Westpac

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)

Here's a rundown of the top savings accounts Aussies are actually using right now (rates current as of early September 2026, since these move whenever the RBA changes the cash rate):

Best Ongoing Rate Accounts (no expiring "honeymoon" rate)

ING Savings Maximiser – One of the most popular picks for a reason. ING Savings Maximiser leads at up to 5.50% p.a. for ongoing rates, though you do need to meet monthly conditions (typically depositing a set amount, growing your balance, and making a few card purchases) to unlock the top rate.

Westpac Life – Great if you're under 35. As of September 2026, the highest ongoing savings rate in the Finder database is 5.75% offered by Westpac Life, but it's only for 18-34 year olds and only for balances up to $30,000.

BOQ (Bank of Queensland) – A solid alternative to ING, with BOQ at 5.40%, close behind ING, when monthly conditions are met.

Macquarie Bank Savings Account – A favourite for its simplicity. Macquarie Bank has consistently punched above its weight, offering rates around 5.25–5.35% p.a. with relatively straightforward eligibility conditions.

No-Conditions / Set-and-Forget Options

If you don't want to jump through hoops each month (no minimum deposits, no spending requirements):

AMP Bank GO Save – Pays 4.85% per annum and has no deposit requirement, account balance requirement or withdrawal restrictions.

Introductory/Bonus Rate Accounts (great for new money, but read the fine print)

Rabobank – Currently has the biggest headline rate. Rabobank offers the highest introductory rate at 5.90% p.a. for 4 months, with no conditions attached.

Ubank – Also a popular neobank pick, offering a 5.85% intro rate — good if you're happy to switch accounts once the intro period ends.

CommBank NetBank Saver – Widely used simply because so many people already bank with CBA. The highest savings rate offered by Commonwealth Bank right now is 4.70% p.a. on their NetBank Saver account, but this is an introductory variable rate for new customers available for the first 5 months, then it drops back to 1.70%.

A Smart Strategy Many Australians Use

There's no restriction on holding savings accounts at multiple banks — some people use one account for its intro rate, then transfer to another for the best ongoing rate. This "rate-chasing" approach is common and legal — just set a calendar reminder for when your intro period ends.

Important Things to Check Before You Pick One

1. Bonus conditions matter – Many top-rate accounts (ING, BOQ) require you to deposit a minimum amount, grow your balance, and/or make card purchases each month to actually earn the advertised rate.
2. Intro vs ongoing rate – If you don't meet the intro period requirements, you often only earn the base rate, which is typically much lower (often under 1% p.a.)
3. Your money is protected – Deposits up to $250,000 per person per authorised deposit-taking institution (ADI) are protected under Australia's Financial Claims Scheme (FCS), backed by the federal government. This applies whether you go with a big four bank or a smaller online player like ING or Ubank.
4. Got a mortgage? – If you have a variable-rate mortgage, an offset account often delivers a better after-tax outcome than a savings account — for example, a 6.20% p.a. mortgage rate effectively gives you a guaranteed 6.20% tax-free return on every d

If you want the best savings accounts in Australia right now, the strongest mainstream picks are Judo Bank, ING, Macquarie, Suncorp Bank, and Rabobank, depending on whether you want the highest bonus rate, an intro rate, or no conditions.

Here are the top brands/products people actually use and why they stand out:

A few practical notes on the most-used style of accounts:

• Intro-rate accounts are usually best if you want to maximise interest for a few months, then move later; ING, Rabobank, NAB and others compete heavily here.
• Bonus-rate accounts are better if you’re happy to meet conditions such as monthly deposits or balance growth; Judo Bank and Rabobank are strong examples.
• No-conditions accounts are simpler and often preferred by people who want set-and-forget savings; Macquarie is the standout in this category.

If you want a short list of the most sensible real-world picks:

• Macquarie Savings Account for simplicity and no hoops.
• ING Savings Booster if you can satisfy the deposit/eligibility rules and want a high intro rate.
• Judo Bank Savings Account if you want a strong ongoing bonus-rate account.
• Rabobank High Interest Savings Account / PremiumSaver if you want a top-tier offer from a well-known savings specialist.
• ubank Save if you want another widely used high-rate option that regularly appears near the top of comparison sites.

