The great savings rate chase: RBA hike sees banks lift returns
Aussie savers are zeroing in on interest rates as the latest move by the Reserve Bank of Australia drives a fresh scramble for better returns, according to new research by Finder.
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Finder's survey of 1,003 Australians shows in a rising rate environment, consumers are laser-focused on the basics.
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Respondents were asked 'what are the top 3 things you look for' when choosing a savings account.
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The research reveals 2 in 3 (64%) say no account fees is the most important factor while 61% rank the interest rate itself among their top considerations.
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Flexibility – such as being able to withdraw or transfer money easily – comes in third at 40%, ahead of an easy to use banking app (30%), and the brand of the bank (30%).
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While mortgage holders brace for higher repayments following the RBA's decision to increase the cash rate to 3.85%, savers are seeing some relief as competition for deposits heats up.
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Sarah Megginson, personal finance expert at Finder, said Australians are taking a more hard-nosed approach to where they park their cash.
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"In an era of cost-of-living pressure, savers are unwilling to tolerate fees that erode their returns.
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"People have worked too hard for their money to watch it get chipped away by unnecessary charges."
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Finder analysis shows the average Australian could be missing out on over $1,500 a year in interest by not getting the best savings rate.
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Megginson said banks don't always pass on increases evenly, so if you're not checking your rate, you could be earning significantly less than what's available.
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"The bottom line is this: when the cash rate rises, it creates opportunity for savers – but only if they act.
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"Review your account, compare what's on offer and don't be afraid to switch.
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"Even a small lift in your interest rate can translate into hundreds of dollars extra over a year."
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Finder's research shows 1 in 10 (10%) Aussies don't pay attention to any features at all – potentially leaving their money languishing in low-rate accounts.
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Megginson said brand power appears to be waning.
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"Only 30% of Aussies say the bank's name influences their choice, and even fewer care about how easy it is to sign up.
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"That tells us Australians are becoming far more rate-conscious and they'll move their money if the numbers stack up."
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When choosing a savings account in the current market, what are the top 3 things you look for?
| No account fees | 64% |
| The rate | 61% |
| Flexibility (e.g. the ability to withdraw/send money) | 40% |
| The brand of the bank | 30% |
| An easy-to-use app | 30% |
| Ease of signing up | 15% |
| I don't pay attention to any features | 10% |
| Products that minimise damage to the environment | 4% |
| Source: Finder survey of 1,003 respondents, January 2026 |  |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,003 respondents from January 2026.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
Sources
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