Best savings accounts in Australia, according to AI.

Top savings accounts in Australia for 2026 feature competitive interest rates ranging from 5% to 6.25% p.a., with leading options from Ubank, ING, Macquarie, Bankwest, and Westpac, each suiting different saving habits and conditions.

Top High-Interest Accounts

1. Ubank Save

Interest Rate: 5.35% p.a. ongoing; 6.25% p.a. introductory for eligible new customers (first 4 months). Conditions: Must grow combined eligible Save balances by $1 monthly; bonus paid up to $1 million; missing the growth test forfeits interest for that month. Best For: Goal-oriented savers who can consistently grow their account balance each month.

2. ING Savings Maximiser

Interest Rate: 5.75% p.a. from 9 October 2026 on balances up to $100,000; requires meeting monthly conditions. Base rate: 0.01%. Conditions: Deposit at least AUD 1,000 monthly, make five card transactions, and maintain balance growth. Best For: Regular savers who can meet deposit and spending conditions consistently.

3. Macquarie Savings Account

Interest Rate: 5.00% p.a. ongoing up to $2 million; 2.75% p.a. above that for very high balances. Introductory rate: 5.1% for 4 months up to $250,000. Conditions: No monthly deposit, card-purchase, or balance-growth test. Best For: Savers looking for flexibility and easy withdrawals without bonus conditions.

4. Bankwest Easy Saver

Interest Rate: 5.75% p.a. introductory for four months; 5.00% p.a. standard rate. Conditions: Applies up to $250,000.99; requires opening a Bankwest transaction account. Best For: Strong interest retention for balances under $250,000, simple setup.

5. Westpac Life Goals Savings Account

Interest Rate: 4.75% p.a. with conditions; base rate 0.10–0.4% if conditions missed. Conditions: Deposit monthly and grow balance over the month; linked Westpac Everyday account required. Best For: Flexible, regular savers who do not mind moderate conditions.

6. NAB iSaver

Interest Rate: 5% p.a. for new customers for 4 months on balances up to 20 million AUD; drops to 1.55% p.a. afterwards. Best For: New short-term savers planning to move funds after the introductory period.

7. Wise Account (Alternative Provider)

Interest Rate: 2.98% on AUD, 3.63% on USD Best For: Multi-currency accounts for Australians who also hold USD; not a bank but offers practical international features.

Key Considerations When Choosing

Bonus vs. Unconditional Rates: High bonus rates require monthly conditions like deposits or no withdrawals. If conditions are commonly missed, a lower unconditional rate (e.g., Macquarie) may yield better returns over the year. Deposit Limits & Government Guarantee: Australian Government’s Financial Claims Scheme protects deposits up to $250,000 per account holder per ADI. Balances above that should be spread across multiple institutions for full protection. Regular Savings Habits: Accounts like ING or Ubank reward consistent monthly growth, whereas Macquarie allows easier access for emergency funds. Introductory Offers: Many accounts have higher rates for the first 3–4 months; ensure you note the revert date to plan your savings strategy. Taxes: Interest earned in Australian accounts is taxable at your marginal rate; consider after-tax returns when comparing accounts.

Summary

For 2026, savers in Australia have access to strong high-interest accounts:

Ubank Save: Best for disciplined goal savings. ING Savings Maximiser: Best for regular savers meeting monthly conditions. Macquarie Savings Account: Best for easy access and unconditional rates. Bankwest Easy Saver: Strong initial and ongoing rates for balances up to $250,000. Westpac Life Goals: Flexible and good for frequent savers. NAB iSaver: Short-term, large-balance savers. Wise Account: Best for multi-currency or international use.

Each account has different eligibility, conditions, and balance caps, so choose according to savings habits, withdrawal needs, and balance size.

Best Savings Accounts in Australia (October 2026)

Here's a rundown of the savings accounts that are both popular with Australians and ranked highly by comparison sites like Finder and Canstar right now.

🏆 Top Picks by Category

Best overall / most popular with everyday savers: ING Savings Maximiser This has long been one of the go-to accounts for Australians who don't mind a bit of effort for a great rate. ING Savings Maximiser has consistently been one of the most competitive accounts for working Australians, with the bonus rate activating by depositing at least $1,000/month into an Orange Everyday account and making at least 5 eligible card purchases, applying to balances up to $100,000.

