Compare savings accounts

We update the savings account rates daily. Use our free comparison tool and earn more interest on your hard-earned cash.

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Find the Right Account with Our Savings Accounts Comparison Tool

Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Maximum Variable Rate p.a.
4.75%
Standard Variable Rate p.a.
0.10%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $200
Go to siteView details
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
0.80%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
4.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.80%
Standard Variable Rate p.a.
4.25%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
4.85% p.a. includes 0.10% p.a. bonus for new Maxi saver customers applying online.
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible purchases
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
0.50%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $250
Go to siteView details
Maximum Variable Rate p.a.
4.60%
Standard Variable Rate p.a.
0.01%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Maximum Variable Rate p.a.
5.15%
Standard Variable Rate p.a.
4.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Promoted
Savings account offer
Savings account offer
Promoted
4.75 % p.a.
max rate
0.10 % p.a.
standard variable rate
  • Maximum rate: 4.75% p.a.
  • Standard variable rate: 0.1% p.a.
  • Monthly fees: $0

Ubank Save Account

Which Australian bank has the highest savings interest rate?

The 5 highest savings interest rates we found are:

What's the latest with savings accounts in June 2023?

The RBA has increased the official cash rate 11 times since May 2022. The cash rate now sits at 3.85%. Because of this, savings account rates have increased a lot too.

As of June 2023 many savings accounts are now offering over 3.50% p.a. - some are even offering over 5.00% p.a.

As of May, the RBA has increased the cash rate. They are expected to increase the cash rate a few more times in 2023, which would likely see some savings account rates increase too.

Updated by Alison Banney on 3 May 2023.

What to look for when comparing savings accounts

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A high interest rate

When selecting your savings account, the interest rate is key. A higher rate means greater growth potential for your balance.

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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.

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No fees

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.

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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.

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Linked accounts

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.

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Deposit requirements

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.

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Savings tip
Set up an automatic recurring transfer from your bank account into your savings account to ensure you always meet the monthly deposit requirement to earn bonus interest.

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 Saver4.5%
Westpac eSaver4.5%
NAB iSaver4.5%
ANZ Progress Saver4%

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.

Promoted
Finder Award
5% p.a. for 5 year terms
Terms between 3 months and 5 years
Small $1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit
No account fees

Take the guesswork out of your earning potential with our free calculators

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Savings Calculator

Find out how much you could earn with our savings calculator

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Term Deposit Calculator

Use our calculator to see earnings on your preferred term deposit length!

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?

  1. Compare savings accounts until you find one that meets your needs.
  2. Apply online. You'll need to provide ID with proof of your residential address, such as your passport and/or drivers license.
  3. Transfer money into your new account for it to become officially activated.
  4. Done! Start earning interest and putting your savings to work.

FAQs on savings accounts

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Since 2015, we’ve helped over 1.3 million Australians find an account by comprehensively comparing rates, fees and account features. We'll never ask for your personal information. We're here to help you make a decision.

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12 Responses

    Default Gravatar
    NedApril 5, 2023

    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.

      Avatarfinder Customer Care
      AlisonApril 11, 2023Staff

      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

    Default Gravatar
    johnJune 16, 2022

    Is there any media or government body willing to draw attention to saving account interest rate increases

      Avatarfinder Customer Care
      AlisonJune 22, 2022Staff

      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

    Default Gravatar
    KarenNovember 21, 2018

    I want to find the best saving account but not be restricted in having to also have an everyday transaction account with that bank.

      Avatarfinder Customer Care
      JhezelynNovember 30, 2018Staff

      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

    Default Gravatar
    JanNovember 3, 2017

    Enquiry is regarding interest bearing savings accounts, which banks offer these to over 55’s?

      Default Gravatar
      JonathanNovember 3, 2017

      Hi Jan,

      Thank you for your inquiry.

      You may compare your options from our list of retirement savings accounts. There is a calculator at the top of our comparison table where you can put in your deposit and select your term to get an estimate of your interest earnings.

      It is noteworthy to state the eligibility and product terms vary across different savings accounts, so you need to review them fully before applying.

      Hope this helps.

      Cheers,
      Jonathan

    Default Gravatar
    MarjorieAugust 31, 2016

    How do I find -if a lost bank a/c many years ago?

      Avatarfinder Customer Care
      ClarizzaAugust 31, 2016Staff

      Hi Marjorie,

      Thanks for your comment.

      Our finding lost super guide should help you know how to find unclaimed money. This page outlines a few options available to you in Australia.

      Hope that helps.

      Clarizza

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