Rates are on the rise: Earn more on your savings with a high interest savings rate
Key takeaways
- Interest rates are rising again this month, making it a great time to put your cash into a high interest savings account.
- The best accounts now offer rates well above 5%, and these rates may increase in the weeks ahead.
- What's next: Here are the top-scoring savings accounts for May 2026.
Earlier this month the Reserve Bank of Australia raised the official cash rate target. This drives up interest rates for borrowers (bad) and savers (good). Rates are now inching closer to 6%.
And they could go even higher. Here are the top savings account rates on the market right now.
Best intro rates
The very highest savings rates on the market right now are introductory rates that last for 4 months. After that, your money earns a lower rate.
1. Rabobank High Interest Savings Account
The Rabobank High Interest Savings Account gives you a rate of 5.90% for the first 4 months. After that it drops to 4%.
You can earn this rate on balances up to $250,000 and it's for new accounts only.
2. ING Savings Accelerator
With ING's Savings Accelerator you get 5.65% for 4 months (from May 15 this jumps to 5.85%). After the intro period it drops to 4.60% (soon, 4.80%).
This rate is for new ING accounts only.
3. Bankwest Easy Saver
The Bankwest Easy Saver has a Finder Score of 9.9.
It offers a rate of 5.50% p.a. for the first 4 months, with no deposit or withdrawal conditions required to earn it. After the intro period the rate reverts to 4.75% p.a. Available to new customers on balances up to $250,000.
4. Ubank Save Account
This account gives you 5.85% for 4 months. You need to be a new Ubank account, open a Ubank Spend account and grow your balance by at least $1 a month.
After the 4-month intro rate you get an ongoing rate of 4.85%.
Want to see more?
Compare more high interest savings accounts
Best ongoing rates
These accounts have lower rates, but they are ongoing, meaning you can earn that same rate month after month. This can often earn you more interest in the long run.
Savings accounts with high ongoing interest rates often have a few conditions to meet, like growing your balance or making no withdrawals.
1. Judo Bank Savings Account
The Judo Bank Savings Account has a Finder Score of 9.9 and offers one of the strongest ongoing rates on the market at 5.35% p.a. To earn it, you need to deposit at least $300 each month.
The rate applies to balances up to $250,000.
2. AMP Bank GO Save
The AMP Bank GO Save has a Finder Score of 9.8 and earns 5.10% p.a. with no deposit or withdrawal conditions. It's available on balances $500,000.
3. Westpac Life (18-34 year olds only)
The Westpac Life (18-34 year olds only) has a high ongoing rate of 5.50%. But it's only available for customers aged 18 to 34.
Also, there's a few hoops to jump through to get this rate. You have to make a deposit each month and grow your valance, and make 20 debit card purchases with a linked Westpac transaction account.
This high rate is only available on balances of $30,000.
What earns you more, an ongoing rate or a 4-month intro rate?
The answers depends on how much money you have saved and how long for.
For example, let's say you deposit $40,000 in a high interest savings account (for this calculation we'll ignore any monthly deposits to grow your account and just focus on the starting sum).
- Intro rate. You put the money in an account that earns you 5.90% in the first 4 months and 4.80% after that.
- Ongoing rate. You put the money in an account that earns you 5.50% ongoing.
In this example the end result is very close. Option 2 earns you slightly more interest at $2,256. Option B gives you $2,116.
That's a $140 difference.
Details of these are correct at time of publication and subject to change.
Sources
Ask a question