Best "no hoops" account: Macquarie Savings Account If you don't want to jump through monthly hoops, Macquarie is the standout. Macquarie Savings Account is consistent and available to everyone — no monthly conditions to meet the bonus rate for the first 4 months, after which deposit and growth conditions apply. The app experience is one of the best in Australian banking. Canstar also rates it as the best no-conditions savings account on the market currently.

Best for simple ongoing rates: Ubank Save Owned by NAB, this digital bank account is great for straightforward savers. Ubank Save offers a 5.85% welcome rate with a 5.10% ongoing rate — Ubank is a digital bank owned by NAB, and its Save account stands out because the ongoing rate is genuinely competitive and the condition to earn it is simple: just grow your combined Save balance by $1 or more per month.

Best introductory rate: Rabobank High Interest Savings If you're parking a lump sum short-term, Rabobank is tough to beat. The highest savings rate on the market right now is 6.00% p.a. for the first four months on ING's Savings Booster Account, with balances up to $500,000, but close behind, Rabobank High Interest Savings Account regularly offers some of the highest introductory rates in the market, and the standard variable rate after the intro period is more competitive than most majors — worth considering if you're disciplined about moving money when the intro period ends.

Best no-conditions ongoing rate: AMP Bank GO Save The top ongoing savings rate with no bonus conditions, upper age limits or restrictive minimum balance requirements is 5.25% p.a. from AMP Bank on its GO Save account (up to $50,000).

Best for tech-savvy/younger savers: Up Bank Saver Up Bank Saver is worth considering for tech-forward savers — the app makes saving genuinely easier with visual goals and automatic roundups, and the rate is competitive when conditions are met.

Best from a Big Four bank: Westpac Life If you want a major bank brand, Westpac Life (for 18-40 year olds only) offers an ongoing bonus rate of 5.75% when you grow your balance and make 20 purchases.

Best for under-30s: Bank of Queensland Future Saver The highest ongoing savings rate in the Finder database is Bank of Queensland's Future Saver Account (14 to 35 years), with a rate of 5.8%, though it's only for 14-35 year-olds and only for balances up to $50,000.

💡 Quick Comparison Table

Rates change almost weekly in Australia, so treat any “best” list as a starting point and check live rates on Finder, Canstar, RateCity, Mozo or Savings.com.au before opening an account. The products below are the ones that consistently top the tables and are widely used by Australians.

Top savings accounts people actually use

Best for most people

• If you can meet monthly conditions: ING Savings Maximiser or Ubank Save.
• If you want zero hassle: Macquarie Bank or ANZ Plus Save.
• If you’re under 30/35: BOQ Future Saver or Westpac Life.
• If you want a top ongoing rate from a smaller bank: Judo Bank or Rabobank.
• If you’re saving for a home: Great Southern Bank Home Saver or ME Bank HomeME.

A few important tips

• Bonus rates usually only apply to the first $50k–$100k, so don’t park $250k in one capped account.
• Watch intro rates — they often drop after 3–4 months.
• Give the bank your TFN or you may be taxed at the top rate on interest.
• Interest is taxable income, so include it in your tax return.
• The government guarantees up to $250k per person per ADI under the Financial Claims Scheme.
• Don’t chase rate alone. If the conditions are unrealistic, you’ll earn the low base rate instead.

If you tell me your balance, age, whether you can meet monthly conditions, and whether you want an app-based bank or a big four bank, I can narrow it to the best 2–3 accounts for you.

With the Reserve Bank of Australia (RBA) lifting the cash rate to a 15-year high of 4.60%, Australian savers are seeing some of the highest interest rates in over a decade. However, the Australian savings market is a minefield of "honeymoon" rates, strict criteria, and "hoops" you have to jump through.

To help you choose, the top savings accounts in Australia are categorized below by how they are actually used. These options represent the brands and products highly favoured by everyday Aussies and personal finance communities (like r/AusFinance).

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1. The "Maximum Return" Accounts (Best Overall Rates)

If you are willing to meet monthly conditions to secure the absolute highest ongoing interest rates, these digital-first banks lead the market.

ING Savings Booster

ING has long been the darling of Aussie savers, and their newer Savings Booster product is designed to offer a simpler alternative to their classic Savings Maximiser.

• The Rates:
  • 6.25% p.a. introductory variable rate for your first 4 months (on balances up to $500,000).
  • 5.65% p.a. ongoing variable rate after the intro period.
• The "Hoops": To secure the ongoing 5.65% rate, you must grow your Savings Booster balance by at least $100 each month (excluding interest earned).
• The Catch: If you fail to grow your balance by $100 in a month, your rate drops to a base of 2.25%.

ubank Save

Ubank (backed by NAB) is arguably the most recommended bank on Australian finance forums because its high interest rate has the easiest conditions to meet.

