ANZ

As at 3 September 2026, my practical shortlist for an Australian saver would be:

My recommendation

If you want the least annoying good option, I’d start with Macquarie or Ubank.

• Choose Macquarie if you want simplicity: no monthly hoops, good app, good ongoing rate.
• Choose Ubank if you’re comfortable ensuring your total savings grows by $1/month and you want a higher ongoing rate or intro/welcome rate.
• Use Rabobank if you’re willing to rate-hop after the 4-month promo.
• Use ING only if you’ll actually meet the conditions every month.
• Use BOQ Future Saver or Westpac Life if you’re eligible and don’t mind transaction requirements.

Big Four fallback

If you specifically want a Big Four bank, I’d look at ANZ Plus Growth Saver, CommBank GoalSaver, or Westpac Life depending on eligibility and how you use your account. Canstar lists ANZ Plus Growth Saver at 5.10% p.a. if you grow the balance by $100/month, CommBank GoalSaver at 5.00% p.a. if you grow the balance each month, and Westpac Life 18–40 at 5.75% p.a. with the extra transaction conditions. (canstar.com.au)

Two important cautions

1. Rates are variable, so check the provider’s current rate immediately before applying; savings rates can change with market conditions and RBA cash-rate moves. (canstar.com.au)
2. Keep the Financial Claims Scheme in mind: deposits are generally protected up to $250,000 per account holder per authorised deposit-taking institution. If you hold more than that in cash, consider splitting across separate ADIs. (canstar.com.au)

The best savings account in Australia isn't just about the highest number; it’s about how easily you can actually get that rate. Australian banks love to make savers jump through "hoops" to earn their advertised rates. If you forget to make enough card purchases or fail to grow your balance, your interest can drop to a painful base rate of 0.01%.

Because of this, the local finance community (like the popular r/AusFinance crowd) tends to group the best accounts by how they fit different saving styles.

These are the top high-yield savings accounts (HISAs) that Australians actually use, categorized by how you like to save:

1. The Best "No Hoops" Account (Set-and-Forget)

Macquarie Bank Savings Account

• Ongoing Interest Rate: 5.00% p.a. (on balances up to $250,000)
• The Catch: Absolutely none. No deposit requirements, no card transactions, and no need to grow your balance month-on-month.
• Why people love it: Macquarie is a massive favorite on Australian personal finance forums. Because there are no conditions to earn the 5.00% rate, it is the ultimate "emergency fund" or "offset-style" account. You can park your money, withdraw it whenever you need to, and you will still get your full interest calculated daily and paid monthly.
• Bonus perks: No international transaction fees, refunds on ATM fees, and a great mobile app that lets you buy discounted digital gift cards for major retailers.

2. The Best Balance of High Rates & Easy Conditions

Ubank Save Account

• Ongoing Interest Rate: 5.10% p.a. (plus a 5.85% p.a. Welcome Bonus Rate for new customers' first 4 months)
• The Conditions: Very simple. Just hold a Ubank Spend account and grow your total savings balance by at least $1 each month (interest earned doesn't count towards the $1).
• Why people love it: Owned by NAB, Ubank has some of the most relaxed conditions on the market. There are no card transaction minimums, and they removed their previous $200 monthly deposit requirement.
• Bonus perks: You can open up to 10 separate "Save" accounts to bucket your goals, and they still pay the high rate on your combined balances up to $1 million.

3. The Highest Ongoing Rate (If you can handle the rules)

ING Savings Maximiser

• Ongoing Interest Rate: 5.50% p.a. (on balances up to $100,000)
• (Note: ING also offers a Savings Booster account with a 4-month intro rate of 6.00% p.a. before reverting to 5.40% p.a. on balances up to $500,000).
• The Conditions (The "Hoops"): You must complete all of the following each calendar month to get the high rate:
  1. Deposit at least $1,000 from an external account.
  2. Make 5 settled debit card purchases from your linked Orange Everyday account.
  3. Grow your savings balance by at least $1 (excluding interest). If you fail any of these, your interest rate drops to a devastating 0.01% p.a.
• Why people use it: Historically popularized by The Barefoot Investor, ING remains the go-to for savers who want the absolute maximum return on their cash and don't mind using the linked Orange Everyday card as their main daily spending card.

4. The Best App Experience & Gamified Saving

Up Bank (Up Save)

• Ongoing Interest Rate: 5.00% p.a. (on balances up to $1 million)
• The Conditions: Make 5 card or phone purchases a month. No minimum deposit or balance growth required.
• Why people love it: Owned by Bendigo and Adelaide Bank, Up is Australia’s most popular digital-only neobank (especially among Gen Z and Millennials). The app is unmatched—it features automated "round-ups" (rounding your transactions to the nearest dollar and putting the change into savings), custom bucketing, pay day tracking, and joint accounts ("2Up").

5. The Best for Younger Savers (Ages 14–35)

BOQ (Bank of Queensland) Future Saver

• Ongoing Interest Rate: 5.80% p.a. (on balances up to $50,000)
• The Conditions: Deposit $1,000 and make 5 settled transactions a month using your linked everyday account.
• Why people use it: If you are under 36 and have less than $50k in savings, this is one of the highest ongoing rates available in Australia.
• The Catch: Once you turn 36, you automatically revert to the "Smart Saver" rate (which is usually much lower), and any portion of your balance over $50k will not earn the top rate.

6. The Best "Big Four" Modern Option

ANZ Plus (Growth Saver)

• Ongoing Interest Rate: 5.10% p.a. (on balances up to $250,000)
• The Conditions: Simply grow your balance by at least $100 each month (excluding interest). No card transactions or deposit minimums required.
• Why people use it: If you want the security of a traditional "Big Four" bank but crave a modern, digital-first interface, ANZ Plus is ANZ's answer to digital banks like Up and Ubank. The app is clean, easy to navigate, and the $100 growth rule is very manageable.

💡 Quick Tips for Australian Savers:

1. The Government Guarantee: Under the Financial Claims Scheme (FCS), your deposits at any Australian bank, building society, or credit union are government-guaranteed up to $250,000 per person, per institution.
2. Tax on Interest: Don't forget that any interest you earn in a savings account is counted as taxable income by the ATO. Make sure you submit your Tax File Number (TFN) to your bank when you sign up so they don't withhold tax at the highest marginal rate.
3. Track the RBA: Savings rates are variable. When the Reserve Bank of Australia (RBA) shifts the official cash rate, banks will generally move their savings rates within a couple of weeks. Keep an eye on comparison sites like Canstar, Finder, or Mozo to ensure you are still getting a competitive rate.