Pulse Credit Union Limited
  • QPCU Limited (trading as QBANK)
  • Qudos Mutual Ltd (trading as Qudos Bank)
  • Queensland Country Bank Limited
  • Rabobank Australia Limited
  • Railways Credit Union Limited (trading as MOVE)
  • Regional Australia Bank Ltd
  • South West Slopes Credit Union Ltd
  • Southern Cross Credit Union Ltd
  • Summerland Financial Services Limited (trading as - Summerland Credit Union)
  • Suncorp-Metway Limited
  • Teachers Mutual Bank Limited (trading as - Firefighters Mutual Bank, Health Professionals Bank, Hiver Bank, Teachers Mutual Bank and UniBank)
  • The Broken Hill Community Credit Union Ltd
  • The Capricornian Ltd
  • Traditional Credit Union Limited
  • Transport Mutual Credit Union Limited
  • Tyro Payments Limited
  • Unity Bank Limited (trading as Reliance Bank, Bankstown City Unity Bank and Unity Bank)
  • Victoria Teachers Limited (trading as Bank First)
  • Warwick Credit Union Ltd
  • Dalby Credit Union
  • Gympie Credit Union
  • WAW Credit Union Co-Operative Limited
  • BankWAW
  • Westpac Banking Corporation
  • Bank of Melbourne
  • BankSA
  • St George Bank
  • Woolworths Team Bank Limited

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.

Written by

Sean Callery Editor Money.com.au

Editor

Sean Callery

Reviewed by

Shaun McGowan Money.com.au founder

Loans Expert

Shaun McGowan

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