High Interest Savings Accounts The highest savings rate on our database right now is 6.00% p.a. available as an intro bonus rate for four months for new customers. The highest savings rate on our database right now is 6.00% p.a. available as an intro bonus rate for four months for new customers. The top ongoing savings rate with no conditions or age limits is 5.25% p.a. The top ongoing savings rate with no conditions or age limits is 5.25% p.a. Written by Sean Callery and fact checked by Jared Mullane. Updated 10 Sep 2026. Top Intro Offer 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. Top Offer for up to $1m 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.* Top Intro Offer p.a. for first 4 months, then up to 5.00% p.a. variable Bankwest Easy Saver Balances up to $250,000.99 and no account fees. 5.00% p.a. ongoing rate applies after intro period. Top Offer for up to $100k p.a. variable for the first 3 months on balances up to $100k Revolut Instant Access Savings Interest paid every day with no monthly hoops. Access anytime without penalty. Compare the highest interest savings accounts See 200+ 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 10 September 2026 Filter by deposit amount Min/Max Balance at this rate Rabobank High Interest Savings Account UBank Save Account Bankwest Easy Saver Revolut Ultra Instant Access Savings Revolut Metal Instant Access Savings Revolut Standard Instant Access Savings Judo Bank Personal Savings Account AMP Bank GO Save ING Savings Booster ($0 - $500k) Rabobank High Interest Savings Account UBank Save Account BOQ Future Saver (14-35 year olds) Bankwest Easy Saver Westpac Life 18-40 Move Bank Growth Saver Revolut Ultra Instant Access Savings Revolut Metal Instant Access Savings Revolut Premium Instant Access Savings Revolut Standard Instant Access Savings Revolut Plus Instant Access Savings MyState Bank Hello Saver account Rabobank Premium Saver Account BOQ Smart Saver BOQ Simple Saver Bank of Melbourne Maxi Saver BankSA Maxi Saver St George Bank Maxi Saver Great Southern Bank Goal Saver Account 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. Best high interest savings account rates in September 2026 The highest savings rate on our database right now is 6.00% p.a. for the first four months on ING's Savings Booster Account (balances up to $500,000). After the intro period, ING offers an ongoing bonus rate of 5.40% p.a. The top ongoing bonus rate (with conditions) is 5.80% p.a. on BOQ's Future Saver account for 14-35-year-olds on balances up to $50,000. The top ongoing savings rate with no bonus conditions, upper age limits or restrictive minimum balance requirements is 5.25% p.a. from AMP Bank on its GO Save account (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. ING Savings Booster Account 6.00% for 4 months (then 5.40% p.a.) Rabobank High Interest Savings Account 5.90% for 4 months Ubank High Interest Savings Account 5.85% for 4 months (then 5.10% p.a.) BOQ Future Saver (14-35 year olds) Bankwest Easy Saver 5.75% for 4 months Westpac Life 18-40 Move Bank Growth Saver ING Savings Maximiser Revolut Ultra Instant Access Savings 5.50% for 3 months Revolut Metal Instant Access Savings 5.50% for 3 months Revolut Premium Instant Access Savings 5.50% for 3 months Rates are subject to change. We do not guarantee that all savings accounts available in Australia have been considered for this comparison. Always check the account details, conditions and rates with the provider directly before acting. This information is general in nature and doesn’t take your objectives, financial situation or needs into account. More top savings rates by category Top ongoing savings account rates (no bonus conditions) This information is general in nature and doesn’t take your objectives, financial situation or needs into account. Top junior saver rates This information is general in nature and doesn’t take your objectives, financial situation or needs into account. Top SMSF saver rates This information is general in nature and doesn’t take your objectives, financial situation or needs into account. Top rates from the Big 4 Banks This information is general in nature and doesn’t take your objectives, financial situation or needs into account. WE GIVE A BUCK® about finding the right Savings Account for you More choice, nothing to hide Our High Interest Savings Account comparison shows all 200+ of the option in our database (not just paid ones) giving you a fairer, more transparent comparison, with way more choice. Filter based on what's important 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. Government-backed providers only 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. Trusted and rated by Aussies 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. High interest savings account market update Sean Callery, Editor The Reserve Bank of Australia left the official cash rate on hold at its August Board meeting, meaning savings rates are likely to remain steady for at least the next month. The next cash rate decision is due at the end of September. In the meantime, savings rates remain high, with introductory offers and bonus rates accounting for the bulk of the most eye-catching headline rates. There is, of course, still potential for banks to make ‘out-of-cycle’ changes to their rates. We saw this last month when ING launched its new Savings Booster account, offering an introductory rate of 6.00% p.a. for four months (then 5.40% p.a. as an ongoing bonus rate). The introductory offer remains the highest savings account rate on our database. Sean Callery, Editor How to pick the best high interest savings accounts 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Linked transaction account 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. Linked transaction account 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. Look at the savings rate AND conditions 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 How do high interest savings accounts work? 