Best Savings Accounts Australia (2026)
Expert picks based on rate, conditions, and real-world usability. Last updated: 18/05/2026
Rates can change without notice. Last verified: 18/05/2026 (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
ubankSave Account
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 0.75% base if condition missed
- ✗ App-only, no branches
RabobankHigh Interest Savings Account
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 (5.90%)
- ✓ 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
INGSavings Maximiser
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
- ✓ 5.50% p.a. with no expiry
- ✓ Unlimited balance eligible
Cons
- ✗ Requires $1,000/month deposit + 5 card purchases
- ✗ Conditions must be met every month
CommBankGoalSaver
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 0.25% base rate
MacquarieSavings Account
After a 4-month 5.10% welcome rate, Macquarie pays 4.75% p.a. 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
- ✓ 4.75% is competitive as a no-strings rate
- ✓ Up to $2m balance eligible
Cons
- ✗ Intro rate (5.10%) lower than some competitors
Full Savings Account Comparison
All accounts we currently track, sorted by maximum rate.
| Bank | Account | Max rate | Base rate | Bonus rules / notes | Verified | 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. | 2026-05-17 | |
| ING | Savings Maximiser | 5.5% | 0.01% | Deposit $1,000+ monthly and make 5+ card purchases to earn bonus rate. | 2026-05-17 | |
| 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. | 2026-05-17 | |
| Macquarie | Savings Account | 5.1% | 4.75% | Variable welcome rate for 4 months on balances up to $250k, then 4.75% p.a. ongoing variable rate on balances up to $2m. | 2026-05-17 | |
| Suncorp Bank | Growth Saver | 5.5% | 0.05% | 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. | 2026-05-18 | |
| 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. | 2026-05-18 | |
| Great Southern Bank | Goal Saver | 5.1% | 0.5% | 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). | 2026-05-18 | |
| 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. | 2026-05-18 | |
| BOQ | Smart Saver | 4.85% | 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. | 2026-05-18 | |
| Virgin Money | Boost Saver | 4.85% | 4.55% | Standard bonus rate (4.55%) 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% (4.85%) by locking funds for a chosen period. Rates may be under review following May 2026 RBA change — verify with Virgin Money. | 2026-05-18 | |
| ME Bank | SaveME | 4.1% | 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. Rate may not yet fully reflect the May 2026 RBA increase — check mebank.com.au for the latest. | 2026-05-18 |
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 4.75% 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 — 5.10% p.a. welcome rate for 4 months, then 4.75% p.a. ongoing
- Suncorp Bank Growth Saver review — 5.50% p.a. when conditions met (effective 15 May 2026)
- ANZ Plus Growth Saver review — 5.10% p.a. when balance grows $100+ per month (effective 15 May 2026)
- Great Southern Bank Goal Saver review — 5.10% p.a. on balances up to $50,000 when conditions met (effective 15 May 2026)
- CommBank GoalSaver review — 5.00% p.a. when conditions met (effective 15 May 2026)
- BOQ Smart Saver review — 4.85% p.a. on balances up to $250,000 when conditions met
- Virgin Money Boost Saver review — 4.85% p.a. with Lock Saver — 4.55% p.a. standard bonus rate
- ME Bank SaveME review — 4.10% p.a. when conditions met
Frequently Asked Questions
Which bank has the highest savings account rate in Australia right now?
As of May 2026, Rabobank offers the highest introductory rate at 5.90% p.a. for 4 months (no conditions). For ongoing rates, ING Savings Maximiser and Suncorp Growth Saver both offer up to 5.50% p.a. 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
- 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 18/05/2026. Confirm current rates and conditions on each bank's website before applying. This is not financial advice.