Compare some of the best savings accounts from leading Australian lenders. Compare high interest rates, features, deposit conditions, interest earned and more! Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Government backed protection. $0 monthly account keeping fees. 100% Australian-based support. Intro rate for 3 months up to $100k, then 5.05% p.a. on paid Ultra plan up to $250k No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining. Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly. Banks' Savings Account Interest Rates Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Best High-Interest Savings Account Rates - September Three RBA rate cuts in 2025 means ongoing rates of 5% p.a. or better are behind us - still, there are a couple of intro rates bearing the '5' moniker. Many of the market's highest savings account rates are mostly made up of the bonus rate - meaning depositors who don't meet monthly conditions may miss out on the majority of earnings. In fact, some savings accounts don't offer any base rate , so savers who fail to complete their monthly requirements might not earn any interest for a period. Those shopping for savings accounts should also keep an eye out for introductory rates - these are only avaliable to new account holders for a limited time. Some rates might look appealing on paper but, after stripping away introductory rates or tricky bonus conditions, might not be so appetising. Below are the top rates according to InfoChoice's product database, but could change through September. Top % Rate Per Annum Base % Rate Per Annum Bonus % Rate Per Annum Introductory % Rate Per Annum Correct as of 13 September 2026. What is a savings account? A savings account is an account held at a bank or other deposit-taking financial institution - such as a credit union or building society - where you earn interest on the money you deposit. Savings accounts are not normally linked to a credit or debit card, so the money typically stays in the account for longer and accumulates quicker. Unlike term deposit accounts though, savings accounts are 'at call', which provides the money when you need it, but the interest rate is variable, meaning it can change. What is a High Interest Savings account? A High Interest Savings account is a savings account that offers a highly competitive interest rate. All high interest savings accounts have variable interest rates, which means your interest rate will fluctuate in response to changes to the Reserve Bank cash rate. Some savings accounts have conditions that need to be met to achieve a higher interest rate. This may include minimum deposits, minimum account balance, or limited withdrawals, among others. Typically in these situations, if you do not meet these conditions, your account will revert back to earning a smaller interest rate. What to look for when comparing high interest savings accounts When choosing a savings account, there are several factors you should consider. If you are looking for your money to grow as much as possible, the most important consideration is of course the interest rate. Many providers offer introductory 'honeymoon' rates where you earn at a higher rate for the first few months after your deposit, so it's worth looking into this as well, although the rate usually reverts to something lower. Savings account rates are typically made up of base and bonus (or conditional) interest rates. As discussed, many savings accounts have criteria that need to be met to earn a higher interest rate. Typically these conditions are designed to make sure there is a significant amount of money deposited, so you may need to make minimum monthly deposits or maintain a balance above a certain amount. When comparing interest between accounts, be sure to also check what conditions need to be met in order to earn these rates. In most cases, banks won't charge monthly maintenance fees for savings accounts. However, there are many different types of fees that may be associated with opening accounts, including annual account fees and transaction fees. You should consider these fees when choosing an account as they could eat into your overall returns. Some savings accounts make it very easy to access your money, while others limit this. For some people, since the primary purpose of a savings account is to leave your money to grow rather than constantly dipping in to it, an account that limits withdrawals or makes you grow the account balance is ideal as they essentially act as a forced way to save. Others may appreciate the flexibility that comes with always being able to access their money, however. Linked accounts If you decide you would like the option to sometimes use money in your savings account for transactions, you will need a linked account. Some banks make this easy by allowing you to link a savings account to your current transaction account using online banking. Some banks, in order to earn the top interest rate, usually require a linked transaction account. Multiple savings accounts Many banks allow you to hold multiple savings accounts at no cost. If you have several savings goals (simultaneously saving for a house and a holiday , for example), this can be a great way to compartmentalise your progress and have your eyes on the prize. Stay on your feet and choose your path It’s