Best Savings Accounts Australia (2026)

Expert picks based on rate, conditions, and real-world usability. Last verified: 24/06/2026

Rates can change without notice. Last verified: 24/06/2026 (AEST). Please confirm details on the bank’s official page.

With the RBA cash rate at its current level, Australian savings account rates remain competitive — but the headline rate is only part of the story. Most high-rate accounts require monthly conditions, and missing them can mean earning a fraction of the advertised rate. We've assessed every account on rate, conditions, and real-world ease of use to help you find the right fit.

Our Top Picks for 2026

Best overall

ubankSave Account

5.85%p.a. intro, then 5.10% ongoing

The strongest combination of intro and ongoing rates in Australia right now. The single condition — just grow your balance each month — is easy to meet for anyone actively saving. No minimum deposit, no transaction requirements, no fees.

Pros

✓ Simple grow-balance condition
✓ 5.10% p.a. strong ongoing rate
✓ No monthly fees
✓ Backed by NAB

Cons

✗ Low base rate if condition missed
✗ App-only, no branches

Full review →

Best no-conditions

RabobankHigh Interest Savings Account

5.90%p.a. intro for 4 months, then 4.00%

The highest intro rate available with zero monthly conditions. No deposits required, no transactions, no hoops. Ideal for parking a lump sum for 4 months — a term deposit alternative with full flexibility.

Pros

✓ Highest intro rate in our comparison
✓ Zero conditions at any time
✓ No minimum balance
✓ No monthly fees

Cons

✗ Intro only — reverts to 4.00% after 4 months
✗ For new customers only

Full review →

Best ongoing conditional rate

INGSavings Maximiser

5.50%p.a. when conditions met

The highest ongoing rate in our comparison, with no intro expiry. You'll need to deposit $1,000+ and make 5 card purchases each month — realistic for anyone using ING as their main bank.

Pros

✓ Top ongoing rate with no expiry
✓ Unlimited balance eligible

Cons

✗ Requires $1,000/month deposit + 5 card purchases
✗ Conditions must be met every month

Full review →

Best for big-4 loyalists

CommBankGoalSaver

5.00%p.a. when conditions met

Australia's largest bank, with simple conditions: one deposit of any amount + end the month higher than you started. Reassuring for people who want a trusted brand with branch access.

Pros

✓ Easy conditions
✓ CommBank brand and branch network
✓ No minimum deposit

Cons

✗ Rate lower than challengers
✗ Low base rate

Full review →

Best ongoing no-conditions

MacquarieSavings Account

5.00%p.a. ongoing — no conditions after intro

After a 4-month welcome rate, Macquarie pays a strong ongoing rate with no strings attached — ever. The best pick if you want a solid ongoing rate without worrying about meeting monthly conditions.

Pros

✓ No conditions after 4-month intro
✓ Competitive as a no-strings rate
✓ Up to $2m balance eligible

Cons

✗ Welcome intro rate lower than some competitors

Full review →

Full Savings Account Comparison

All accounts we currently track, sorted by maximum rate.

Rabobank

See review

Account: High Interest Savings Account
Max rate: 5.9%
Base rate: 4%
Bonus rules / notes: 4 month introductory variable rate (4.00% standard + 1.90% bonus) on balances up to $250,000 for new personal customers. Reverts to 4.00% p.a. ongoing. No account keeping fees, no minimum balance.
Verified: 2026-06-24

ubank

See review

Account: Save Account
Max rate: 5.85%
Base rate: 5.1%
Bonus rules / notes: Introductory max rate for new accounts, then ongoing bonus rate. Must grow your combined Save accounts balances to earn bonus interest.
Verified: 2026-06-24

Newcastle Permanent

See review

Account: Smart Saver (under 25)
Max rate: 5.7%
Base rate: 0.05%
Bonus rules / notes: Youth account — all account holders must be under 25. Bonus rate is earned in any calendar month the closing balance is higher than the opening balance (excluding interest) and no more than 2 withdrawals are made. Otherwise the 0.05% standard rate applies. No monthly fees.
Verified: 2026-06-24

ING

See review

Account: Savings Maximiser
Max rate: 5.5%
Base rate: 0.01%
Bonus rules / notes: Deposit $1,000+ monthly and make 5+ card purchases to earn bonus rate.
Verified: 2026-06-24

