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.
Finder's survey of 1,003 Australians shows in a rising rate environment, consumers are laser-focused on the basics.
Respondents were asked 'what are the top 3 things you look for' when choosing a savings account.
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.
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%).
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.
Sarah Megginson, personal finance expert at Finder, said Australians are taking a more hard-nosed approach to where they park their cash.
"In an era of cost-of-living pressure, savers are unwilling to tolerate fees that erode their returns.
"People have worked too hard for their money to watch it get chipped away by unnecessary charges."
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.
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.
"The bottom line is this: when the cash rate rises, it creates opportunity for savers – but only if they act.
"Review your account, compare what's on offer and don't be afraid to switch.
"Even a small lift in your interest rate can translate into hundreds of dollars extra over a year."
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.
Megginson said brand power appears to be waning.
"Only 30% of Aussies say the bank's name influences their choice, and even fewer care about how easy it is to sign up.
"That tells us Australians are becoming far more rate-conscious and they'll move their money if the numbers stack up."
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
Check out some of the best high interest savings accounts in Australia.
Ask a question