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. Bonus interest rate 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. 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. Tiered interest 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. Getting the highest return on your savings 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 seven of the top 10) on Money.com.au’s database are intro rates available for a limited time. ING Savings Booster Account: 6.00% p.a. for 4 months (up to $500k) Rabobank High Interest Savings Account: 5.90% p.a. for 4 months (up to $250k) Ubank High Interest Savings Account: 5.85% p.a. for 4 months (up to $1m) Jumping between those top rates over a 12-month period would mean earning an average rate of 5.92%, versus the top ongoing rate available on a single account of 5.75%. 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 12-month interest with intro offers (5.92% average) 12-month interest with ongoing rate (5.75%) Starting balance 12-month interest with intro offers (5.92% average) 12-month interest with ongoing rate (5.75%) Starting balance 12-month interest with intro offers (5.92% average) 12-month interest with ongoing rate (5.75%) Estimated returns include compound interest. The 5.92% p.a. figure shown is a blended average of the introductory rates used in the example. For simplicity, the examples assume no additional deposits or withdrawals. Rates are assumed to remain unchanged for the full 12-month period and are provided for illustrative purposes only. Considerations with an interest-maximising strategy: You’ll earn marginally more interest (due to compounding) if you start with the intro offer that has the highest rate and then work your way down, bearing in mind that offers can change. Timing matters. Interest on savings accounts is generally calculated daily so any gap between intro offers will impact the total return. Intro offers are almost always for new customers only. If you’ve previously held an account with the provider, you may not qualify for the offer. You should still consider the other aspects of the accounts and their overall suitability for your situation (e.g. eligibility criteria, the min and max balance, any extra bonus conditions). 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. 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.

Standard savings account 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 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. First home buyer accounts 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. SMSF savings accounts 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. Business 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. Bonus saver versus ongoing high interest savings rate 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. Initial savings amount Bonus savings account (5.65% max / 0.10% min) Ongoing savings rate (5.10%) Bonus interest earned 12/12 months Bonus savings account (5.65% max / 0.10% min) Ongoing savings rate (5.10%) Bonus interest earned 11/12 months Bonus savings account (5.65% max / 0.10% min) Ongoing savings rate (5.10%) Bonus interest earned 10/12 months Bonus savings account (5.65% max / 0.10% min) Ongoing savings rate (5.10%) Bonus interest earned 9/12 months Bonus savings account (5.65% max / 0.10% min) Ongoing savings rate (5.10%) Initial savings amount Bonus interest earned 12/12 months Bonus interest earned 11/12 months Bonus interest earned 10/12 months Bonus interest earned 9/12 months Estimated interest earned figures are based on a starting balance of $10,000 held for 12 months with compounding interest. For simplicity, the examples assume no additional deposits or withdrawals. The interest earned calculations assume the maximum bonus rate is earned only in the months where bonus conditions are met, with the minimum ongoing rate applying in all other months. Rates are assumed to remain unchanged for the full 12-month period and are provided for illustrative purposes only. Scenarios assume missed bonus months are spread evenly throughout the year. *Based on a survey commissioned by Money.com.au and carried out by Pureprofile in 2025, with a nationally representative sample of more than 1,000 Australians by gender, age, and location. High interest savings account versus mortgage offset account Money.com.au savings data 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: High interest savings account You earn interest on your savings. Interest is paid at a variable rate set by your bank. You often need to meet certain criteria to qualify for the top rate of interest. You may need to pay tax on interest earned. Your savings reduce the balance of your home loan that interest is charged on. Unless it’s a 100% offset account , only a portion of your savings will reduce your interest costs. Because you are saving and not earning interest, you won’t need to pay tax. High interest savings account versus term deposit Nearly three times as many people use a savings account (53%) as use a term deposit (19%). Here's how they differ: High interest savings account Variable interest rate. No set time frame. You can withdraw your money at any time. A term deposit has a fixed interest rate. Your money is locked away for a set period. Penalties apply if you withdraw your money before the end of the term. 