BOQ

See review

Account: Smart Saver
Max rate: 5.4%
Base rate: 0.05%
Bonus rules / notes: Smart Saver (ages 36+). Conditions: credit $1,000+ electronically per month to linked BOQ Everyday account + make 5+ eligible transactions (debit card, BPAY, or direct debit) from Everyday account each prior calendar month. Also available: Future Saver (ages 14–35) at 5.50% p.a. on first $50,000.
Verified: 2026-06-21

Macquarie

See review

Account: Savings Account
Max rate: 5.35%
Base rate: 5%
Bonus rules / notes: Variable welcome rate for 4 months on balances up to $250k, then 5.00% p.a. ongoing variable rate on balances up to $2m.
Verified: 2026-06-24

St.George

See review

Account: Maxi Saver
Max rate: 5.35%
Base rate: 1.25%
Bonus rules / notes: Introductory rate for first 6 months: 3.65% p.a. fixed intro + 0.45% p.a. online bonus + 1.25% p.a. standard variable = 5.35%. After 6 months reverts to ~1.70% p.a. (1.25% standard + 0.45% online bonus). Must hold a St.George Complete Freedom transaction account. St.George is a division of Westpac.
Verified: 2026-06-24

Bank of Melbourne

See review

Account: Maxi Saver
Max rate: 5.35%
Base rate: 1.25%
Bonus rules / notes: Same rate structure as St.George Maxi Saver (both Westpac Group). Introductory rate for first 6 months: 3.65% p.a. fixed intro + 0.45% p.a. online bonus + 1.25% p.a. standard variable = 5.35%. After 6 months reverts to ~1.70% p.a. Must hold Bank of Melbourne Complete Freedom transaction account.
Verified: 2026-06-24

Great Southern Bank

See review

Account: Goal Saver
Max rate: 5.35%
Base rate: 0.5%
Bonus rules / notes: Youth account — for customers aged 18 to 24. Bonus rate on balances up to $50,000. Conditions: receive $500+ by electronic transfer into linked Everyday Edge Account from a non-GSB account each month + make at least 5 settled Visa Debit purchases from Everyday Edge each month. Customer-owned bank (formerly CUA).
Verified: 2026-06-24

Greater Bank

See review

Account: Life Saver
Max rate: 5.25%
Base rate: 0%
Bonus rules / notes: Youth account — for under-25s. Interest is paid monthly on the daily balance only in months where your closing balance is higher than your opening balance; no interest is earned in a month your balance doesn't grow. No monthly fees. (Greater Bank is part of Newcastle Greater Mutual Group.)
Verified: 2026-06-24

Suncorp Bank

See review

Account: Growth Saver
Max rate: 5.1%
Base rate: 0.1%
Bonus rules / notes: Net balance must grow by $200+ per month (interest earned doesn't count). Maximum 1 withdrawal per month while qualifying. No minimum deposit. Note: Suncorp was acquired by ANZ in July 2024 — products continue under Suncorp brand.
Verified: 2026-06-24

ANZ Plus

See review

Account: Growth Saver
Max rate: 5.1%
Base rate: 0.1%
Bonus rules / notes: Bonus rate applies when you grow your Growth Saver balance by $100 or more (net of interest) each month. Requires ANZ Plus Everyday linked account. No minimum deposit. Available via the ANZ Plus app only.
Verified: 2026-06-24

NAB

See review

Account: Reward Saver
Max rate: 5%
Base rate: 0.01%
Bonus rules / notes: Bonus rate when you make at least one deposit on or before the second last banking day of the month AND make no withdrawals during the month. Applies to all balance tiers ($1–$1,000,000+). No minimum deposit, no monthly fees.
Verified: 2026-06-24

CommBank

See review

Account: GoalSaver
Max rate: 5%
Base rate: 0.25%
Bonus rules / notes: Bonus rate when you make at least 1 deposit of any amount AND end the month with a higher balance than the start (bank-initiated transactions such as interest payments excluded). No minimum deposit. Australia's largest bank.
Verified: 2026-06-24

Westpac

See review

Account: Life
Max rate: 5%
Base rate: 0.1%
Bonus rules / notes: Bonus rate (4.90% p.a.) when you: make at least 1 deposit, keep balance above $0 at all times, and end the month with a higher balance than the start. Interest credits don't count toward growth. Must hold a Westpac Choice everyday account. No account-keeping fee on the Life account.
Verified: 2026-06-21

