- Maximum rate: 5% p.a.
- Standard variable rate: 1% p.a.
- Monthly fees: $0
Find the right savings account for you
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Which Australian bank has the highest savings interest rate?
The 5 highest savings interest rates we found are:
- BoQ Future Saver offers 5.5% for customers aged 14-35 when you deposit $1,000 into your linked Bank of Queensland Everyday Account and make 5 transactions each month.
- ING Savings Maximser offers 5.5% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month.
- Rabobank High Interest Savings account offers 5.5% for the first 4 months only.
- ME Bank HomeME savings account offers 5.65% when you deposit $2,000 and grow your balance each month.
- Macquarie Savings Account offers 5.55% for the first 4 months.
What's the latest with savings accounts in July 2023?
The RBA has increased the official cash rate 12 times since May 2022. The cash rate was held in the recent July update, and now sits at 4.10%. Because of this, savings account rates have increased a lot too.
As of July 2023 many savings accounts are now offering over 5.00% p.a. - some are even offering over 5.50% p.a.
For example just this month we saw ME Bank launch its new digital savings account (HomeME) to the market with a bonus rate of 5.65%.
Updated by Alison Banney on 7 July 2023.
What to look for when comparing savings accounts
A high interest rate
When selecting your savings account, the interest rate is key. A higher rate means greater growth potential for your balance.
Conditions you can meet
Check what conditions you need to meet to earn the bonus or introductory rate and make sure you can easily meet them.
Most banks don't charge a monthly fee for a savings account. If you're looking at a savings account that does charge a monthly account fee, know that this is not the norm and most accounts have no fees.
Easy access to your money
Some savings accounts allow you to withdraw money a few times each month, while some require you make no withdrawals at all. If you need regular access to your savings, pick a savings account that has no limits to withdrawals.
Some banks require you to link your savings account with an everyday account in the same bank to qualify for their interest rate or bonus rate. If you do need to get a bank account with the same bank, make sure the bank account doesn't charge high fees.
Some savings accounts will require you to deposit just $20 each month in order to earn bonus interest, while others will require much higher monthly deposits (some up to $2000 a month). Choose one that fits in with your ability to save.
Compare CommBank, Westpac, ANZ and NAB savings accounts
The big 4 banks have been increasing their monthly savings rates along with the RBA cash rate increases. CommBank, Westpac, ANZ and NAB do not have the highest rates in the market, however, do offer easy to meet conditions. Check out the savings rates for the big 4 below.
|Total interest rate p.a.|
|Commonwealth Bank NetBank Saver||4.75%|
|ANZ Progress Saver||4.25%|
If you're after higher rates than what the big 4 banks are offering, then use our comparison table.
How do savings account interest rates work?
Savings rates explained
- Standard variable rate: This is the base interest rate that you'll earn each month, whether you meet the conditions or not.
- Bonus variable rate: This is the additional interest you'll earn on top of the standard rate when you meet the account conditions (such as meeting a monthly deposit amount).
- Total or maximum variable rate: This is the standard rate plus the bonus rate, and is the total interest rate you'll earn when all the conditions are met.
- Introductory rate: Some savings accounts offer a special, higher introductory rate for the first few months after you open the account. This is an incentive to open the account, but after the introductory period ends the rate will drop to a standard variable rate that's usually much lower.
How do I get the bonus interest rate on my savings account?
For a Bonus Saver account, the bonus interest is usually awarded when you're able to deposit a certain amount per month and make no withdrawals. It doesn't matter if you're a new customer or not, but there may be restrictions on the number of accounts you can have.
There's a difference between a headline rate and base rate. For an Introductory Bonus account, the bonus interest rate is only awarded for the first couple of months (normally up to 4) and you need to be a new customer.
You will also need to be within the balance your bonus rate applies to. In most cases, any balance beyond $250,000 usually earns the standard variable rate.
Benefits of savings accounts
- Savings accounts are a safe investment and are covered under the Government Guarantee.
- They're a great tool to help you save and budget.
- Savings accounts are liquid, meaning you can easily access the cash.
- You earn a higher interest rate than your everyday transaction account.
- You can use a savings account to help you save up for your house deposit.
Drawbacks of savings accounts
- You are usually required to deposit a set amount each month and make no or minimal withdrawals to receive the high bonus interest rate.
- Savings accounts do not come with a debit card so you're unable to access your cash as easily as transaction accounts.
- Interest rates for some savings accounts are quite low - you need to shop around for the best rates.
Other ways to earn interest on your money
You can also earn an interest rate above 4.0% p.a. with a term deposit.
$0 Account keeping fee
Interest paid on maturity
Up to $5,000,000 can be invested
No setup or account keeping fees
Terms from one month to three years
Minimum deposit of $5,000
Short to medium terms available
Take the guesswork out of your earning potential with our free calculators
What type of savings account is right for you?
The type of savings account you choose will depend on the type of saver you are and what you're trying to achieve.
I'm a regular saver: If you can regularly save money each month a bonus saver account with an ongoing bonus rate might be best for you.
I'm just looking for the highest rate: Check out high interest savings accounts (and remember to check the account conditions)
I'm a business owner: There are dedicated business savings accounts for you.
I'm looking for a set-and-forget account with no conditions: Perhaps a term deposit could suit you better, as these don't have any ongoing conditions to meet and are locked until the term expires.
How do I open a savings account?
- Compare savings accounts until you find one that meets your needs.
- Apply online. You'll need to provide ID with proof of your residential address, such as your passport and/or drivers license.
- Transfer money into your new account for it to become officially activated.
- Done! Start earning interest and putting your savings to work.
FAQs on savings accounts
Why you can trust Finder's banking experts
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Read more on this topic
BCU Bonus Saver account
Earn 5% p.a. for the first 4 months with no deposit conditions to meet, then an ongoing rate on your entire balance.
Apple Card Savings Account: Key details and alternatives
The Apple high interest savings account is available to Apple Card customers and has no minimum balance or monthly deposit requirements.
First Option Bank Savings Account
Earn an ongoing bonus rate when you deposit $100 a month and make no withdrawals.
Bankwest Easy Saver account
The Bankwest Easy Saver account offers a bonus rate for the first 4 months, then an ongoing standard variable rate with no conditions to meet.
Saving statistics – Australia 2022
Australian households will save 9% of their disposable household income in 2022, equivalent to $5,000 per year.
Bank of Queensland Simple Saver Account
The Bank of Queensland Simple Saver Account offers an ongoing interest rate with no account conditions to meet. Open up to 9 accounts.
Great Southern Bank Goal Saver Account (18-24 year olds)
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
Newcastle Permanent Smart Saver Youth Account (under 25s)
The Newcastle Permanent Smart Saver Youth Account has an ongoing bonus rate for customers under 25.
Bank of Queensland Smart Saver Account (36+ year olds)
The Bank of Queensland Smart Saver Account has an ongoing bonus rate on balances up to $250,000 for customers over 36.
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