Interest rates on bank deposit accounts are increasing again, meaning there are now more benefits to old-fashioned saving
Some accounts will pay you interest with few or no conditions – others will give you a better rate, but come with specific requirements
Before making a deposit, check that you can meet any conditions and whether your savings would be better off elsewhere
After a series of cuts last year, Australia’s cash rate has been on the rise again in recent months, leading banks to be slightly more generous with the interest rates they pay on deposit accounts.
High-interest savings accounts may still not sound as appealing as some modern investments, but they’ve at least started to live up to their name in recent years.
Where rates on these products were previously languishing below 1%, they’re now hovering close to 6%.
High-interest savings accounts have finally started to live up to their name
With the money market showing some life, now could be a good time to revisit this long-time savings favourite and see which banks are offering the best rates.
Luckily, we’ve filtered through the terms and conditions for you to find the best high-interest savings accounts worth considering.
High-interest savings accounts are bank accounts that pay you a higher rate of interest on the money you put in them.
Because they offer higher rates than most other bank accounts, many of these products come with conditions, such as depositing a certain amount each month.
Like regular savings accounts, they’re also usually online and not connected with a credit or debit card, so it’s not as easy to dip into your savings.
Because they offer higher rates than most other bank accounts, many of these products come with conditions
In order to get one of these accounts, you’ll also often have to open an everyday spending or transaction account at the same bank, some of which may come with their own fees or conditions. Our list identifies which products require you to take this extra step.
Thankfully, most high-interest savings accounts don’t come with ongoing account-keeping, service or admin fees. In any case, we outline the fee situation for each of the best performing accounts (and their associated transaction accounts) in our list below.
You’ll earn more in a high-interest savings account than in a regular savings or transaction product.
How do high-interest savings accounts work?
The percentage figure you’ll see advertised alongside a high-interest savings account refers to the annual rate of interest you’ll be paid on the money you keep in that account.
Even though this figure represents an annual return, for each of the accounts listed here, interest is calculated daily (to account for some months having more days than others) and paid monthly.
Provided you’ve met any account conditions, interest will appear in your account after the month it was earned.
How to know where to put your savings
Before you go switching accounts to cash in on the higher rates, pause to consider the best way to make your savings count:
When choosing which high-interest option to go for, don’t fall for teasers (i.e. accounts that offer generous introductory rates, but only for the first few months) or options with deposit or transaction conditions that you might find hard to meet.
If you have debts owing to buy now, pay later (BNPL) services or credit cards, your first priority should be to pay them off before putting money aside for saving.
If you’ve got a mortgage, a 100% offset account might be a better destination for your cash – keeping your money in an offset can help you reduce the amount of interest you’ll pay over the life of your loan.
Text-only accessible version
How to compare high-interest savings accounts
Step 1. Interest rate: What’s the maximum rate and does it come with conditions? Does it only last for a short time?
Step 2. Linked account: Do you need to open a linked transaction account with the same bank?
Step 3. Access: Is the account app-exclusive? Can you use internet banking? Will you have access to a debit card, ATM withdrawals or a linked account?
Step 4. Conditions: What are the conditions for the maximum interest rate?
Intro rate: Does the interest rate only apply for the first few months?
Deposits: Do you need to make minimum deposits? Does the account balance need to grow?
Transactions: Do you need to make a certain number of transactions from a linked account?
Withdrawals: Are withdrawals allowed?
Step 5. Fees: Are there any fees on the account or a linked account?
Best high-interest savings accounts by base rate
These accounts offer the best ongoing annual interest rates without requiring you to make any regular deposits or transactions, or making you wait a certain amount of time before you can access your money.
Products with tiered rates (different interest rates for different parts of a deposit) are ranked by their lowest tier – that is, the initial rate they offer customers.
Any introductory rates (which usually only last for a few months) included with accounts are mentioned, but don’t factor into a product’s ranking. Accounts exclusively for children are not included.
(Last updated 17 June 2026)
Flex Saver (ANZ Plus) – 5.10%
On balances up to $5000.
You’ll also have to open Everyday and Growth Saver accounts with the same provider.
No ongoing account-keeping fees on this account or other accounts from the same provider.
Exclusive to the ANZ Plus app and not accessible via ANZ’s standard online or branch banking.
GO Save (AMP Bank GO) – 5.10%
On balances up to $500,000.
You’ll also have to open a linked transaction account with the same provider.
No ongoing account-keeping fees on this account or the linked transaction account.
Exclusive to the AMP Bank GO app and not accessible via AMP’s standard online or branch banking.
Flex Saver (Easy Street) – 5.05%
On balances up to $3 million.
No ongoing account-keeping fees on this account, but you will have to pay a refundable $2 membership fee upon becoming a customer.
Easy Saver (Bankwest) – 5.00%
On balances up to $250,000.99. An introductory rate of 5.75% is available for the first four months.
You’ll also have to open a linked transaction account with the same provider.
No ongoing account-keeping fees on this account or the linked transaction account.
Savings Account (Macquarie) – 5.00%
On balances up to $2 million. An introductory rate of 5.35% is available for the first four months on balances up to $250,000.
