Ongoing bonus rate of 4.75% p.a. is one of the highest in market
Make withdrawals and still earn bonus interest (as long as you replace the money by end of month)
Linked ING Orange Everyday account offers rebates on international fees
More monthly conditions to meet to earn the bonus rate than other accounts
Bonus interest rate only applies up to balances of $100,000
Why we like it
This account offers a high, ongoing bonus rate of 4.75% p.a. which is one of the highest in the market (in comparison, the average savings account rate is less than 2.50% p.a.). Some accounts offer their bonus rate for the first few months only, however ING's bonus rate is available ongoing each month you meet the conditions. Plus, it isn't restricted by age and it's available on balances up to $100,000.
You can make withdrawals during the month if you need to and still be eligible for bonus interest as long as you replace the money by the end of the month, to make sure your balance grows.
Must grow your balance each month to earn bonus interest
Ongoing bonus rate is lower than others in market
Why we like it
This account has a really strong welcome bonus rate of 5.1% p.a. for the first 4 months (for new customers). After the welcome period ends, it has an ongoing bonus rate of 4.35% p.a. on balances up to $1 million (this is a higher balance limit than a lot of other accounts).
This account was named the best savings account in our 2025 Finder Awards as it consistently had one of the highest total variable rates in the market over the 12-month judging period, with very minimal conditions. All you need to do is hold a Ubank Spend account, and grow your Save balance by at least $1 (excluding interest) each month to earn bonus interest.
Requires a Macquarie Transaction Account to open, limiting access for those without one.
Why we like it
You'll get 4.6% p.a. for the first 4 month on balances up to $250,000, and then 4.25% p.a. ongoing after the intro period ends with no conditions to meet. This is a really great rate considering the average rate for a savings account with no conditions to meet is less than 2.30% p.a.
Unlike most savings accounts, you don't have to deposit a set amount each month, you don't have to grow your balance or make a set number of purchases and you aren't restricted from making withdrawals at all. Plus, you'll earn the ongoing interest rate on balances up to $2 million, which is much higher than many competing accounts.
The monthly growth requirement of $200 to earn bonus interest is lower than what's required with many other savings accounts available
No balance limit for interest
Standard interest rate of just 0.05% if account conditions are not met
Why we like it
This account has a Finder Score of 8.7. This is higher than 90% of scores in our savings account database.
You can get a decent ongoing, total variable rate of 4.3% p.a. on your entire balance - there is no balance limit for earning the bonus interest. This makes the account ideal if you've got a large amount of cash.
To earn the bonus rate you need to grow your balance by $200 each month (excl. interest), which is lower than many other accounts, and make no more than 1 withdrawal per month.
Best big four bank savings account
Westpac Life (18-34 year olds only)
5% p.a. maximum bonus rate
0.1% p.a. standard variable rate
Grow balance & make 20 transactions / month for bonus interest
Top bonus rate only available on balances under $30,000.
Must make 20 transactions per month to earn top bonus rate.
Why we like it
This account has a Finder Score of 8.7. This is higher than any other savings account offered by one of the Big Four banks. It's also a higher score than 95% of savings accounts in our database.
If you’re between 18-34, you can earn an ongoing bonus rate of 5% p.a. each month you grow your balance and make 20+ eligible debit card purchases. This means you can make withdrawals throughout the month, just as long as your balance finishes higher at the end of the month than it was at the start.
The bonus rate is available on balances up to $30,000. While this is lower than other accounts, the age range of 18-34 means it's tailored to customers starting out on their savings jouney.
Best kids savings account
Great Southern Bank Youth eSaver Account (0-17 year olds only)
Access to funds without losing interest, encouraging saving while offering flexibility.
One account per eligible child, limiting flexibility for those with multiple savings goals.
Children under 10 cannot transact on the account without a parent or guardian as a signatory.
Why we like it
This account has a Finder Score of 9.6. This is one of the highest scores in our savings account database.
This account was named the best kids savings account in our 2025 Finder Awards as it had the highest ongoing variable rate for under 18s over the judging period. Plus, there are no conditions to meet to earn the full interest rate, making it ideal for young savers.
How we choose our top savings account picks
Each month we assess 150+ savings accounts in our databse and assign each a Finder Score out of 10. Our data-driven Finder Score ranks savings accounts based on rates, fees, account conditions and restrictions. Put simply, the savings accounts with the highest Finder Scores allow you to earn the most amount of interest on your money, for the least amount of effort.
Once we get the accounts with the highest scores (8+), we then look at these to select the account that we feel best suits each of the different savings account categories featured above.
