All the big savings account interest rate rises: ING, AMP, Westpac + more
Good news for customers as several major banks are lifting the interest rates offered on their savings accounts. Is yours?
Following the RBA's decision to lift the cash rate this week, we've already seen several major banks confirm they'll be lifting their savings account interest rates.
This is great news for people with cash in the bank who are trying to save, as it means you'll be earning more interest on your balance.
Here are some of the major banks which have confirmed savings rate increases already.
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Ubank
Ubank Save will raise its welcome bonus rate from 5.10% p.a. up to 5.35% p.a. on 10 February 2026. It will also increase its ongoing everyday bonus rate from 4.35% p.a. to 4.60% p.a.
These rates are available on balances up to $1 million when you grow you savings balance by at least $1 over the month.
ING
On its Savings Maximiser Account, ING will lift its ongoing bonus rate from 4.75% p.a. to 5.00% p.a. on 10 February 2026. This rate is available on balances up to $100,000 when you deposit $1,000 a month, grow your balance and make 5 transactions from the ING Orange Everyday account each month.
For larger balances, ING will also increase the rates on its Savings Accelerator Accounts. For balances over $150,000 you'll now get a welcome variable rate of 5.40% p.a. (up from 5.00% p.a.) for the first 4 months, followed by 4.35% p.a. ongoing (up from 3.95% p.a.).
The welcome rate applies to balances up to $500,000, and the ongoing rate applies to balances up to $5 million with no conditions to meet.
Macquarie
The Macquarie Savings Account will increase its welcome variable rate from 4.60% p.a. up to 4.85% p.a., which is available for the first 4 months on balances up to $250,000.
It will also increase its ongoing variable rate from 4.25% p.a. to 4.50% p.a., which is available on balances up to $2 million with no conditions to meet. Both rates will increase from 20 february 2026.
Westpac
For its Westpac Life Account (18-34s), the ongoing bonus rate will go up from 5.00% p.a. to 5.25% p.a. on 13 February 2026.
This ongoing rate is available on balances up to $30,000 when you make a deposit each month, grow your balance and make 20 transactions from the linked Westpac Choice account.
Westpac will also be lifting the total bonus rates available on its eSaver Account and Bump Account by 25 basis points each.
AMP
The AMP Bank Go Save account will lift its ongoing variable rate from 4.25% p.a. to 4.60% p.a. from 9 February 2026. This rate is available on balances up to $500,000 (up from the previous limit of $250,000) and there are no conditions to meet to get it.
CommBank
The total ongoing bonus variable rate for the Goal Saver Account will lift from 4.25% p.a. to 4.50% p.a. as of 13 February 2026. To earn this ongoing bonus rate you need to make at least one deposit and grow your balance over the month.
For the NetBank Saver account, the total introductory variable rate will increase from 4.45% p.a. to 4.70% p.a. (this rate is available for the first 5 months with no conditions to meet, before dropping to the lower ongoing variable rate after this).
Sources
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