You’ll also have to open a linked transaction account with the same provider.
No ongoing account-keeping fees on this account or the linked transaction account.
Hello Saver (MyState Bank) – 5.00%
On balances up to $500,000. An introductory rate of 5.40% is available to new customers for the first four months.
No ongoing account-keeping fees on this account.
Note: Some other banks, including Teachers Mutual, have accounts with base rates as high as those listed here, but we’ve chosen to leave them off this list because their products are only available to current and former workers in particular industries and their families.
Able to make a few concessions with your money without breaking your budget? These accounts top the savings rate market, but require depositors to make certain sized deposits and numbers of transactions in return.
Accounts exclusively for children or people employed in particular sectors, such as defence, are not included.
It’s important to know that if you can’t meet these conditions, the bank will only pay you a base rate of interest, which can be as low as 0.01%.
(Last updated 17 June 2026)
Life savings account (Westpac) – 5.75%
On balances up to $150,000.
Conditions: Must be 18–40 years old. Grow your account balance (excluding interest earned) and make at least one deposit in a month, while maintaining a positive account balance. Hold a Westpac Choice transaction account and make at least twenty eligible, settled purchases with the card linked to this account every month.
You’ll have to open a linked transaction account with the same provider.
No ongoing account-keeping fees on this account.
A $5 monthly account keeping fee applies to the Choice account, but is waived for some customers, including those under 41 and anyone who deposits at least $2000 in a month.
Smart Saver Under 25s Account (Newcastle Permanent) – 5.75%
On balances up to $50,000.
Conditions: Must be under 25 years old and living in NSW or Queensland. Grow your balance (excluding interest earned) and make no more than two withdrawals in a month, while maintaining a positive account balance.
No ongoing account-keeping fees on this account.
Growth Saver (Move Bank) – 5.65%
On balances up to $25,000.
Conditions: Deposit at least $200 and make no withdrawals in a month.
No ongoing account-keeping fees on this account.
Future Saver Account (Bank of Queensland) – 5.60%
On balances up to $50,000.
Conditions: Must be 14–35 years old. Deposit at least $1000 into a linked Everyday Account (cash and cheques not included), and make five settled, eligible transactions with the card linked to your Everyday Account in a month.
You’ll have to open a linked Everyday transaction account with the same provider.
No ongoing account-keeping fees on this account or the linked transaction account.
Exclusive to the myBOQ app and not accessible through BOQ’s standard online or branch banking.
Savings Maximiser (ING) – 5.50%
On balances up to $100,000. Can only apply to one account.
Conditions: Deposit at least $1000 into any personal ING account in your name and make at least five settled purchases with an ING debit or credit card in a month. The savings account must also have a higher closing balance than the previous month (excluding interest).
You’ll have to open a linked transaction account with the same provider.
No ongoing account-keeping fees on this account or the linked transaction account.
Why are some bank accounts only available via an app?
You’ll notice several of the accounts listed above are only available through the relevant bank’s app and can’t be accessed via online banking on its website or in its branches.
An app-only approach can also help a bank’s bottom line
These institutions say they’re doing this in order to meet consumer demand for mobile banking, but an app-only approach can also help a bank’s bottom line.
ANZ has previously revealed that its costs to acquire and service customers are 45% and 35% cheaper, respectively, through ANZ Plus than other parts of its retail business.
Australia’s major lenders have traditionally lagged behind newer and smaller banks on deposit returns, but they’re now offering competitive rates on some savings products.
They also rarely limit their interest rate offers to certain balance sizes, meaning they can be a good option if you’re looking to earn a return on a large deposit.
Here’s what you could be getting if you’re a customer at one of the big four:
(Last updated 17 June 2026)
ANZ
ANZ Plus Flex Saver – 5.10%. See details above. 2.10% on any amount over $5000.
ANZ Plus Growth Saver – 5.10%. Conditions: Grow your account balance by at least $100 (on top of any interest you receive) every month, otherwise it reverts to 0.10%. No ongoing account-keeping fees.
Progress Saver – 3.75%. Conditions: Deposit at least $10 in one transaction in a month and make no withdrawals or transfers or incur any fees or charges, otherwise it reverts to 0.01%. No ongoing account-keeping fees.
Online Saver – 1.35%. No ongoing account-keeping fees.
CBA
GoalSaver – 5.00%. Conditions: Make at least one deposit and have a growing account balance in a month, excluding interest and bank-initiated transactions, otherwise it reverts to 0.25%. No ongoing account-keeping fees.
NetBank Saver – 2.10%. 5.20% for the first five months on your first NetBank Saver account. No ongoing account-keeping fees.
NAB
Reward Saver – 5.00%. Conditions: Make at least one deposit and no withdrawals in a month, otherwise it reverts to 0.01%. No ongoing account-keeping fees.
iSaver – 1.65%. 5.25% for the first four months on balances up to $20 million if you haven’t held an iSaver account in the last 12 months. No ongoing account-keeping fees.