In sereral categories the account was chosen as it was a winner in the 2025 Finder Awards.
These are the 4 main things to look for when you're choosing a savings account:
1. A high interest rate
The higher the rate, the more interest you can earn. The best savings rates at the moment all start with a 5.
Check if the high interest rate on offer is an ongoing rate available each month, or if it's an intro rate only on offer for a few months. If it's the latter, set yourself a reminder to consider switching accounts after the intro period is over when the rate drops down to the lower, standard rate.
2. Conditions you can easily meet
Most of the best savings rates will require you to deposit a set amount each month (anywhere from $20-$2000) and perhaps also limit withdrawals or make a number of purchases.
Make sure you can comfortably meet the monthly conditions before opening the account. If you can't, you'll only earn the variable base rate which is often very low.
Want a no-hoops savings account?
Compare more savings accounts that have no conditions.
Some savings accounts only offer the maximum interest rate on smaller balances up to $10,000, while others are up to $5 million. Depending on the size of your savings balance, make sure that the account you choose pays interest on your entire balance (or at least most of it).
4. A low-fee, linked transaction account
If you're planning to open a transaction account along with your savings account with the same bank (a lot of these are opened as a pair automatically), don't forget to check out the fees and charges for that account too. Because savings accounts don't charge fees, but some transaction accounts do.
Our expert says: The highest savings rate isn't always best
"Of course the interest rate is important when choosing a savings account, but I always tell people that the account conditions are just as - if not more - important. There's no point choosing the account with the highest rate if you're going to be pushed to your limit meeting the deposit conditions each month.
Savings account rates change quite frequently - what's best one month might not be best the next. So you're better off choosing a good account with conditions you can easily meet and other features that suit you. Because if you opt for the account with the highest rate but then you can't meet the conditions, you'll likely earn no interest at all.
You still want to make sure you have an account with one of the best rates in the market as this will make a huge difference to the amount of interest you can earn - it just doesn't have the be the absolute highest rate available."
How much difference does the interest rate on your savings account make, really? It's actually more than you might think!
Let's assume you have a savings balance of $40,000 and you're able to deposit $1,000 per month. Here's how much interest you'll earn over 1, 3 and 5 years if your savings account has a below-average rate (2.00% p.a.), an above-average rate (3.50% p.a.) or a market-leading rate (5.50% p.a.).
Bonus interest rate
Interest after 1 year
Interest after 3 years
Interest after 5 years
2.00% p.a.
$938
3,603
$7,356
3.5% p.a.
$1,653
$6,432
$13,295
5.50% p.a.
$2,620
$10,380
$21,825
As you can see, you could earn quite a lot more money by simply switching to one of the best savings account rates in the market.
FAQs on best savings accounts
It's unlikely that savings account rates will go up in the initial few months of 2026. However, if we see inflation go up the RAB might choose to raise the cash rate later in the year, which could result in some banks raising interest rates on savings accounts.
Introductory savings rates can be a great way to earn a higher return in the short term, but remember, they're not permanent. If you're only planning on saving for a few months or don't mind switching accounts later, they can be a solid option. Otherwise, you'll likely be better off choosing an account with a strong, ongoing bonus rate instead.
ING's savings account is popular, and became even more so after Scott Pape recommended it in his book The Barefoot Investor. ING's savings rate has been one of the best in market since 2016. However, ING's account does come with several conditions to earn that rate. You need to despoit $1000 per month, grow your balance and also make 5+ transactions during the month, which some people may find too difficult.
No Australian banks offer 7% p.a. interest on savings account, currently the best rates are around 5.50% p.a. If there is a product offering 7% p.a., it is likely to be in investment product not a savings account.
Currently, any savings rates above 4.00% p.a. are good. The highest rates are around 5.00% p.a., and the average rate is closer to 2.50% p.a. But remember, a good savings rate is one that you can easily earn by meeting the account conditions. There's no point opting for the highest rate in the market if you can't meet the account conditions.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards.
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Which savings bank accounts are open to those applying for Australian citizenship?
Finder
JeniOctober 13, 2018Finder
Hi RB,
Thank you for getting in touch with Finder.
If you are not an Australian resident or citizen yet, you may refer to our list of migrant bank accounts and saving accounts for temporary residents. You can use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
harimauOctober 18, 2017
I want to open a savings account with another bank other than Westpac (closed today because of bad service), have a bank cheque), to have DEFT and other payments deducted. Commonwealth? St George? Bank West? ANZ? Bendigo Bank?
Finder
JudithOctober 19, 2017Finder
Hi Harimau,
Thanks for contacting Finder.