MyState Bank

See review

Account: Bonus Saver
Max rate: 5%
Base rate: 0.01%
Bonus rules / notes: Bonus rate when you deposit $20+ into the account each month AND make 5+ eligible Visa Debit transactions from linked MyState transaction account. Applies to balances up to $500,000. No monthly fees. Tasmania-based customer-owned bank.
Verified: 2026-06-24

Virgin Money

See review

Account: Boost Saver
Max rate: 4.5%
Base rate: 4.2%
Bonus rules / notes: Standard bonus rate (4.20%) when you deposit $2,000+/month into linked Go Account from external institution + make 5+ settled purchases on Go Account each month (ages 25+; $1,000/month for 18–24). Lock Saver adds +0.30% (4.50%) by locking funds for a chosen period (32 days' notice to access).
Verified: 2026-06-21

ME Bank

See review

Account: SaveME
Max rate: 4.35%
Base rate: 0.05%
Bonus rules / notes: Bonus rate when you make 4+ settled (not pending) Visa Debit card purchases using the linked SpendME transaction account in the prior calendar month. Bonus applies on balances up to $500,000. No minimum deposit.
Verified: 2026-06-24

ANZ

See review

Account: Progress Saver
Max rate: 3.74%
Base rate: 0.01%
Bonus rules / notes: Bonus rate applies in a calendar month when you deposit at least $10 (excluding interest) and make no withdrawals; otherwise the 0.01% base rate applies. A big-four account, but the rate trails the leading savers. Separate from ANZ Plus.
Verified: 2026-06-24

ANZ

See review

Account: Online Saver
Max rate: 1.35%
Base rate: 1.35%
Bonus rules / notes: Ongoing variable rate with no monthly conditions. New customers may receive an introductory bonus rate for an initial period — check ANZ for the current promotion. The ongoing rate is well below the market's leading savers. Separate from ANZ Plus.
Verified: 2026-06-24