arguably never been more important for savers to be on their toes. With interest rates falling, not all banks behave in the same way. There are three common paths with savings accounts these days: Do you choose a juicy introductory rate and look at jumping ship in four months or so; do you jump through a lot of hoops to get a bonus rate; or do you sacrifice some interest to save your sanity and opt for a hoop-free account? These are questions you’ll need to ask yourself. Luckily, opening an account and depositing funds can be done in 10 minutes on your smartphone these days - with most banks, anyway. So if you don’t like what you experience then you can jump ship pretty easily. It usually doesn’t pay to be loyal anymore. Harrison Astbury , InfoChoice Editor & Research Analyst Stay on your feet and choose your path It’s arguably never been more important for savers to be on their toes. With interest rates falling, not all banks behave in the same way. There are three common paths with savings accounts these days: Do you choose a juicy introductory rate and look at jumping ship in four months or so; do you jump through a lot of hoops to get a bonus rate; or do you sacrifice some interest to save your sanity and opt for a hoop-free account? These are questions you’ll need to ask yourself. Luckily, opening an account and depositing funds can be done in 10 minutes on your smartphone these days - with most banks, anyway. So if you don’t like what you experience then you can jump ship pretty easily. It usually doesn’t pay to be loyal anymore. Harrison Astbury , InfoChoice Editor & Research Analyst Things to consider with high-interest savings accounts 1. Deposit requirements Many of the top savings account interest rates require a bit of legwork to get there. This could include depositing a certain amount per month - this is usually anywhere from $50 to $2,000. If you don't you'll likely receive the base interest rate, which is generally much lower than the total rate. Some don't stop you from withdrawing that amount straight away. However, if you're a student or on a low income, you might find it difficult to move this money around. 2. Honeymoon periods Many attractive interest rates are actually attached to intro or honeymoon accounts. These accounts offer an enticing interest rate that expires after a few months - usually three or four. The rate then reverts to what's usually a much lower one. If you want an ongoing rate, double check to make sure it's not an intro rate. Pretty much all interest rates on savings accounts are variable however. Just because you're on an ongoing rate doesn't mean it's guaranteed. Market movements could push your rate down - or up. 3. Deposit limits Many of the highest earning savings accounts have deposit limits. For example, the top rate could apply to only the first $50,000 or $100,000. After that, another lower rate might apply. If you have a lot of cash, it could be worthwhile picking a lower rate that applies to a higher balance, than a higher rate but a lower balance. Also keep in mind the $250,000 Government deposit guarantee. If you have more than this saved up in cash, it could be worth spreading it across different banks. 4. Other restrictions To attain the highest interest rates, on some accounts you might be required to sign up to a linked transaction account and make a certain number of purchases. You might also need to grow the account balance i.e. no deposits then immediate withdrawals. You might also need to make zero withdrawals. These can be handy as a form of forced saving, but if you want flexibility, it does mean you might be punished with a lower rate if you don't meet the criteria. Other savings accounts might be restricted to age, for example under 18s, or under 35s. It's no use signing up if you're 50! 5. Savings interest is taxable Any interest you earn from the savings account is taxable as regular income. This means you will need to declare it, or if you are using MyGov to do your tax return, it's likely to be pre-filled. If you earned $60,000 from your job, and $500 in savings interest for the year, you'd be taxed on a total of $60,500. This is provided you supplied your Tax File Number. While not mandatory, doing so means you'll be taxed at the highest marginal rate through the year, and you'll get the balance after the taxman processes your return. Do you really want to give the government a free loan for the financial year? How can I get the most out of my high interest savings account? 1. Meet the requirements Check if there's a special rate that's available to you provided you meet the requirements. These requirements could be as simple as not making any withdrawals for the month or making sure the minimum monthly amount is being deposited on time. You'll want to make sure you're able to hit these requirements, because the base interest rate can be much lower if you don't. 2. Resist the urge to dip into the savings It's tempting to dip into your honeypot for an expense here or there, but it can add up over time. Some high interest savings accounts' restrictions essentially make it punishing to dip into your savings. This is why having different sub-accounts with buckets for different goals can be handy. That way you can keep your eye on the prize - house deposit, car, wedding or holiday - and resist the urge to use your savings on a night out you'll forget in a week's time. 3. Contribute to it regularly If you have any money sitting in an account that isn't needed in the near future, put it in to a savings account to help boost the interest you will earn. The more you have, the more interest you will earn because your interest is calculated as a percentage of your account balance. Depositing regularly - such as when your pay comes in - can also yield better returns because it compounds. This means your interest earns interest. Even if it's $20 or $50, it's better than nothing. 