Since we are a comparison website and can’t recommend a specific savings account to you, the best thing to do is to check your options that would best suit your needs.
I can see that you are viewing this page for high-interest savings accounts. When choosing a high-interest savings account, you may need to factor in which type are you needing. Would you be needing a savings account with a bonus rate or would you be needing one with an introductory rate?
You can also compare bonus saver accounts if you want an account that pays extra interest each month you top up your savings.
Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Best regards,
Judith
SamSeptember 29, 2017
Hi there – are there any savings accounts available for immigrants living in Australia on 457 (Temporary Skilled Work) Visas? I have a TFN, and my permanent residency application is in process.
Many thanks,
Sam
ArnoldSeptember 30, 2017
Hi Sam,
Thanks for your inquiry.
Many banks have migrant services to help facilitate the process of opening a bank account in Australia. You can find more about this from our guide in opening an Australian bank account. Charges will be dependent on what type of account you open with each bank. Please contact the bank directly to discuss the best account for your situation.
Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Hope this information helps
Cheers,
Arnold
ZdravkoJuly 1, 2017
Bank of Melbourne is advertising 3% on Maxi Saver yet mums only getting 2.75% and me worse 2.55%.
JonathanJuly 1, 2017
Hi Zdravko!
The bonus 2% introductory offer is only for the first 3 months from account opening and is subject to tax and other changes imposed by the bank.
You may want to verify this with the bank directly.
Hope this helps.
Cheers,
Jonathan
RobertMay 28, 2017
My partner and i are wanting to start a joint savings account for mostly travelling. We are going to be depositing 800 per month and our first withdrawal will be mid October. Am wanting to know what bonus saving account would be best.
Thankyou
Robert
You may take advantage of the savings calculator on the page to see how much interest you’ll earn per account if you have an initial deposit or if you want a longer-term.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
Rabobank PremiumSaver account is an option worth considering for savers looking to boost their savings balance, offering no ongoing fees, a competitive variable rate and 24/7 online access to your funds.
Our range of simple calculators can help you plan your finances and compare potential interest earned.
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We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
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Which savings bank accounts are open to those applying for Australian citizenship?
Hi RB,
Thank you for getting in touch with Finder.
If you are not an Australian resident or citizen yet, you may refer to our list of migrant bank accounts and saving accounts for temporary residents. You can use our comparison table to help you find the account that suits you. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
I want to open a savings account with another bank other than Westpac (closed today because of bad service), have a bank cheque), to have DEFT and other payments deducted. Commonwealth? St George? Bank West? ANZ? Bendigo Bank?
Hi Harimau,
Thanks for contacting Finder.
Since we are a comparison website and can’t recommend a specific savings account to you, the best thing to do is to check your options that would best suit your needs.
I can see that you are viewing this page for high-interest savings accounts. When choosing a high-interest savings account, you may need to factor in which type are you needing. Would you be needing a savings account with a bonus rate or would you be needing one with an introductory rate?
You can also compare bonus saver accounts if you want an account that pays extra interest each month you top up your savings.
On the other hand, you may check our list of introductory savings accounts.
Once you have chosen a particular account, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Best regards,
Judith
Hi there – are there any savings accounts available for immigrants living in Australia on 457 (Temporary Skilled Work) Visas? I have a TFN, and my permanent residency application is in process.
Many thanks,
Sam
Hi Sam,
Thanks for your inquiry.
Many banks have migrant services to help facilitate the process of opening a bank account in Australia. You can find more about this from our guide in opening an Australian bank account. Charges will be dependent on what type of account you open with each bank. Please contact the bank directly to discuss the best account for your situation.
Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Hope this information helps
Cheers,
Arnold
Bank of Melbourne is advertising 3% on Maxi Saver yet mums only getting 2.75% and me worse 2.55%.
Hi Zdravko!
The bonus 2% introductory offer is only for the first 3 months from account opening and is subject to tax and other changes imposed by the bank.
You may want to verify this with the bank directly.
Hope this helps.
Cheers,
Jonathan
My partner and i are wanting to start a joint savings account for mostly travelling. We are going to be depositing 800 per month and our first withdrawal will be mid October. Am wanting to know what bonus saving account would be best.
Thankyou
Robert
Hi Robert,
Thanks for your question.
You may want to compare bonus savings accounts on our website.
Given that you will deposit $800 per month and you’ll withdraw on October, the savings account that can give you high interest earnings are: Bankwest Hero Saver, ME Online Savings Account and Bank Australia Bonus Saver Account.
You may take advantage of the savings calculator on the page to see how much interest you’ll earn per account if you have an initial deposit or if you want a longer-term.
Cheers,
Anndy