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High interest savings accounts

Ready to get serious about your savings? Here’s how to get a high interest savings account that works for you.

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By

Alison Banney

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1 - 14 of 184
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Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Monthly Max Rate Conditions Interest Earned
Bank of Queensland Future Saver Account - 14 to 35 years
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Bank of Queensland Future Saver Account - 14 to 35 years
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Ongoing, variable 5.5% p.a. when you deposit $1,000+ per month and make 5 eligible transactions. Available on balances up to $50,000.

Read our full Bank of Queensland Future Saver Account - 14 to 35 years review.

Product NameBank of Queensland Future Saver Account - 14 to 35 years
Maximum Variable Rate p.a. 5.50%
Standard Variable Rate p.a. 0.05%
Monthly Account Fee$0
Minimum Opening Deposit
Minimum Age14
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
Interest Earned
$871.25
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Macquarie Savings Account
Macquarie Savings Account
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Introductory rate of 5.35% p.a. for 4 months (on balances up to $250,000), reverting to an ongoing rate of 4.75%. Deposits in excess of $250,000 (up to $1,000,000) earn interest at the ongoing rate of 4.75%..

Read our full Macquarie Savings Account review.

Product NameMacquarie Savings Account
Maximum Variable Rate p.a. 5.35%
Standard Variable Rate p.a. 4.75%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age12
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Monthly Max Rate Conditions
  • N/A
Interest Earned
$774.23
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Westpac Life (18-29 year olds only)
Westpac Life (18-29 year olds only)
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If you’re between 18-29, you can earn a 5.20% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ eligible debit card purchases (that are settled, not pending) from your Westpac Choice account, up to a balance of $30,000.

Read our full Westpac Life (18-29 year olds only) review.

Product NameWestpac Life (18-29 year olds only)
Maximum Variable Rate p.a. 5.20%
Standard Variable Rate p.a. 2.00%
Monthly Account Fee$0
Minimum Opening Deposit
Minimum Age18
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Grow your balance
  • 5 debit card purchases
Interest Earned
$822.75
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Bendigo Bank Reward Saver
Bendigo Bank Reward Saver
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Earn a 5.25% p.a. variable rate each month you grow your balance (in addition to interest paid by Bendigo Bank) and hold an eligible Bendigo Bank Everyday Account or Student Account. Earn bonus interest on balances up to $100,000.

Read our full Bendigo Bank Reward Saver review.

Product NameBendigo Bank Reward Saver
Maximum Variable Rate p.a. 5.25%
Standard Variable Rate p.a. 0.30%
Monthly Account Fee$0
Minimum Opening Deposit$1
Minimum Age
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.30%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Grow your balance
  • Requires Bendigo transaction account
Interest Earned
$830.83
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ING Savings Maximiser
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ING Savings Maximiser
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Earn an ongoing, variable rate of 5.5% p.a. if you deposit $1000 into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow your nominated Savings Maximiser balance (excluding interest) each month. The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser account.

Read our full ING Savings Maximiser review.

Product NameING Savings Maximiser
Maximum Variable Rate p.a. 5.50%
Standard Variable Rate p.a. 0.55%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
Interest Earned
$871.25
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ING Savings Accelerator ($150,000 - $500,000)
ING Savings Accelerator ($150,000 - $500,000)
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Special offer: Savings Accelerator (Kick Starter offer). For a limited time, new ING customers can get a bonus 0.5% p.a. on their savings rate on balances of up to $500,000 for the first 4 months. T&Cs apply. If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%

Read our full ING Savings Accelerator ($150,000 - $500,000) review.

Product NameING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a. 5.20%
Standard Variable Rate p.a. 4.70%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Interest Earned
N/A
Account balance criteria not met
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Rabobank High Interest Savings Account
Rabobank High Interest Savings Account
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Maximum variable rate of 5.75% p.a. for 4 months, reverting to a rate of 4.4% No deposit or withdrawal conditions. Available on balances up to $250,000 for new customers only.

Read our full Rabobank High Interest Savings Account review.

