
Which Australian bank has the highest savings interest rate?
The 5 highest savings interest rates we found are:
- Rabobank High Interest Savings account offers 5.75% for the first 4 months only.
- ME Bank HomeME savings account offers 5.55% when you deposit $2,000 and grow your balance each month.
- MOVE Bank Growth Saver offers 5.7% when you grow your balance by $200+ per month and make no withdrawals.
- ING Savings Maximser 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.
- BoQ Future Saver offers 5.4% for customers aged 14-35 when you deposit $1,000 into your linked Bank of Queensland Everyday Account and make 5 transactions each month.
What's the latest with savings accounts in December 2023?
The Reserve Bank of Australia increased the official cash rate again on 7 November 2023. The cash rate is now 4.35%.
Because of this decision many banks will likely increase their savings account rates later in the month.
As of December 2023 many savings accounts are now offering over 5.00% p.a. - some are even offering over 5.50% p.a.
We recently saw ME Bank launch its new digital savings account (HomeME) to the market with a bonus rate of 5.55% - the highest in the market.
Updated by Richard Whitten.
What to look for when comparing savings accounts

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

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.

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.

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.

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.

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.

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 Saver | 5.1% |
NAB iSaver | 5% |
Westpac eSaver | 4.65% |
ANZ Progress Saver | 4.25% |
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.
Other ways to earn interest on your money
You can also earn an interest rate above 4.0% p.a. with a term deposit.

Terms between 3 months and 5 years
$1000 minimum deposit
0.10% p.a. loyalty bonus when you roll over your term deposit

$0 Account keeping fee
Interest paid on maturity
Up to $5,000,000 can be invested
Take the guesswork out of your earning potential with our free calculators

Savings Calculator
Find out how much you could earn with our savings calculator

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?
- Compare savings accounts until you find one that meets your needs.
- Apply online. You'll need to provide ID with proof of your residential address, such as your passport and/or drivers license.
- Transfer money into your new account for it to become officially activated.
- Done! Start earning interest and putting your savings to work.
FAQs on savings accounts
Why you can trust Finder's banking experts

We're free
Our comparison tables are completely free to use. We link you directly to the bank's secure application page. On a daily basis we update the rates, fees and conditions of the 200+ accounts on our database.

We're experts
We've researched and rated hundreds of accounts for our Finder Awards. We've published 100+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a bank or lender. That means our opinions are our own and you can compare nearly every bank account in Australia on Finder.

We're here to help
Since 2015, we’ve helped over 1.3 million Australians find an account. We'll never ask for your personal information. We're here to help you make a decision.Read more on this topic
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Ask an Expert
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.
Hi, you can withdraw money from your ING Savings Maximiser at any time.
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?
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!
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?
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.
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.
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
Is there any media or government body willing to draw attention to saving account interest rate increases
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