						Action
Rabobank	High Interest Savings Account	5.9%	4%	4 month introductory variable rate (4.00% standard + 1.90% bonus) on balances up to $250,000 for new personal customers. Reverts to 4.00% p.a. ongoing. No account keeping fees, no minimum balance.	2026-06-24	See review
ubank	Save Account	5.85%	5.1%	Introductory max rate for new accounts, then ongoing bonus rate. Must grow your combined Save accounts balances to earn bonus interest.	2026-06-24	See review
Newcastle Permanent	Smart Saver (under 25)	5.7%	0.05%	Youth account — all account holders must be under 25. Bonus rate is earned in any calendar month the closing balance is higher than the opening balance (excluding interest) and no more than 2 withdrawals are made. Otherwise the 0.05% standard rate applies. No monthly fees.	2026-06-24	See review
ING	Savings Maximiser	5.5%	0.01%	Deposit $1,000+ monthly and make 5+ card purchases to earn bonus rate.	2026-06-24	See review
BOQ	Smart Saver	5.4%	0.05%	Smart Saver (ages 36+). Conditions: credit $1,000+ electronically per month to linked BOQ Everyday account + make 5+ eligible transactions (debit card, BPAY, or direct debit) from Everyday account each prior calendar month. Also available: Future Saver (ages 14–35) at 5.50% p.a. on first $50,000.	2026-06-21	See review
Macquarie	Savings Account	5.35%	5%	Variable welcome rate for 4 months on balances up to $250k, then 5.00% p.a. ongoing variable rate on balances up to $2m.	2026-06-24	See review
St.George	Maxi Saver	5.35%	1.25%	Introductory rate for first 6 months: 3.65% p.a. fixed intro + 0.45% p.a. online bonus + 1.25% p.a. standard variable = 5.35%. After 6 months reverts to ~1.70% p.a. (1.25% standard + 0.45% online bonus). Must hold a St.George Complete Freedom transaction account. St.George is a division of Westpac.	2026-06-24	See review
Bank of Melbourne	Maxi Saver	5.35%	1.25%	Same rate structure as St.George Maxi Saver (both Westpac Group). Introductory rate for first 6 months: 3.65% p.a. fixed intro + 0.45% p.a. online bonus + 1.25% p.a. standard variable = 5.35%. After 6 months reverts to ~1.70% p.a. Must hold Bank of Melbourne Complete Freedom transaction account.	2026-06-24	See review
Great Southern Bank	Goal Saver	5.35%	0.5%	Youth account — for customers aged 18 to 24. Bonus rate on balances up to $50,000. Conditions: receive $500+ by electronic transfer into linked Everyday Edge Account from a non-GSB account each month + make at least 5 settled Visa Debit purchases from Everyday Edge each month. Customer-owned bank (formerly CUA).	2026-06-24	See review
Greater Bank	Life Saver	5.25%	0%	Youth account — for under-25s. Interest is paid monthly on the daily balance only in months where your closing balance is higher than your opening balance; no interest is earned in a month your balance doesn't grow. No monthly fees. (Greater Bank is part of Newcastle Greater Mutual Group.)	2026-06-24	See review
Suncorp Bank	Growth Saver	5.1%	0.1%	Net balance must grow by $200+ per month (interest earned doesn't count). Maximum 1 withdrawal per month while qualifying. No minimum deposit. Note: Suncorp was acquired by ANZ in July 2024 — products continue under Suncorp brand.	2026-06-24	See review
ANZ Plus	Growth Saver	5.1%	0.1%	Bonus rate applies when you grow your Growth Saver balance by $100 or more (net of interest) each month. Requires ANZ Plus Everyday linked account. No minimum deposit. Available via the ANZ Plus app only.	2026-06-24	See review
NAB	Reward Saver	5%	0.01%	Bonus rate when you make at least one deposit on or before the second last banking day of the month AND make no withdrawals during the month. Applies to all balance tiers ($1–$1,000,000+). No minimum deposit, no monthly fees.	2026-06-24	See review
CommBank	GoalSaver	5%	0.25%	Bonus rate when you make at least 1 deposit of any amount AND end the month with a higher balance than the start (bank-initiated transactions such as interest payments excluded). No minimum deposit. Australia's largest bank.	2026-06-24	See review
Westpac	Life	5%	0.1%	Bonus rate (4.90% p.a.) when you: make at least 1 deposit, keep balance above $0 at all times, and end the month with a higher balance than the start. Interest credits don't count toward growth. Must hold a Westpac Choice everyday account. No account-keeping fee on the Life account.	2026-06-21	See review
MyState Bank	Bonus Saver	5%	0.01%	Bonus rate when you deposit $20+ into the account each month AND make 5+ eligible Visa Debit transactions from linked MyState transaction account. Applies to balances up to $500,000. No monthly fees. Tasmania-based customer-owned bank.	2026-06-24	See review
Virgin Money	Boost Saver	4.5%	4.2%	Standard bonus rate (4.20%) when you deposit $2,000+/month into linked Go Account from external institution + make 5+ settled purchases on Go Account each month (ages 25+; $1,000/month for 18–24). Lock Saver adds +0.30% (4.50%) by locking funds for a chosen period (32 days' notice to access).	2026-06-21	See review
ME Bank	SaveME	4.35%	0.05%	Bonus rate when you make 4+ settled (not pending) Visa Debit card purchases using the linked SpendME transaction account in the prior calendar month. Bonus applies on balances up to $500,000. No minimum deposit.	2026-06-24	See review
ANZ	Progress Saver	3.74%	0.01%	Bonus rate applies in a calendar month when you deposit at least $10 (excluding interest) and make no withdrawals; otherwise the 0.01% base rate applies. A big-four account, but the rate trails the leading savers. Separate from ANZ Plus.	2026-06-24	See review
ANZ	Online Saver	1.35%	1.35%	Ongoing variable rate with no monthly conditions. New customers may receive an introductory bonus rate for an initial period — check ANZ for the current promotion. The ongoing rate is well below the market's leading savers. Separate from ANZ Plus.	2026-06-24	See review

How to Choose a Savings Account

1. Intro rate vs ongoing rate

Introductory rates are typically higher but last only 3–4 months before reverting. They suit people with a lump sum to park temporarily, or those willing to switch accounts regularly. Ongoing rates are lower but more predictable — better if you want a long-term home for your savings.

2. Understand the conditions

Most high-rate accounts require monthly conditions: a minimum deposit, a minimum number of card transactions, or a growing balance. Missing them means earning only the base rate — sometimes as low as 0.01% p.a. Be honest about whether you'll meet them every single month.

3. Base rate matters more than you think

The base rate is what you earn when conditions aren't met. An account with a 5.50% max rate and a 0.05% base rate is risky if your income is irregular. Macquarie's no-conditions 5.00% ongoing may actually pay you more over a year if you'd miss conditions several times.

