High interest savings accounts Australia

What is a high interest savings account?

A high interest savings account is like a regular savings account, but with a better (higher!) interest rate. To earn the high interest rate you usually have to meet some monthly conditions. This could include depositing a certain amount of money, restricting withdrawals and growing your balance.

Key things to know about high interest savings accounts

• Account conditions. Many banks offer a higher interest rate if you meet certain conditions, like depositing $1,000 each month or growing your balance.
• Bonus interest rates. Most high interest savings accounts only give you a high rate if you meet the conditions. This bonus rate is added to the base or standard rate and if you don't meet the conditions, you don't earn much interest.
• Ongoing versus introductory interest rates. Most accounts offer an ongoing rate. As long as you meet the criteria, you'll earn that rate each month. Introductory savings rates are often very high, but only last a few months. Then you drop to a lower rate.
• Deposits guaranteed up to $250,000. In Australia, money in a high interest savings account with many banks is protected by the Financial Claims Scheme. In the unlikely event that your bank fails, money in your account is guaranteed up to $250,000.

How to compare high interest savings accounts

Find an account with a high interest rate

For any saver, the higher the rate the better. Right now, many banks offer savings account interest rates above 4.5%.

But there's a little more to it. Banks break savings rates into 3 parts:

• The standard variable interest rate. This is the base or default rate you get before any bonus rate comes into effect. It's often low.
• The bonus interest rate. If you meet all the account's conditions you'll qualify for the bonus rate. This is added to the standard rate.
• The maximum savings rate. When you combine the standard and bonus rates, the total is considered the maximum savings rate. Your goal is to earn this rate on your savings each month.

Check the account conditions (and make sure you can meet them)

• Deposit requirements. Many accounts require you to deposit a set amount each month, typically between $1,000 and $2,000.
• Grow your balance. You may need to end the month with more money in the account than at the start.
• Withdrawals. Some accounts specify that you make no withdrawals in a month to earn the bonus interest.
• Transaction requirements. Some high interest savings accounts require you to make a number of transactions each month. This is usually a requirement to spend money using a linked transaction account.
• Balance limits or tiers. Many banks limit the bonus interest you can earn based on your account balance. For instance, you may earn 5.0% p.a. on balances up to $250,000, and only earn 2.00% p.a. on any money beyond $250,000.

A savings account with a high rate isn't helpful if you can't meet the account conditions. The best savings account for you is one with conditions you can meet each month.

If you're only able to save $800 a month, then you don't want an account that requires you to deposit $2,000 each month to get the maximum interest rate. Instead, you're better off choosing an account with a slightly lower rate and conditions you can actually meet each month.

Understand how savings account rates impact how much interest you earn

Most banks calculate interest on your savings daily and pay it to you monthly. If you have an ongoing rate, that's what you'll earn each month if you meet all the conditions.

If you have an introductory rate, your rate will decrease after the introductory period.

If you have a decent amount of money to deposit, a high introductory rate can sometimes beat a competitive ongoing rate.

What savings accounts do the big 4 banks offer in October 2026?

• • ANZ
    • ANZ Plus Growth Saver offers a variable rate of up to 5.35% when you grow your balance by $100 or more each month (excluding interest).
    • ANZ Progress Saver offers a variable rate of up to 4% when you deposit at least $10 and make no withdrawals each month.
  • CommBank
    • CommBank NetBank Saver offers an introductory variable rate of 5.5% for new customers for 5 months.
    • CommBank GoalSaver offers a variable rate of up to 5% when you grow your balance each month (excluding interest).
    • CommBank Youthsaver (under 18s only) offers a variable rate of up to 5.3% when you grow your balance each month.
  • NAB
    • NAB iSaver offers an introductory variable rate of 5.5% for new customers for 4 months.
    • NAB Reward Saver offers a variable rate of up to 5.25% when you make at least one deposit and no withdrawals each month.
  • Westpac
    • Westpac Life offers an ongoing variable rate of up to 5.25% when you grow your balance and make 20 purchases each month.
    • Westpac Bump (under 18s only) offers a variable rate of up to 5.3% when you grow your balance each month (excluding interest).

High interest savings rate vs regular savings rate

It might not seem like much of a difference, but a higher rate can help you save a lot more money thanks to the power of compound interest.

In the below example, we've used an initial deposit size of $43,494, which is the average Australian's savings according to Finder's Consumer Sentiment Tracker, and assumed ongoing monthly deposits of $1,000.

After just 12 months you'd be over $1,000 better off by simply opting for an account with a higher interest rate.

Use a savings interest calculator to get a better understanding of how you can earn interest.

• How does the Finder Score for savings accounts work?

  The lowdown on Finder Score

  • 9+ Excellent - These savings accounts offer very high interest rates, but be mindful that some may come with specific conditions or requirements you'll need to meet to maximize your returns.
  • 7+ Great - These savings accounts offer competitive interest rates, though slightly lower than the top tier.
  • 5+ Standard - These savings accounts, while helping you get on the ladder, might not offer the most competitive interest rates available.
  • Less than 5 – Basic - These accounts offer lower interest rates, impacting the interest you could earn.

  Digging deeper into the Finder savings account score

  How do you truly find the best savings accounts on the market? There's fees, rates and so many different conditions and limits, it's hard for the average person to keep up.

  The Finder Score is a simple way for you to compare savings accounts at a glance.

  Here's how the scores work:

  • We analyse hundreds of savings accounts in our database, from the Big Four banks to online banks and local credit unions.
  • We assess each savings account based on how competitive the interest rate is.
  • We also evaluate each account based on what kind of conditions and restrictions the account has (some banks make it easy to earn the max rate, some don't).

  To calculate how much interest a hypothetical customer could earn with each account we use the following scenario:

  • The account has a starting balance of $35,000. We assume you meet any monthly conditions required to get the bonus rate where applicable. We do not consider any balance restrictions for kids accounts.
  • Interest is calculated daily and accrued monthly over a 2 year period.

• How Finder Score is calculated

  The Finder Score methodology is designed by our insights and editorial team. We review products objectively. Commercial partnerships do not affect the scores.

  Reading the fine print:

  The Finder Score uses 5 data points to evaluate savings accounts. Each data point is weighted differently based on their importance to the customer.

  Finder Score weightings - savings accounts

  Component	Weighting
  Interest earned	70.00%
  Bonus deposit amount condition	10.00%
  Balance growth, withdrawals and purchase restrictions	10.00%
  Age restrictions	5.00%
  Balance restrictions	5.00%

Frequently asked questions

• What is the best high interest savings account?

  As of October 2026, the highest ongoing savings rate in the Finder database is Bank of Queensland's Future Saver Account (14 to 35 years), with a rate of 6%. However, it's only for 14-35 year-olds and only for balances up to $50,000.

  You can get up to 6.25% with the ING Savings Booster but only for 4 months.

  Both these accounts are among Finder's top-scoring savings accounts.

• What determines the interest rate for a savings account?

  A bank typically sets savings rates based on these factors:

  • The Reserve Bank's cash rate target. The RBA has raised the cash rate four times in 2026 (February, March, May and September), most recently by 0.25 percentage points to 4.60% on 29 September 2026.
  • Competition. Banks are competing with each other and rarely set savings rates much higher or lower than competitors.
  • Strategy. If a bank wants to attract more customer deposits it may increase savings rates and market its accounts more aggressively.

• How do the banks calculate the interest for my savings account?

  Banks typically calculate interest daily and pay it out monthly. At the end of the day, interest is calculated based on the closing balance.

  Interest in your savings account compounds, meaning that the interest you earn in one month is added to your account's funds. Then you earn interest based on the total amount of funds in the account, including the previous month's interest.

  Interest can be compounded daily, monthly or annually.

• Should I declare the interest earned on my tax return?

  Yes. Any interest you earn counts as income and is taxed at the same rate as your salary. You must include it when doing your tax return.

• Are there fees on a savings account?

  No bank account is completely free from fees. But many high interest savings accounts have no monthly account keeping fee or upfront application fee.

• Who are high interest savings accounts best suited for?

  • Do you want to build up your savings while earning interest?
  • Do you have a regular income that you can set aside each month?
  • Do you want to grow your savings rather than spend it, but still need to be able to access the money just in case?

  If this is you, then a high interest savings account is worth considering.

  These accounts are less suitable if you:

  • Need a flexible bank account for everyday spending. You'd be better off using a transaction account.
  • Want to put aside a chunk of money, earn interest and forget all about it. You could look at a term deposit instead.
  • Want to see a strong return on your money and have an appetite for risk. You could consider investing instead.

• Will savings rates go up?

  The RBA cut the cash rate 3 times in 2025, causing savings rates to fall. However with inflation going up, the RBA has raised the cash rate three times in 2026, to 4.35%, which has caused savings rates to rise.

• Should I invest my money in a high interest savings account or term deposit?

  With a term deposit you put the money away and don't touch it for months or even years. There are no other conditions.

  With a savings account you have to make regular deposits if you want the maximum interest rate. But if you need the money in a hurry it's easier to access.

  Term deposits and high interest savings accounts have similar rates at the moment. In fact, the best savings accounts actually offer slightly higher interest rates right now.

• Do high interest savings accounts come with a debit card?

  Savings accounts don't come with a debit card because they're not designed for everyday spending. That's what a transaction account is for.

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

Written by

Alison Banney

Editorial Manager, Money

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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. See full bio

Alison's expertise

Alison has written 575 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
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