• The Rates:
  • 6.10% p.a. welcome rate for your first 4 months.
  • 5.35% p.a. ongoing variable rate (on balances up to $1,000,000).
• The "Hoops": Extremely easy. You just need to have a linked ubank Spend account and grow your total savings balance by at least $1 (excluding interest) each month.
• Why people love it: There are no card-tapping or transaction requirements, and the $1 million cap is incredibly generous.

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2. The "No-Hoops" Accounts (Set and Forget)

If you want to park an emergency fund or a chunk of cash without worrying about making transactions, depositing a salary, or growing the balance every month, these are the best choices.

Macquarie Bank Savings Account

Macquarie is widely regarded as having the best overall banking experience and app in Australia. Its savings account is the gold standard for "no-hoops" saving.

• The Rates:
  • 5.35% p.a. introductory rate for your first 4 months (on balances up to $250,000).
  • 5.00% p.a. ongoing variable rate.
• The "Hoops": Absolute zero. No deposit minimums, no withdrawal limits, and no transaction requirements.
• Why people love it: Even their everyday transaction account pays a competitive interest rate, they offer great budgeting tools, and they charge no international transaction fees on their debit card.

AMP Bank GO Save

• The Rate: 5.25% p.a. ongoing variable rate (on balances up to $500,000).
• The "Hoops": None. Like Macquarie, it is a straightforward, set-and-forget product.

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3. The Young Adult Powerhouses (Under 40s)

If you are younger, some banks offer incredibly high ongoing interest rates specifically targeted to capture your demographic.

Westpac Life (Ages 18–40)

Westpac has used this product to claw back younger customers from digital-only neobanks, and it features one of the highest ongoing rates in the country.

• The Rate: 5.95% p.a. ongoing variable rate (on balances up to $150,000).
• The "Hoops": You must make a deposit to grow your balance each month AND make 20 or more debit card purchases on your linked Westpac Choice account.
• The Catch: 20 card transactions a month is a steep requirement, making this best suited for someone who uses Westpac as their primary everyday spending account.

BOQ Future Saver (Ages 14–35)

• The Rate: 5.80% p.a. ongoing variable rate (on balances up to $50,000).
• The "Hoops": Deposit at least $1,000 and make 5 settled card transactions from your linked BOQ account each month.

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4. What about the "Big Four"? (CommBank, ANZ, NAB, Westpac)

Historically, the Big Four offer lower ongoing rates because they don't have to work as hard to keep customers. However, if you want the convenience of staying with a major bank, ANZ and CommBank have stepped up:

• ANZ Plus (Growth Saver): ANZ's digital-only app platform offers 5.10% p.a. ongoing. You only need to grow your balance by $100 a month to get it—no card transactions are required.
• CommBank NetBank Saver: Offers a competitive variable introductory rate of 5.50% p.a. for your first 5 months, but this reverts to a very low 2.30% p.a. standard rate once the promotional period ends.

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Summary: Which one should you pick?

• If you want the absolute highest rate possible: Go with ING Savings Booster (6.25% intro / 5.65% ongoing) and make sure you add at least $100 to the account every month.
• If you want a high rate with almost zero effort: Go with ubank Save (6.10% intro / 5.35% ongoing). All you have to do is make sure the balance goes up by $1 a month.
• If you hate rules and want a great app: Go with Macquarie Bank (5.35% intro / 5.00% ongoing). You can take money out or put money in whenever you want without losing your interest rate.
• If you are under 40 and active with your card: Go with Westpac Life (5.95% ongoing) and use it for your daily coffees and grocery runs to hit the 20-transaction minimum.

Note: All of these banks are covered by the Australian Government Guarantee (Financial Claims Scheme), which protects your deposits up to $250,000 per person, per institution.

To secure the best savings account in Australia, you need to decide whether you want to chase temporary "honeymoon" introductory rates or lock in a high, consistent ongoing bonus rate by meeting monthly conditions.

The top brands Australians actually use—ranging from the high-yield market leaders to the Big Four institutions—excel across distinct savings strategies.

