Best Savings Account Rates Australia
Compare the highest savings account interest rates from Australian banks. Last updated: January 2025.
High Interest Savings Accounts
| Bank / Account | Total Rate | Base Rate | Conditions | Max Balance |
|---|---|---|---|---|
| BOQ Future Saver TOP PICK | 5.55% | 0.55% | Deposit $1,000+/month, no withdrawals, under 35 years | $50,000 |
| NAB Reward Saver | 5.55% | 0.55% | Deposit $50+/month, no withdrawals | $100,000 |
| ING Savings Maximiser | 5.50% | 0.55% | Deposit $1,000+/month, grow balance, 5+ card transactions | Unlimited |
| Ubank Save | 5.50% | 5.00% | Link to USave account | $250,000 |
| ANZ Plus Save | 5.50% | 4.75% | Deposit $1,000+/month, no withdrawals | $250,000 |
| CBA GoalSaver | 5.45% | 0.55% | Deposit $200+/month, no withdrawals | $50,000 |
| Macquarie Savings | 5.40% | 4.75% | Link transaction account, $2,000+ spend/month | $250,000 |
| Westpac Life | 5.40% | 0.70% | Deposit $2,000+/month, grow balance | $30,000 |
| AMP Saver | 5.25% | 5.25% | None - no conditions! | $250,000 |
| Rabobank High Interest | 4.70% | 4.70% | None - no conditions | Unlimited |
Term Deposit Rates (12 months)
| Bank | Term | Interest Rate | Min Deposit |
|---|---|---|---|
| Judo Bank BEST | 12 months | 4.85% | $1,000 |
| BOQ | 12 months | 4.75% | $5,000 |
| Macquarie | 12 months | 4.70% | $10,000 |
| ING | 12 months | 4.65% | $10,000 |
| CBA | 12 months | 4.40% | $5,000 |
| Westpac | 12 months | 4.30% | $5,000 |
Tips for Maximum Interest
- ✅ Set up automatic monthly deposits to meet bonus conditions
- ✅ Use multiple accounts if you have more than the max balance
- ✅ Consider no-conditions accounts if you need flexibility
- ✅ Check if your transaction account affects bonus eligibility
- ✅ Review rates quarterly as banks frequently change them
Watch Out For
- ⚠️ Introductory rates that drop after a few months
- ⚠️ Balance caps where rate drops on amounts above
- ⚠️ Complex conditions that are easy to miss
- ⚠️ "Up to" rates that require specific account linking
- ⚠️ Fees that eat into interest earnings
Frequently Asked Questions
What is the highest savings account rate in Australia?
As of January 2025, the highest savings rates are around 5.50-5.55% p.a., offered by accounts like BOQ Future Saver, NAB Reward Saver, and ING Savings Maximiser. However, these rates typically require meeting conditions like monthly deposits and no withdrawals.
Are high-interest savings accounts worth it?
Yes, if you can meet the conditions. The difference between a standard account (0.5%) and a high-interest account (5.5%) on $50,000 is $2,500 per year in interest. Even with conditions, this is significant.
Is my money safe in online banks?
Yes. All Authorised Deposit-taking Institutions (ADIs) are covered by the government guarantee up to $250,000 per person per institution. This includes online-only banks like ING, Ubank, and Macquarie.
Should I use a savings account or term deposit?
High-interest savings accounts currently offer better rates than most term deposits AND provide flexibility to access your money. Term deposits only make sense if you want to lock in a rate before potential RBA rate cuts.
Disclaimer: Rates shown are accurate as of January 2025 but may change without notice. Always verify current rates on bank websites before making decisions. This is general information only, not financial advice.