If you want, I can next give you a ranked list by actual rate, or a best account for your situation like “no monthly pay-in,” “over $100k,” or “under 30.”

As of early September 2026, competitive high-interest savings accounts (HISAs) in Australia are offering variable rates up to around 6% p.a. (mostly introductory), with strong ongoing options in the 5–5.5%+ range depending on conditions.

Rates change frequently (often monthly), are variable, and usually come with conditions like minimum monthly deposits, balance growth, or no withdrawals to earn the bonus rate—otherwise you drop to a low base rate (sometimes near 0%). Most have no account-keeping fees, and balances up to $250,000 per account holder per authorised deposit-taking institution (ADI) are protected by the Financial Claims Scheme (FCS). Always compare the latest rates and terms on sites like Finder, Canstar, or Mozo, and check eligibility (e.g., new customer status or age).

Here are some of the top brands and products frequently highlighted in recent comparisons (Finder, Canstar, Mozo, etc.) and discussed by Aussies for actual use. These stand out for competitive rates, features, or popularity:

Strong Introductory Offers (Great for New Customers)

• ING Savings Booster — Often tops lists with up to 6% p.a. for the first 4 months (new to ING savings customers, balances up to $500k), then ongoing around 5.4% with conditions like $100+ monthly balance growth. Requires a linked ING Orange Everyday account. Popular for the high intro rate and app usability.
• Rabobank High Interest Savings Account — 5.90% p.a. intro for 4 months (balances up to $250k), reverting to ~4% ongoing. Minimal or no monthly conditions during the promo period. Frequently praised for straightforward high intro rates.

Best for Ongoing Bonus Rates (With Conditions)

• Judo Bank Savings Account — Regularly named a top bonus rate option (around 5.35% p.a. ongoing with deposit conditions, e.g., $300/month). Good for those willing to meet simple requirements.
• ING Savings Maximiser (or similar ING products) — Around 5.5% p.a. with deposits ($1k+/month) and card purchases. A go-to for many due to the brand's reputation and digital features.
• Westpac Life (ages 18–40) — Up to 5.75% p.a. with balance growth + linked account transactions. One of the stronger Big Four options for eligible younger savers.
• Bank of Queensland (BOQ) Future Saver (younger ages, e.g., 14–35) — Competitive bonus rates (up to ~5.8% in some reports) with deposit/transaction conditions.

Best No-Conditions or Simpler Options

• Macquarie Savings Account — Strong 5% p.a. ongoing base rate (up to high balances, e.g., $2m in some cases) with no deposit/withdrawal conditions. Frequently recommended for set-and-forget saving and reliability.
• AMP Bank GO Save — Around 5.1–5.25% p.a. ongoing with no monthly conditions (subject to balance caps like $50k–$500k). Good for hassle-free earning.
• Bankwest Easy Saver — Intro rates leading to 5% p.a. ongoing (up to $250k), often with no conditions for the base rate.

Other Notable Mentions

• UBank Save Account — Solid intro rates (up to ~5.85%) and ongoing options; popular digital option from NAB.
• Suncorp or Easy Street products — Sometimes highlighted for larger balance limits or specific features.

Big Four banks (CommBank GoalSaver/NetBank Saver ~5%, NAB, ANZ Plus, Westpac) offer accessible options with decent rates (often 5%+ with conditions) and branch/app support, but online/neobank options like ING, Macquarie, Judo, and Rabobank typically lead on rates.

What people actually use: ING and Macquarie come up a lot in discussions for ease and rates; Rabobank and Judo for competitive offers; and Big Four accounts for convenience if you already bank there. Many switch or hold multiple accounts to maximise intro periods (watch for “new customer” rules).

Tips:

• Match the account to your habits—conditions can be easy (e.g., one deposit) or strict.
• Factor in app quality, customer service, and any linked transaction account needs.
• Rates are variable; monitor via comparison sites or bank alerts.
• For kids/youth accounts, look at options like Great Southern Bank or Bank Australia mySaver.

Compare live rates and read the product terms before applying, as offers can end or change quickly. If your balance is large, consider spreading across ADIs for FCS protection.