Here are the most popular, high-performing savings accounts currently in the Australian market:

ING Savings Booster: Top Pick for Maximum Return. ING is arguably the most popular choice in the r/AusFinance community. It offers a market-leading 6.00% p.a..The Catch: It is a 4-month introductory rate, which drops to a lower base rate unless conditions are met.Ongoing Conditions: To keep earning high interest, you must grow your balance each month and make 5+ card purchases. Ubank Save Account: Best for Low Maintenance. Ubank is highly favored by everyday savers who want a top-tier rate without jumping through hoops. It offers an introductory 5.85% p.a..Ongoing Conditions: To unlock its high ongoing bonus rate, you only need to deposit a total of $200 per month across your accounts.Perks: Unlike other banks, you are free to withdraw your money whenever you want without losing your bonus interest. Macquarie Savings Account: Best Digital App Experience. Macquarie is widely praised for having one of the best, most secure banking apps in Australia. It sits at a flat 5.00% base rate.No Conditions: You get a great rate automatically. There are no minimum deposits, withdrawal penalties, or required transaction counts.Travel Perk: Its linked debit card features zero international transaction fees, making it excellent for overseas spending. Westpac Life: Best of the Big Four. If you prefer the security and scale of a major physical bank, Westpac leads its peers with an ongoing bonus rate of up to 5.75% p.a..The "Spend & Save" Bonus: This maximum rate is heavily geared toward 18-40 year-olds who make 20+ debit purchases a month.Standard Goal Savings: For older savers, the standard Westpac Life account offers up to 5.00% p.a. provided your balance grows by at least $1 each month.

Bank & Account | Maximum Rate (p.a.) | Type of Rate | Key Condition to Unlock Top Rate ING Savings Booster | 6.00% | 4-Month Intro | Deposit income, grow balance, & make 5+ card purchases Rabobank High Interest | 5.90% | 4-Month Intro | No conditions during the initial 4 months Ubank Save | 5.85% | 4-Month Intro | Simply deposit $200+ per month (withdrawals allowed) Westpac Life | 5.75% | Ongoing Bonus | Grow balance; age 18-40 requires 20+ debit transactions AMP Bank GO Save | 5.50% | Ongoing (No Conditions) | Flat rate with no account conditions required CommBank NetBank Saver | 5.20% | 5-Month Intro | Standard Big Four introductory rate for new customers

When looking at what everyday Australians actually use on forums like r/AusFinance, the sentiment is highly practical:

Watch for the "Drop-Off" Trap: Many accounts bait you with a near-6% rate that quietly plummets to a dismal base rate (sometimes as low as 0.01%) after 3 or 4 months. If you don't want to switch banks constantly, choose an ongoing bonus account like Ubank or Westpac Life. Government Guarantee: Rest assured that all major and digital banks listed above are covered by the Australian Government’s Financial Claims Scheme. This guarantees your deposits up to $250,000 per person, per institution if the bank defaults. TFN Declaration: Don't forget to provide your Tax File Number (TFN) when signing up. Savings interest counts as taxable income; if you fail to provide your TFN, the bank is legally required to withhold tax from your interest earnings at the highest marginal rate.

The best savings accounts in Australia depend on whether you want high promotional rates that require hoops to jump through, or simple, ongoing rates with no strings attached.

Top Promoted & High-Bonus Savings Accounts (Honeymoon & Criteria-Based)

These accounts offer some of the highest peak rates on the market, usually for the first 3 to 4 months or if you meet strict monthly conditions (like minimum deposits and card transactions):

Revolut Instant Access Savings: Up to 6.25% p.a. (3% base + 3.25% intro rate for the first 3 months, capped up to $50,000).

ING Savings Booster: Up to 6.00% p.a. for the first 4 months (requires new customer status, an ING Orange Everyday account, and monthly balance growth of $100+).

Rabobank High Interest Savings Account: Up to 5.90% p.a. for the first 4 months, reverting to a lower ongoing rate afterward.

Ubank Save: Up to 5.85% p.a. (includes a 4-month intro bonus, requiring a linked Ubank spend account and a monthly balance increase of at least $1).

Bank of Queensland (BOQ) Future Saver: Up to 5.80% p.a. (popular for younger savers under 35, requiring a linked spend account and monthly deposit/card transaction conditions).

Westpac Life: Up to 5.75% p.a. total/bonus rate (requires monthly balance growth and debit transactions from a linked Westpac Choice account).

