5.00 % p.a.
max rate
1. % p.a.
standard variable rate
AMP Saver Account
The 5 highest savings interest rates we found are:
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.
When selecting your savings account, the interest rate is key. A higher rate means greater growth potential for your balance.
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.
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.
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% |
| Westpac eSaver | 4.65% |
| NAB iSaver | 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.
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.
You can also earn an interest rate above 4.0% p.a. with a term deposit.
Find out how much you could earn with our savings calculator
Use our calculator to see earnings on your preferred term deposit length!
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.
Earn 5% p.a. for the first 4 months with no deposit conditions to meet, then an ongoing rate on your entire balance.
The Apple high interest savings account is available to Apple Card customers and has no minimum balance or monthly deposit requirements.
Earn an ongoing bonus rate when you deposit $100 a month and make no withdrawals.
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.
Australian households will save 9% of their disposable household income in 2022, equivalent to $5,000 per year.
The Bank of Queensland Simple Saver Account offers an ongoing interest rate with no account conditions to meet. Open up to 9 accounts.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
The Newcastle Permanent Smart Saver Youth Account has an ongoing bonus rate for customers under 25.
The Bank of Queensland Smart Saver Account has an ongoing bonus rate on balances up to $250,000 for customers over 36.
What are the fees on these banking accounts? Ongoing fees, setup fees, monthly fees, not reaching transfer target fees, withdrawal of own money fees, or expensive atm fees?
Hi Chris,
If you click the “more info” button for each product, you can see a short summary of the benefits of that account, along with a link to a bigger review page that outlines all the fees and charges.
Hope this helps!
Hi Finder Team, why are ‘fees’ not on your sorting tool option? It seems to be the most important information that I would want to know regarding selecting my new bank account. Firstly, what monthly fees are there, if any? Secondly, are there fees for not depositing money regularly? Lastly, are there fees for withdrawing my own money at atms or in specific locations?
Hi Chris, we don’t include fees in our savings account comparison table because savings accounts charge no fees. You can’t withdraw money at ATMs from your savings account.
Most of the fees are associated with the linked transaction account, which is why we do include fees in our transaction account tables.
If I create a savings account with an introductory bonus rate paid for 3 months, in the middle of a calendar month and wish to withdraw and close the account to move to another bank ( i.e. rotating my money between higher introductory rates), will I be paid the daily interest owed? Most banks pay interest on either the last or first day of the month and I would like to know if I forfiet the interest, or can I leave the account open and get paid the interest owed at the end/start of the next month?
Many thanks for your time.
Hi Ned, this would depend on the account and what it states in its T&Cs. But usually interest is paid at the very end or very start of the month, so I think you’d be best to wait until you’re paid the interest then close the account.
Thanks,
Alison
Is there any media or government body willing to draw attention to saving account interest rate increases
Hi John,
Many savings accounts are increasing their interest rates at the moment, following the RBA increasing the official cash rate. This is good news for customers with money in the bank as it means you’ll be earning more interest on your money.
There has been quite a bit of media attention and stories on this topic in recent weeks. Finder tracks these rate changes and updates our product comparison tables every day with the new rates.
Thanks,
Alison
I want to find the best saving account but not be restricted in having to also have an everyday transaction account with that bank.
Hello Karen,
Thank you for your comment.
If you are referring to easy access to your savings account, you can check everyday transaction accounts and compare the interest rates, features, and fees of the account. Please click the “Go to Site” button to submit an application.
Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn