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Compare high interest savings accounts in Australia

These October 2024 rates will make you want to high five all day long (and they also happen start with 5).

Name Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Ubank logo
Finder score
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
Rabobank High Interest Savings Account
Rabobank logo
Finder score
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
ING logo
Finder score
Maximum Variable Rate p.a.
5.40%
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
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
ING Savings Maximiser
ING logo
Finder score
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
Get 6 months free delivery and $50 Menulog credit with a new Orange Everyday & Savings Maximiser account. New ING customers only. Use code INGMENU1 and activate accounts by 24 Nov 2024. T&Cs apply.
Macquarie Savings Account
Macquarie Bank logo
Finder score
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
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
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
BCU Bonus Saver
BCU logo
Finder score
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
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
Maximum Variable Rate p.a.
3.40%
Standard Variable Rate p.a.
0.40%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
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Showing 9 of 9 results

What is the Finder Score?

We've developed the Finder Score to help you compare savings accounts in seconds.

We analyse all the savings accounts in our database (that's hundreds!) and rank them based on how high the rates are and how easy it is to actually earn that rate. The higher the score, the better the product.

Read the full Finder Score breakdown

Who has the highest savings rates in October 2024?

Here are the top high interest savings accounts based on Finder Scores:

  • ME Bank HomeME Savings Account has a Finder Score of 9.7. 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 5.5% when you deposit $500 each month.
  • ING Savings Maximiser has a Finder Score of 9.61. 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 5.5%. 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.
  • AMP Saver Account has a Finder Score of 9.43. It has a maximum rate of when you deposit in the previous month.
Richard Whitten
Market update by Richard Whitten – Finder money editor

What is a high-interest savings account?

A high interest savings account is designed for people who want to build up their savings and earn more interest than a standard bank account.

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

Key things to know about high interest savings accounts

  • Account conditions. Many banks offer a bonus interest rate if savers meet certain conditions, like depositing $1,000 each month or growing your balance.
  • Bonus interest rates. Most high-interest savings accounts only really give you a high rate if you meet the conditions. This bonus rate is added to the base or standard rate.
  • 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 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.

Types of savings accounts

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 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.
Example: deciphering your savings rate

Let's say your bank is offering a high-interest savings account with the following rates:

  • 2.5% standard variable rate.
  • 3.0% bonus rate.
  • 5.5% maximum variable rate.

If you meet the bonus conditions each month you'll earn the maximum variable rate of 5.5%. If you don't meet the account conditions, you'll only earn the standard rate of 2.5%.

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

  • Deposit requirements. Many accounts require you to save 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. This means you can withdraw some money, but must deposit more than you withdraw.
  • 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 5.3% on balances up to $250,000, and only earn 2.00% on any money beyond $250,000.

A savings account with a high rate isn't helpful if you can't meet the account conditions.

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.

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. Here are some examples using some of the highest savings rates in the market (ongoing and introductory) over 12 months.

Savings accountMaximum interest rateStandard variable rateIntro periodInterest earned in 12 months

Rabobank High Interest Savings Account

5.75%4.40%4 months$2,367.46
Me HomeMe Savings Account5.55%0.55%Ongoing$2,312.48
ING Savings Maximiser5.50%0.55%Ongoing$2,291.12
Macquarie Savings Account5.50%4.75%4 months$2,263.18

We've used a deposit size of $40,616, which is the average Australian's savings according to Finder's Consumer Sentiment Tracker. In these examples the slightly higher 4-month introductory rate gives you a higher overall interest payment.

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

What are the best savings accounts?

Finder has surveyed hundreds of Australian bank customers. We know what most Australians want in the ideal savings account: a high-interest rate, minimal account fees and no complicated conditions that make it harder to earn interest. Refer to our best savings accounts page to see all the top accounts and refer to the 2023 Finder Banking Satisfaction Awards page to see the banks that customers have voted for great service.

High-interest savings accounts: What features do Australians find most important?

Finder surveyed 1113 Australians in January 2024 and asked them which 3 features matter most when choosing a savings account.

Taylor Blackburn's headshot

"My partner and I have been trying to get the absolute most out of our bank account. Our main bank gave us next to nothing. Then we moved to the absolute best ongoing rate, but quickly found there is more to it than that. When a family member needed a loan, we found that we'd lose our monthly interest once we sent them the money because we wouldn't be able to grow the total balance that month. Ubank is a great option because it doesn't require you to grow the balance each month – only to deposit $500 – and still offers one of the best rates on the market."

Money expert

Why you can trust Finder's banking experts

helpRates obsessed. We nerd out over RBA decisions and monitor the market daily to make sure you get the best interest rates on your well earned savings from banks big, small and digital (and the odd credit union).
freeInterest without hidden stuff. Whether you want higher rates with a few conditions, or just want the simple life with your cash, we've dug into the details of over 180 Aussie accounts so you can get the most bang for your bucks.
independentNo BS. We don't have a call centre, we're not owned by a bank. Heck, you don't even need to give us your email. Our job is to get your money to work harder and let that sweet interest grow.

Frequently asked questions

Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.

Serina Bird is a proud frugalista who has amassed a multi-million dollar portfolio through frugal living and investing. She is the author of several books, including How To Pay Your Mortgage Off in 10 Years, The Joyful Frugalista and The Joyful Startup Guide, and host of The Joyful Frugalista podcast.

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

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 544 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips

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