Top Ongoing Savings Accounts (No Strings / Simpler Conditions)

If you prefer not to juggle monthly deposit targets or card purchase quotas, Australians widely use accounts that offer strong baseline returns with minimal friction:

Macquarie Bank Savings Account: Praised heavily in customer satisfaction and industry awards (such as Mozo and Canstar) for offering competitive, unconditional savings rates without strict monthly deposit traps or transaction hurdles.

AMP Bank GO Save: Offers a competitive ongoing base/bonus rate around 5.25% to 5.50% p.a. with flexible access.

Big Four Standard Online Savers (CommBank NetBank Saver, Westpac eSaver, NAB iSaver): Generally sit around 5.20% to 5.25% p.a. for introductory periods (5 months), though their standard ongoing rates drop lower once the intro period ends.

Key Things to Keep in Mind

The "Bonus Trap": Research shows over half of Australians with bonus accounts miss out on the top rate at least once a month because they forget to deposit the required $1,000 or make 5 card taps. If you miss the criteria, your rate can plummet to a base rate of 0.01% to 0.25%.

Government Guarantee: All money up to $250,000 per holder, per ADI (Authorised Deposit-Taking Institution) is protected by the Australian Government Financial Claims Scheme.

To narrow this down, let me know: Roughly how much savings you are planning to deposit Whether you are willing to make monthly card transactions/deposits to chase a higher rate, or prefer a set-and-forget account

Top savings accounts in Australia right now (as of early-mid October 2026) focus on high variable rates amid the RBA cash rate around 4.60%, with many offering 5%+ p.a. Rates change frequently (especially after RBA moves), so always verify directly on the provider’s site or via comparison tools like Finder, Canstar, or Mozo before applying. All are covered by the Financial Claims Scheme (FCS) up to $250,000 per account holder per authorised deposit-taking institution (ADI).

Aussies commonly use a mix of big-four options for convenience and challenger/online banks for better rates. Popular choices based on comparison sites and community feedback include ING (widely used for its app and conditions that many meet easily), Macquarie (favoured for simplicity and no hoops), Rabobank and ubank (for strong intro rates), and others like Judo Bank or AMP for specific needs. Big banks like CBA, Westpac, NAB, and ANZ hold large market share but often pay lower base rates unless you qualify for their bonus or age-specific products.

Best Introductory Rates (Great for Switching/New Customers)

These often run for 4 months on new accounts before reverting:

• Rabobank High Interest Savings Account: Up to 5.90% p.a. intro (new customers only) on balances up to $250k, then around 4.00%. No deposit/spend conditions for the intro period. Frequently tops lists.
• ING Savings Booster: Up to 6.25% (or around 6.00%) intro for 4 months on balances up to $500k (new to ING savings), with ongoing boost options. Requires linking an Orange Everyday account and meeting growth conditions.
• ubank Save: Around 6.25% or 5.85% intro for new accounts (up to $1M combined), then ongoing bonus with balance growth.
• Bankwest Easy Saver: Around 5.75–6.00% intro for 4 months (up to $250k), reverting to ~5.00%.

Best Ongoing/No-Conditions or Low-Hassle Rates

• Macquarie Savings Account: Solid 5.00–5.25% p.a. ongoing (recently hiked) on balances up to $2M with no monthly deposit, spend, or growth conditions. Very popular for set-and-forget savers; often highlighted as a top no-conditions pick.
• AMP Bank GO Save: Around 5.25–5.50% p.a. (tiered, e.g., higher on first $50k) with no conditions. Good unconditional option.
• ANZ Plus Flex Saver/Growth Saver: Around 5.10–5.35% (some tiers/conditions apply; check app-only details).

Best Conditional/Bonus Rates (If You Can Meet the Rules)

Many Aussies use these as the effective rate is competitive if conditions are straightforward:

• ING Savings Maximiser: Up to 5.75% (or 5.50%) with $1,000+ monthly deposit from external source, 5+ card purchases, and balance growth. Capped (e.g., up to $100k). One of the most commonly recommended and used due to the easy-to-meet everyday banking conditions.
• Judo Bank Savings Account: Around 5.35–5.60% with $300/month deposit. Strong ongoing bonus pick.
• Westpac Life (18–40 year olds): Up to ~5.95% with deposits, balance growth, and purchases. Good age-specific option.
• Others like Ubank (balance growth condition) or customer-owned banks (e.g., Great Southern Bank) also feature regularly.