4. Supply your Tax File Number (TFN) While not mandatory, not supplying your TFN means your savings interest will be taxed at the highest marginal rate. This essentially means the government keeps that money until you do your tax return. What are the advantages of a savings account? When it comes to mitigating risk when investing , savings accounts tend to be as good as they come. Your investment can only gain value unlike shares or property, and you can also usually withdraw and deposit money freely. Money back guarantee All banks with an ADI - banking license - in Australia are protected by a government guarantee. Even in the very unlikely event the institution goes under, your deposit balance is protected up to $250,000. If you have more than this amount, it could be worthwhile spreading it across different banks. Easy to open and close Savings accounts, particularly online, are usually very simple to open. The bank or institution may only need a few basic personal details, like your tax file number. They can be set up within minutes, and with the New Payments Platform and Osko, funds can be transferred in seconds. Accessible funds Whilst special conditions may apply to some accounts, you can usually freely withdraw and add money to a savings account without affecting the interest rate. This is more convenient than a term deposit account, for example, where you deposit an agreed amount for a set period of time and cannot access or add to it until the time is up. What are the disadvantages? Conditional interest rate Savings accounts usually have bonus conditions you must meet in order to earn a higher interest rate, like minimum monthly deposits or a minimum account balance. If these conditions are not met, your account may revert to a lower interest rate. No debit/credit card attached By definition, savings accounts are not associated with a credit or debit card, which can be inconvenient if you need to withdraw cash from an ATM . On the other hand, many savings accounts are linked to transaction accounts that do come with a debit card. Nearly all savings account rates in Australia are variable, meaning they can ebb and flow with the markets. This means your interest rate can go up or down from month to month. This is unlike a term deposit where the rate is locked-in for that period. How popular are savings accounts?

Our State of Aussies' Savings research report revealed savings accounts are the single most popular way to save money across all demographics. They were the most popular for 57.4% of the population, with the next most popular being an offset account. For the youngest generation surveyed - Gen Z, 1997-onwards - 79.3% considered a savings account to be their primary savings vehicle. Despite their popularity, one-in-six respondents had less than $1,000 in savings. When extrapolated across the population this accounts for about 3.4 million Aussie adults. Nearly a third of Aussies (32.2%) don't have $5,000. With savings accounts being popular, yet balances not being particularly healthy for a large number of Aussies, this makes it all the more important to compare your options and pick the right product yourself. This includes not only the interest rate, but also the conditions you need to meet to attain that rate. For example, if you don't earn $2,000 a month but you need to deposit $2,000 to attain a good rate, then it probably makes more sense to choose a product with different conditions that you can realistically achieve. How to open a high interest savings account Applying for a savings account is an easy thing to do, with savings accounts available to pretty much anyone who's considered an Australian resident for tax purposes. However, consider the following before choosing which account best suits your needs: 1. Select an age appropriate account If you're under 18, look into kids savings accounts as they have special offers to help you get started when you have a smaller amount of savings to start with. Conversely, it's no use signing up for a junior savers account if you're 50 years old - you won't earn the top interest rate. 2. Minimum deposits Most accounts can be opened with a very small amount of money, but some may require a minimum monthly deposit from you - usually anywhere from $200 to $2,000.. If that is the case, determine how much that might be and if it's within your budget. And also consider if you can realistically achieve that every month. 