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Compare savings accounts that’ll make you wanna high five

Cause rates on the rise isn't always a bad thing [updated daily].

1 - 11 of 188
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.85%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
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Showing 11 of 11 results

Which Australian bank has the highest savings interest rate in July 2024?

These are 5 top savings account on the market right now, based on their Finder Scores (which includes rates and other factors):

  • ME Bank HomeME Savings Account has a Finder Score of . It offers 5.55% when you deposit $2,000 and grow your balance each month.
  • Ubank High Interest Save Account has a Finder Score of 9.61. It offers when you deposit each month.
  • ING Savings Maximiser has a Finder Score of . It offers 5.5% when you link to an ING Orange Everyday account, deposit $1,000, make 5+ card purchases, and grow your balance each month.
  • Bank of Queensland Future Saver Account (14-35 year olds) has a Finder Score of 9.61. It lets savers earn a maximum rate of . As the name suggests, you need to be aged between 14 and 35 to open this account. You'll also need to deposit $1,000 a month to get the maximum rate.
  • Bendigo Bank Reward Saver has a Finder Score of 9.46. It has a maximum rate of when you grow your balance and make at least one deposit a month.

Where are savings rates headed?

It's very hard to predict interest rate movements at the moment. Inflation is still too high but it is slowing, making more interest rate increases by the Reserve Bank unlikely.

This is good news for savers, with high interest savings account rates now holding well above 5%.

Richard Whitten
Market update by Richard Whitten – Finder money editor

What to look for when comparing savings accounts

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A high interest rate

When selecting your savings account, the interest rate is key. A higher rate means greater growth potential for your balance.

Public

Conditions you can meet

Check what conditions you need to meet to earn the bonus or introductory rate and make sure you can easily meet them.

Public

No fees

Most banks don't charge a monthly fee for a savings account. If you're looking at a savings account that does charge a monthly account fee, know that this is not the norm and most accounts have no fees.

Public

Easy access to your money

Some savings accounts allow you to withdraw money a few times each month, while some require you make no withdrawals at all. If you need regular access to your savings, pick a savings account that has no limits to withdrawals.

Public

Linked accounts

Some banks require you to link your savings account with an everyday account in the same bank to qualify for their interest rate or bonus rate. If you do need to get a bank account with the same bank, make sure the bank account doesn't charge high fees.

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Deposit requirements

Some savings accounts will require you to deposit just $20 each month in order to earn bonus interest, while others will require much higher monthly deposits (some up to $2000 a month). Choose one that fits in with your ability to save.

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Savings tip
Set up an automatic recurring transfer from your bank account into your savings account to ensure you always meet the monthly deposit requirement to earn bonus interest.

Compare CommBank, Westpac, ANZ and NAB savings accounts

The big 4 banks have been increasing their monthly savings rates along with the RBA cash rate increases. CommBank, Westpac, ANZ and NAB do not have the highest rates in the market, however, do offer easy to meet conditions. Check out the savings rates for the big 4 below.

Total interest rate p.a.
Commonwealth Bank NetBank Saver5.1%
NAB iSaver5%
Westpac eSaver4.65%
ANZ Progress Saver4.25%

If you're after higher rates than what the big 4 banks are offering, then use our comparison table.

How do savings account interest rates work?

Savings rates explained

  • Standard variable rate: This is the base interest rate that you'll earn each month, whether you meet the conditions or not.
  • Bonus variable rate: This is the additional interest you'll earn on top of the standard rate when you meet the account conditions (such as meeting a monthly deposit amount).
  • Total or maximum variable rate: This is the standard rate plus the bonus rate, and is the total interest rate you'll earn when all the conditions are met.
  • Introductory rate: Some savings accounts offer a special, higher introductory rate for the first few months after you open the account. This is an incentive to open the account, but after the introductory period ends the rate will drop to a standard variable rate that's usually much lower.

How do I get the bonus interest rate on my savings account?

For a Bonus Saver account, the bonus interest is usually awarded when you're able to deposit a certain amount per month and make no withdrawals. It doesn't matter if you're a new customer or not, but there may be restrictions on the number of accounts you can have.

There's a difference between a headline rate and base rate. For an Introductory Bonus account, the bonus interest rate is only awarded for the first couple of months (normally up to 4) and you need to be a new customer.

You will also need to be within the balance your bonus rate applies to. In most cases, any balance beyond $250,000 usually earns the standard variable rate.

Benefits of savings accounts

  • Savings accounts are a safe investment and are covered under the Government Guarantee.
  • They're a great tool to help you save and budget.
  • Savings accounts are liquid, meaning you can easily access the cash.
  • You earn a higher interest rate than your everyday transaction account.
  • You can use a savings account to help you save up for your house deposit.

Drawbacks of savings accounts

  • You are usually required to deposit a set amount each month and make no or minimal withdrawals to receive the high bonus interest rate.
  • Savings accounts do not come with a debit card so you're unable to access your cash as easily as transaction accounts.
  • Interest rates for some savings accounts are quite low - you need to shop around for the best rates.
Amy Bradney-George

At the moment, most of my money is in a high interest savings account because I appreciate the simplicity. I also know I can take some money out relatively quickly if I need to, which is not the case with some other investments that have higher potential returns.
— Amy Bradney-George, Personal finance expert

Other ways to earn interest on your money

You can also earn an interest rate of up to 5.0% p.a. with a term deposit.

