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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hello
we have $300,000 to invest for initially 12 months (may be longer) and will add around $3,000 each month to this. What is the best way to do this please ?
thanks so much – great website by the way
Caroline
Finder
ShirleyDecember 4, 2015Finder
Hi Caroline,
Thanks for your question.
You can insert those figures into our calculator above and then sort by the ‘interest earned’ column – this will generate the accounts that award you the most interest.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
Hope this helps,
Shirley
johnSeptember 5, 2015
if i deposit 100 dollars a week for 32 years at the standard compound interest rate how much will i have after 32 years
Finder
ShirleySeptember 7, 2015Finder
Hi John,
The amount you receive will depend on the interest rate. Please use our calculators to help you figure this out.
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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hello
we have $300,000 to invest for initially 12 months (may be longer) and will add around $3,000 each month to this. What is the best way to do this please ?
thanks so much – great website by the way
Caroline
Hi Caroline,
Thanks for your question.
You can insert those figures into our calculator above and then sort by the ‘interest earned’ column – this will generate the accounts that award you the most interest.
You may also be interested in our page on accounts where the maximum rate applies over $250,000.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you apply.
Hope this helps,
Shirley
if i deposit 100 dollars a week for 32 years at the standard compound interest rate how much will i have after 32 years
Hi John,
The amount you receive will depend on the interest rate. Please use our calculators to help you figure this out.
Cheers,
Shirley