Other Notes for Aussies

• Kids/youth accounts: Options like Great Southern Bank Youth eSaver or Bank Australia mySaver (under 25s) offer competitive rates with simpler or age-tailored conditions.
• Big four banks: Generally lower headline rates unless you hit bonuses or use offset/redraw facilities (popular for mortgage holders). Macquarie (sometimes grouped with challengers) stands out among larger players for savings.
• What people actually use: ING and Macquarie appear frequently in recommendations and comparisons for their reliability and features. Many switch between intro offers (e.g., Rabobank/ING/ubank) then park funds in no-conditions accounts like Macquarie. Comparison sites and forums often highlight these over pure big-four products.
• Tips: Watch for balance caps, monthly conditions (miss them and you drop to a low base rate like 0.01–0.10%), and fees (most are fee-free). Link a transaction account where needed. Shop around via Finder/Canstar for your balance/age/situation, and consider term deposits if you can lock money away. Rates are variable and can change quickly.

Check eligibility, current rates, and terms directly, as they’re updated often. If your balance is large, spread across institutions for full FCS coverage.

As at 3 October 2026, the best Australian savings accounts are mostly ING, ubank, BOQ, AMP Bank GO, Macquarie, Rabobank, Westpac and CommBank. A few announced rate rises don’t take effect until 6–9 October 2026, so check the live rate before applying.

My top recommendations

What I’d actually choose

If you want maximum interest and don’t mind switching:
Use ING Savings Booster or ubank Save for the intro period, then reassess in 4 months.

If you want a long-term, low-fuss setup:
Use Macquarie or AMP Bank GO Save. They’re much easier than accounts that require card purchases or balance-growth gymnastics.

If you’re under 36 and saving under $50k:
BOQ Future Saver is one of the strongest ongoing options.

If you already bank with a Big 4 and want convenience:
Use Westpac Life or CommBank GoalSaver, but compare them against ING, ubank, AMP and Macquarie before leaving serious cash there.

If you have more than $250k in cash:
Consider splitting across different authorised deposit-taking institutions, because the Australian Government Financial Claims Scheme protects eligible deposits up to $250,000 per account holder per ADI. (apra.gov.au)

Quick rule of thumb

• Emergency fund: Macquarie or AMP GO — simple access, fewer traps.
• House deposit under $250k: Rabobank intro, ING Booster, ubank, or Macquarie depending on whether you’ll remember the conditions.
• Everyday bank + savings combo: ING, ubank, Up, Macquarie, Westpac.
• Don’t want to think about it: Macquarie.
• Want every last basis point: ING Booster / ubank / BOQ, but track conditions monthly.

The best Australian savings account depends on whether you prioritise maximum interest, simple conditions, or a well-known everyday bank. For most people, shortlist ING Savings, Ubank Save, Macquarie Savings, Rabobank High Interest Savings, Judo Bank, and Westpac Life—but check the rate and conditions immediately before applying because they change frequently.

Strong options to compare

Best practical picks

• Best for most disciplined savers: Ubank or ING, if meeting the monthly requirements is easy.
• Best for simple banking: Macquarie or Rabobank, after checking the current ongoing rate.
• Best for a larger balance: Judo Bank or another account with a high balance cap; do not choose solely on the headline rate.
• Best major-bank choice: Westpac Life, particularly if you want branch access and an established banking ecosystem.
• Best short-term promotional option: Revolut, but only if you understand the three-month introductory period and balance cap.

The highest advertised savings rates in Australia are currently around 5.5% p.a., while the average rate is closer to 3% p.a., so leaving money in a low-rate default account can cost substantial interest. Award comparisons cover dozens of providers—Mozo’s 2025 analysis examined 289 personal products from 79 providers—so smaller banks can be competitive with the major four.

What to check before opening one

1. Ongoing rate versus introductory rate: A temporary rate may fall sharply after three or four months.
2. Bonus conditions: Common requirements include depositing a minimum amount, making card purchases, increasing the balance or making no withdrawals.
3. Balance cap: A high rate may apply only to the first $50,000, $100,000 or $250,000.
4. Withdrawal restrictions: Some accounts reduce interest for withdrawals or require notice.
5. Deposit protection: Eligible deposits with an Australian-authorised deposit-taking institution are generally covered by the Financial Claims Scheme up to $250,000 per account holder per institution.
6. Tax: Interest is taxable income and normally needs to be included in your tax return.

For a straightforward shortlist, compare Ubank, ING, Macquarie, Rabobank and Judo Bank, then include Westpac Life or CommBank GoalSaver if staying with a major bank matters more than getting the highest possible rate.