Westpac
Life – 5.00%. Conditions: Make at least one deposit and have a growing account balance that doesn’t fall below $0 in a month, otherwise it reverts to 0.10%. 18–40 year olds with this account can earn 5.75% on balances up to $150,000 if they meet the previous criteria and make twenty eligible and settled purchases with a debit card linked to their Westpac Choice account. No ongoing account-keeping fees.
eSaver – 1.25%. 5.25% for the first five months if opened online by sole applicants who have never held an eSaver account before. No ongoing account-keeping fees.
How much does a high-interest savings account pay?
If you had $1000 in an account and deposited $100 into it each week for a year, you would earn…
$45 in an account earning 1.25% interest
$126 in an account earning 3.50% interest
$181 in an account earning 5.00% interest
$184 in an account earning 5.10% interest
$199 in an account earning 5.50% interest
$209 in an account earning 5.75% interest
Source: Move bank
How to compare high-interest savings accounts
Step 1. Interest rate: What’s the maximum rate and does it come with conditions? Does it only last for a short time?
Step 2. Linked account: Do you need to open a linked transaction account with the same bank?
Step 3. Access: Is the account app-exclusive? Can you use internet banking? Will you have access to a debit card, ATM withdrawals or a linked account?
Step 4. Conditions: What are the conditions for the maximum interest rate?
Intro rate: Does the interest rate only apply for the first few months?
Deposits: Do you need to make minimum deposits? Does the account balance need to grow?
Transactions: Do you need to make a certain number of transactions from a linked account?
Withdrawals: Are withdrawals allowed?
Step 5. Fees: Are there any fees on the account or a linked account?
High-interest account traps to be aware of
As we’ve highlighted, some high-interest savings accounts come with a web of conditions and caveats.
You should make sure you will be able to meet these requirements if you want to take advantage of the bonus rates these accounts offer. If you can’t, in many cases your rate will be slashed and end up being much lower than what you would be getting in a condition-free account.
Rate tease
‘Teaser’ accounts make a big show of offering high rates with no conditions – only to reveal in the fine print that holders will enjoy this introductory rate for just the first few months.
There are quite a few of these out there, so always look at the details of a deal before you park your cash and be prepared to move your savings elsewhere if you don’t want to be hit with a lower base rate.
CHOICE tip: Accounts with a short-term bonus rate can work for you if you need a place to leave your money for a short period of time, as they’re more flexible than a term deposit.
Balance limits
Many of the most competitive accounts offer good rates, but limit them to balances up to a certain amount. For example, they may pay 5.10%, but only on balances up to $5000.
Any amount of money above this will earn interest at a lower rate, or not at all.
This is one aspect of the high-interest savings market where the big four come out better against smaller banks – larger institutions are less likely to have balance limits as part of their offers, making them an attractive option if you’re looking to deposit a large amount of money.
Many accounts that offer a top-shelf rate will make you work for it, requiring you to make set monthly deposits into it or a linked transaction product.
For some banks, the bar for these contributions is as high as $1000, so getting wages or a salary paid into the account where they’re required could be the easiest way to meet these conditions.
No withdrawals and positive balances
These minimum-deposit conditions often come paired with a “growing balance” clause, which slashes your rate to next to nothing if you make a transfer and leave the account holding less money than the previous month. Others only provide bonus rates if you make no withdrawals at all.
Be prepared to leave your money untouched for a while if you want to reap some serious interest
If your account comes with these conditions, be prepared to leave your money untouched for a while if you want to reap some serious interest.
Linked accounts and mandatory purchases
Quite a few of the best savings options currently on the market require you to have a transaction account with the bank you’re saving with.
In the age where you can set up a bank account online, this is a relatively simple task, but be aware that a linked transaction account may come with ongoing fees. You might also have to make a minimum number of purchases using the card linked to that account every month if you want to keep your rate up.
CHOICE tip: Make sure you only use this sort of account if you can fulfil its conditions without inconveniencing yourself or your budget.
Age limits and occupation eligibility
We’ve decided to overlook a few accounts that would have made it onto our list because their competitive rates are only available to children or teenagers. Always check you’re putting your money somewhere that’s age-appropriate.
We’ve also left off any accounts provided by banks who only offer their products to current and former workers in particular sectors (such as education or defence), their relatives or any apprentices, trainees or students.
Liam Kennedy is a Journalist with the Editorial and investigations team. He answers consumers' most burning questions, from which scams to be aware of and how to save money, to whether new services and products are worth using and how the latest developments in consumer news could affect them.
Prior to CHOICE, Liam worked in production in daily news radio and podcasting.
Liam has a Bachelor of Communication (Journalism) and a Bachelor of Arts in International Studies from the University of Technology Sydney. LinkedIn
Liam Kennedy is a Journalist with the Editorial and investigations team. He answers consumers' most burning questions, from which scams to be aware of and how to save money, to whether new services and products are worth using and how the latest developments in consumer news could affect them.
Prior to CHOICE, Liam worked in production in daily news radio and podcasting.
Liam has a Bachelor of Communication (Journalism) and a Bachelor of Arts in International Studies from the University of Technology Sydney. LinkedIn
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