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. 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: 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. FAQs about high interest savings accounts What are the criteria for earning bonus interest on a high interest savings account? 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. What’s the maximum amount I can save in a high interest savings account? 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. Are the best high interest savings accounts only available online? 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. What savings account has the best interest rate in Australia? The highest bonus savings rate on our database is 6.00% p.a. on ING's Savings Booster Account for the first four months (then 5.40% p.a. ongoing bonus rate) on balances up to $500,000. The top ongoing savings rate with no bonus conditions or upper age limits is 5.25% p.a. from AMP Bank on its GO Save account on balances up to $50,000. Is my money safe in a high interest savings 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. Which banks in Australia offer savings accounts? The following providers are authorised deposit taking institutions whose savings accounts are covered by the government’s Financial Claims Scheme . Alex Bank Pty Limited Arab Bank Australia Limited Australia and New Zealand Banking Group Limited Australian Military Bank Ltd (including RSL Money) Australian Mutual Bank Limited Avenue Bank Limited B&E Ltd (trading as Bank of us) Bank Australia Limited (including Qudos Bank) Bank of China (Australia) Limited Bank of Queensland Limited (Including BOQ Specialist (BOQS) and ME Bank) Bank of Sydney Ltd Bendigo and Adelaide Bank Limited (including Adelaide Bank, Bendigo Bank and Up Bank) Beyond Bank Australia BNK Banking Corporation Limited (previously - Goldfields Money Limited) including Goldfields Money Cairns Penny Savings & Loans Limited (trading as Cairns Bank) Central Murray Credit Union Limited (trading as Central Murray Bank) Central West Credit Union Limited Coastline Credit Union Limited (Trading as Coastline Bank) Commonwealth Bank of Australia (including Bankwest) Community First Credit Union Limited (including Community First Bank and Easy Street Financial Services and Illawarra Credit Union) Credit Union Australia Ltd (trading as Great Southern Bank) Credit Union SA Ltd Defence Bank Limited Dnister Ukrainian Credit Co-operative Limited Family First Credit Union Limited (including Family First Bank) Fire Service Credit Union Limited First Option Bank Ltd Ford Co-operative Credit Society Limited (trading as Geelong Bank) Gateway Bank Ltd Goulburn Murray Credit Union Co-operative Limited Heartland Bank Australia Limited (previously Challenger Bank Limited / MyLifeMyFinance Limited) Heritage and People’s Choice Limited (including Heritage Bank, People’s Choice Credit Union and People First Bank) Horizon Credit Union Ltd (trading as Horizon Bank) HSBC Bank Australia Limited Hume Bank Limited IMB Ltd (trading as IMB Bank), including The Shire in1bank Ltd (has announced that it is discontinuing its banking business) ING Bank (Australia) Limited (trading as ING) Judo Bank Pty Ltd Laboratories Credit Union Limited Lutheran Laypeople's League of Australia MacArthur Credit Union Ltd (trading as The MAC) Macquarie Bank Limited Maitland Mutual Limited (trading as The Mutual Bank) Members Banking Group Limited (trading as RACQ Bank) MyState Bank Limited (including Auswide Bank Ltd) National Australia Bank Limited (including Ubank) Newcastle Greater Mutual Group Ltd (including Newcastle Permanent and Greater Bank) Norfina Limited (trading as Suncorp Bank) Northern Inland Credit Union Limited Orange Credit Union Limited (trading as Bank Orange) Police Bank Ltd (trading as Border Bank and Bank of Heritage Isle) Police Credit Union Limited Police Financial Services Limited (trading as BankVic) Police & Nurses Limited (trading as P&N Bank, and BCU Bank) QPCU Limited (trading as QBANK) Queensland Country Bank Limited Rabobank Australia Limited Regional Australia Bank Ltd South West Slopes Credit Union Ltd (trading as SWSBANK) Southern Cross Credit Union Ltd Summerland Financial Services Limited (trading as Summerland Credit Union) 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 (trading as Broken Hill Bank) The Capricornian Ltd Traditional Credit Union Limited Transport Mutual Credit Union Limited Tyro Payments Limited Unity Bank Limited (trading as G&C Mutual Bank Limited, Reliance Bank and Unity Bank) Victoria Teachers Limited (trading as Bank First) Warwick Credit Union Ltd (trading as Darling Downs Bank) WAW Credit Union Co-Operative Limited (including BankWAW) Westpac Banking Corporation (including Bank of Melbourne, BankSA, St George Bank) Woolworths Team Bank Limited How is interest calculated on savings accounts? 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 How many savings accounts can I have? 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. Important Disclosures Products and other information displayed 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. Protecting you and your money is important to us. Find out about staying safe from common banking and financial scams and what we do to protect our customers.