3. Online applications Many of the top savings accounts with the highest interest rates come from banks that don't have any branches. This means you'll probably need to open it up online. Some banks have also gone one step further and made the special interest rate available only when you use their app. 4. Information needed As with all accounts you'll need a few details in order to apply, including your contact details, personal details and identification. If you have a transaction account that you would like connected to the savings account, be sure to have those details available too. A Tax File Number is also handy when opening it up, but if not, you can input this later. Savings Glossary Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Frequently Asked Questions InfoChoice tries to answer the most frequently asked questions about savings accounts Is opening a savings account a good idea? Putting your money in a savings account involves very little risk, and a guaranteed return. However, you may want to explore all of your options, including investing, as you may decide you prefer a riskier, but higher reward strategy. You should also make sure you are on top of any outstanding debts before you start putting money away in a savings account. Will I need a tax file number to open a kids account? No, you don’t need a tax file number unless your child earns more than $416 in interest. You can apply for a tax file number for a child of any age via the ATO. Can I open a savings account if I have just come out of bankruptcy? Yes. Savings accounts use your own money so as long as you have enough for deposits, you will not have a problem. Credit checks are only conducted for credit card and loan applications. How do High Interest Savings Accounts (HISA) work? HISA use compound interest that’s calculated daily and paid monthly. High-interest savings accounts are guaranteed by the government, and accrue interest at high rates. How is interest calculated? Interest is calculated daily, taking your account balance, multiplying that by the interest rate you receive, then dividing this number by 365 (interest is calculated yearly). Interest payments are normally credited to your account monthly, and will work out to be the sum for the above calculation for the month. Savings interest is considered taxable income. Can I direct deposit into a savings account? Yes. You can either make once off payments or organise regular deposits. A good way to maximise savings is for you to nominate your savings account for your salary, so your wages go straight into your savings, then you can take out what you’ll need for transactions – if the deposit conditions allow for this. Savings accounts typically come with their own account number separate from the transaction account’s, making this easy. Can I set up direct debits from a savings account? In most cases, your savings account will not allow direct debits, as this would contradict the purpose of the account. Can I open a savings account in Australia as a non citizen? If you’re working , studying or migrating to Australia, you can open an Australian bank account. When applying, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia. In some cases you may be able to apply for the account online or over the phone before you arrive in Australia. You will also likely need to have an Australian mobile number to setup online banking and for two-factor authentication. How do I open a savings account? Opening a savings account is normally easy provided you already have a transaction account and are signed up for online banking. Each bank has a slightly different process, but will normally have a straightforward process for opening a new account via an online banking app or website. You could also call your bank and organise it over the phone. Can I open a joint savings account? Yes, savings accounts can be opened in joint names. Combining your savings can be a great way to pool your money and earn extra interest. Be aware that the other party will also have access to your portion of the funds. Savings Accounts Guides Find guides on everything you need to know about savings accounts, financial planning and everyday savings. How to overdraw your bank account Teaching Kids About Money A complete guide to neobanks Transaction accounts vs savings accounts Which bank is best for students? Which is the safest bank in Australia? How to get a fee-free everyday bank account What is a trust fund? What is a shared or joint bank account? Savings accounts vs. term deposits What is a notice saver account? Different Types of Savings Accounts in Australia Why you can trust InfoChoice We follow a strict editorial policy, with guides and news written by qualified professionals, fact-checked and edited by subject matter experts. InfoChoice has been a go-to source of financial comparison, rate information, calculators, and guides since 1993. Dominic Beattie is the Group Editor of the wider InfoChoice network, which encompasses InfoChoice, Savings.com.au, Your Investment Property Magazine, and YourMortgage.com.au. He's worked in the finance media space for more than a decade, and his commentary has featured across TV, radio, print and online media outlets. Dominic co-hosts the Savings Tip Jar podcast where he regularly interviews some of the industry's top experts and decision makers. InfoChoice respectfully acknowledges the Traditional Custodians of the land on which we live, learn and work. Important Information InfoChoice.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity. 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