Take the guesswork out of your earning potential with our free calculators

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Savings Calculator

Find out how much you could earn with our savings calculator

term deposit icon

Term Deposit Calculator

Use our calculator to see earnings on your preferred term deposit length!

What type of savings account is right for you?

The type of savings account you choose will depend on the type of saver you are and what you're trying to achieve.

I'm a regular saver: If you can regularly save money each month a bonus saver account with an ongoing bonus rate might be best for you.

I'm just looking for the highest rate: Check out high interest savings accounts (and remember to check the account conditions)

I'm a business owner: There are dedicated business savings accounts for you.

I'm looking for a set-and-forget account with no conditions: Perhaps a term deposit could suit you better, as these don't have any ongoing conditions to meet and are locked until the term expires.

How do I open a savings account?

  1. Compare savings accounts until you find one that meets your needs.
  2. Apply online. You'll need to provide ID with proof of your residential address, such as your passport and/or drivers license.
  3. Transfer money into your new account for it to become officially activated.
  4. Done! Start earning interest and putting your savings to work.

FAQs on savings accounts

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Richard Whitten's headshot
Serina Bird's headshot
To make sure you get accurate and helpful information, this guide has been edited by Richard Whitten and reviewed by Serina Bird, a member of Finder's Editorial Review Board.
Alison Banney's headshot
Written by

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise
Alison has written 656 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living

Read more on this topic

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18 Responses

    Default Gravatar
    MagdiAugust 24, 2023

    ING Maximiser Account>

    The conditions for obtaining a reasonable interest rate on this account seem unreasonable. Initially, interest is only paid on savings up to $100,000. Furthermore, they require consistent account growth each month to qualify for a decent interest rate. If you hold over $100,000 and wish to access the surplus funds, you forfeit the interest accrued for that month. The interest rate on the balance beyond $100,000 is merely 0.05%. Consequently, if you have, for example, an extra $5,000 above the $100,000 threshold, you earn a rate of 0.05%, rather than the more competitive rate offered by other banks on the same amount. I’m uncertain if ING’s terms comply with legal regulations by preventing customers from withdrawing amounts surpassing their established $100,000 limit. Please verify this for me.

      AvatarFinder
      AlisonSeptember 21, 2023Finder

      Hi, you can withdraw money from your ING Savings Maximiser at any time.

    Default Gravatar
    ChristopherJune 30, 2023

    What are the fees on these banking accounts? Ongoing fees, setup fees, monthly fees, not reaching transfer target fees, withdrawal of own money fees, or expensive atm fees?

      AvatarFinder
      SarahJuly 3, 2023Finder

      Hi Chris,

      If you click the “more info” button for each product, you can see a short summary of the benefits of that account, along with a link to a bigger review page that outlines all the fees and charges.

      Hope this helps!

    Default Gravatar
    ChrisJune 30, 2023

    Hi Finder Team, why are ‘fees’ not on your sorting tool option? It seems to be the most important information that I would want to know regarding selecting my new bank account. Firstly, what monthly fees are there, if any? Secondly, are there fees for not depositing money regularly? Lastly, are there fees for withdrawing my own money at atms or in specific locations?

      AvatarFinder
      AlisonJuly 21, 2023Finder

      Hi Chris, we don’t include fees in our savings account comparison table because savings accounts charge no fees. You can’t withdraw money at ATMs from your savings account.
      Most of the fees are associated with the linked transaction account, which is why we do include fees in our transaction account tables.

    Default Gravatar
    NedApril 5, 2023

    If I create a savings account with an introductory bonus rate paid for 3 months, in the middle of a calendar month and wish to withdraw and close the account to move to another bank ( i.e. rotating my money between higher introductory rates), will I be paid the daily interest owed? Most banks pay interest on either the last or first day of the month and I would like to know if I forfiet the interest, or can I leave the account open and get paid the interest owed at the end/start of the next month?
    Many thanks for your time.

      AvatarFinder
      AlisonApril 11, 2023Finder

      Hi Ned, this would depend on the account and what it states in its T&Cs. But usually interest is paid at the very end or very start of the month, so I think you’d be best to wait until you’re paid the interest then close the account.
      Thanks,
      Alison

    Default Gravatar
    johnJune 16, 2022

    Is there any media or government body willing to draw attention to saving account interest rate increases

      AvatarFinder
      AlisonJune 22, 2022Finder

      Hi John,

      Many savings accounts are increasing their interest rates at the moment, following the RBA increasing the official cash rate. This is good news for customers with money in the bank as it means you’ll be earning more interest on your money.

      There has been quite a bit of media attention and stories on this topic in recent weeks. Finder tracks these rate changes and updates our product comparison tables every day with the new rates.

      Thanks,
      Alison

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