Product NameRabobank High Interest Savings Account
Maximum Variable Rate p.a. 5.75%
Standard Variable Rate p.a. 4.40%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age16
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Monthly Max Rate Conditions
  • N/A
Interest Earned
$747.89
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Newcastle Permanent Online Savings Account
Newcastle Permanent Online Savings Account
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Introductory rate of 5% p.a. for 3 months, reverting to a rate of 1% Available on the entire balance.

Read our full Newcastle Permanent Online Savings Account review.

Product NameNewcastle Permanent Online Savings Account
Maximum Variable Rate p.a. 5.00%
Standard Variable Rate p.a. 1.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Monthly Max Rate Conditions
  • N/A
Interest Earned
$266.97
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Bank of Queensland Simple Saver Account
Bank of Queensland Simple Saver Account
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Ongoing, variable 4.85% p.a. Available on balances up to $5,000,000.

Read our full Bank of Queensland Simple Saver Account review.

Product NameBank of Queensland Simple Saver Account
Maximum Variable Rate p.a. 4.85%
Standard Variable Rate p.a. 4.85%
Monthly Account Fee$0
Minimum Opening Deposit
Minimum Age14
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • N/A
Interest Earned
$766.31
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St.George Maxi Saver
St.George Maxi Saver
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Limited time offer: Earn an introductory rate of 5.35% p.a. for the first 3 months after opening an account online (new Maxi Saver customers only). This rate is available on the entire balance. After 3 months 5.35% p.a. will revert to the standard variable rate, currently 1.1%

Read our full St.George Maxi Saver review.

Product NameSt.George Maxi Saver
Maximum Variable Rate p.a. 5.35%
Standard Variable Rate p.a. 1.10%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro Period
3 months
Monthly Max Rate Conditions
  • N/A
Interest Earned
$279.90
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 Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
AMP Saver Account
AMP Saver Account
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Earn an ongoing total bonus variable rate of up to 5.4% p.a. if you deposit $1,000 into an AMP Saver Account in the previous month. Available on balances up to $250,000. Further T&Cs apply.



Read our full AMP Saver Account review.

Product NameAMP Saver Account
Maximum Variable Rate p.a. 5.40%
Standard Variable Rate p.a. 1.20%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
Interest Earned
$855.07
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First Option Bank Savings+Bonus Account
First Option Bank Savings+Bonus Account
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Earn an ongoing bonus rate of up to 5% p.a. when you deposit $100 a month and make no withdrawals. If you don’t meet the conditions one month you’ll earn the standard variable rate, currently 2% Bonus interest is available on balances up to $250,000.

Read our full First Option Bank Savings+Bonus Account review.

Product NameFirst Option Bank Savings+Bonus Account
Maximum Variable Rate p.a. 5.00%
Standard Variable Rate p.a. 2.00%
Monthly Account Fee$5
Minimum Opening Deposit
Minimum Age
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
Interest Earned
$790.48
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IMB Reward Saver Account
IMB Reward Saver Account
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Earn a competitive rate when you deposit $50+ each month and make no withdrawals per month.

Read our full IMB Reward Saver Account review.

Product NameIMB Reward Saver Account
Maximum Variable Rate p.a. 5.25%
Standard Variable Rate p.a. 0.00%
Monthly Account Fee$0
Minimum Opening Deposit$1
Minimum Age13
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
Interest Earned
$510.26
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MyState Bank Bonus Saver Account
MyState Bank Bonus Saver Account
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Ongoing, variable 5% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.

Read our full MyState Bank Bonus Saver Account review.

Product NameMyState Bank Bonus Saver Account
Maximum Variable Rate p.a. 5.00%
Standard Variable Rate p.a. 0.05%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age13
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
Interest Earned
$790.48
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How to compare high interest savings accounts

There's more to consider than just the high interest rate. Think about the following when you compare accounts:

  • Is the interest rate competitive?
  • Can I meet the monthly deposit requirement every month without putting myself into financial stress? If you can't, consider an account with a smaller monthly deposit condition.
  • Is it important to me that I keep my existing everyday bank account? If yes, consider a savings account with that same bank.
  • Is the high rate for an introductory period only (e.g. for the first 4-5 months)? If it is, will I be happy to change accounts again after this?
  • Am I able to make withdrawals from the account if I need to without losing my interest that month?

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