4. Check the balance cap

Some accounts apply the bonus rate only up to a balance cap ($50,000 for Great Southern Bank, $250,000 for BOQ). If your savings exceed the cap, any amount above it typically earns the base rate only.

5. Your deposits are protected

All banks, credit unions, and building societies authorised by APRA as ADIs are covered by the Financial Claims Scheme. Up to $250,000 per account holder per institution is guaranteed by the federal government — so spreading large savings across multiple banks adds an extra layer of protection.

In-depth Reviews

Rabobank High Interest Savings Account review — 5.90% p.a. intro rate for 4 months, then 4.00% p.a. ongoing
ING Savings Maximiser review — Max 5.50% p.a. when conditions are met
ubank Save Account review — Max 5.85% p.a. (intro), then 5.10% p.a. ongoing bonus rate
Macquarie Savings Account review — 5.35% p.a. welcome rate for 4 months, then 5.00% p.a. ongoing
Suncorp Bank Growth Saver review — 5.10% p.a. when conditions met
St.George Maxi Saver review — 5.35% p.a. intro rate for 6 months (new customers only)
Bank of Melbourne Maxi Saver review — 5.35% p.a. intro rate for 6 months (new customers only)
ANZ Plus Growth Saver review — 5.10% p.a. when balance grows $100+ per month (effective 15 May 2026)
ANZ Progress Saver review — 3.74% p.a. when you save regularly and make no withdrawals
ANZ Online Saver review — 1.35% p.a. ongoing variable rate (intro bonus may apply for new customers)
Great Southern Bank Goal Saver review — 5.35% p.a. for 18–24 year-olds on balances up to $50,000 when conditions met
Newcastle Permanent Smart Saver (under 25) review — 5.70% p.a. for under-25s when you grow your balance each month
Greater Bank Life Saver review — 5.25% p.a. for under-25s in any month your balance grows
NAB Reward Saver review — 5.00% p.a. when conditions met (effective 18 May 2026)
CommBank GoalSaver review — 5.00% p.a. when conditions met (effective 15 May 2026)
Westpac Life review — 5.00% p.a. when conditions met
MyState Bank Bonus Saver review — 5.00% p.a. when conditions met (effective 14 May 2026)
BOQ Smart Saver review — 5.40% p.a. on balances up to $250,000 when conditions met
Virgin Money Boost Saver review — 4.50% p.a. with Lock Saver — 4.20% p.a. standard bonus rate
ME Bank SaveME review — 4.35% p.a. when conditions met

Frequently Asked Questions

Which bank has the highest savings account rate in Australia right now?

As of 24/06/2026, Rabobank offers the highest introductory rate in our comparison at 5.90% p.a. for 4 months (no conditions). For ongoing rates, ING Savings Maximiser leads at up to 5.50% p.a., with BOQ (5.40%) close behind, when monthly conditions are met.

Are introductory savings rates worth it?

Yes, if you plan ahead. An introductory rate applies for a fixed period (typically 3–4 months) and then reverts to a lower ongoing rate. They're worth taking if you're prepared to switch accounts when the intro period ends, or if you have a lump sum to park temporarily.

Can I have multiple savings accounts at different banks?

Yes. There's no restriction on holding savings accounts at multiple banks. Some people use one account for its intro rate, then transfer to another for the best ongoing rate. Note that each bank's $250,000 government deposit guarantee applies separately.

What happens if I miss the monthly bonus conditions?

You earn the base rate only for that month — which is typically much lower (often under 1% p.a.). Your money is still safe and you can earn the bonus rate again the following month by meeting the conditions.

Is my money protected in a savings account?

Yes. Deposits up to $250,000 per person per authorised deposit-taking institution (ADI) are protected under Australia's Financial Claims Scheme (FCS), backed by the federal government.

Related guides

Bonus rate conditions explained — how to reliably earn the top rate every month
Term deposit vs savings account — when to lock in vs stay flexible
Best term deposits — lock in a rate for 3–24 months, no conditions
Best home loans — lowest variable rates for owner-occupiers
Best credit cards — bonus points, low rate, and no-fee picks
Bank cash bonuses — one-off cashback offers worth up to $4,000

Information is general in nature and may change without notice. Rates verified 24/06/2026. Confirm current rates and conditions on each bank's website before applying. This is not financial advice.