Top 10 High-Interest Savings Accounts in Australia 2026
Australia's highest advertised savings rate is not always the account that pays a household the most. Age limits, balance caps, monthly deposits, spending requirements and rules against withdrawals can turn a headline bonus into a much lower base rate.
As at 31 August 2026, Rabobank and BOQ advertise standout rates for specific customers, ING remains competitive with multiple conditions, and AMP GO Save offers a simpler proposition on eligible balances. Rates can change immediately after publication. This guide ranks accounts by a combination of return, accessibility and effort—not the headline number alone.
Australian high-interest savings accounts compared
| Account | Best suited to | Important condition or limit |
|---|---|---|
| BOQ Future Saver | Savers aged 14–35 | Age, balance and monthly activity rules |
| Rabobank High Interest Savings | Short introductory boost | Introductory period then lower ongoing rate |
| ING Savings Maximiser | Active everyday-bank users | Deposit, growth and card-use conditions |
| AMP GO Save | Savers wanting fewer hoops | Top rate applies only within a balance cap |
| Macquarie Savings Account | Straightforward introductory saving | Intro period and rate tiers change |
| Ubank Save | Regular depositors | Monthly deposit rule and account limits |
| Great Southern Bank Goal Saver | Goal-based savers | Deposit/growth conditions can apply |
| Westpac Life | Existing Westpac customers | Balance growth and account conditions |
| CommBank GoalSaver | Existing CommBank customers | Deposit and balance-growth test |
| ANZ Plus Save | Mobile-first ANZ Plus users | App ecosystem and current balance rules |
This is not a live rate table. Before opening an account, check the bank's current product page, target market determination and terms. Calculate interest using your actual balance and expected behaviour.
1. BOQ Future Saver: strongest for eligible younger savers
BOQ Future Saver has one of the most attractive headline rates in the current market, but it is designed for customers aged 14 to 35 and the highest rate is limited to eligible balances. Customers generally need to meet monthly deposit and transaction requirements through linked banking products.
For a student or young worker who already uses the linked everyday account, the conditions may be manageable. The balance cap matters: money above it may earn a different rate, so a customer with a large home deposit should calculate the blended return.
Check what happens in the month of a birthday, whether card transactions must settle rather than merely be authorised, and how multiple Future Saver accounts are treated. BOQ is the top pick for an eligible customer, not a general winner for every Australian household.
2. Rabobank High Interest Savings: best introductory rate
Rabobank's High Interest Savings Account offers a strong introductory rate to new customers for a limited period. It can suit someone moving a defined cash balance who wants a temporary boost without complex monthly spending rules.
The important number is the rate after the introductory period. A four-month special is useful only if the saver sets a reminder to reassess, and repeated account switching has an administrative cost. Rabobank's digital savings model may also require linking an account at another institution for transfers.
Verify the maximum balance receiving the promotional rate, new-customer definition and withdrawal process. Do not open an account based on the bonus while ignoring the ongoing base rate.
3. ING Savings Maximiser: best for customers meeting every condition
ING Savings Maximiser can pay a competitive bonus rate when customers satisfy its monthly requirements. These commonly involve depositing a specified amount into a linked Orange Everyday account, making eligible card purchases and increasing the savings balance.
The structure rewards active customers who use ING as their main transaction bank. It is less forgiving for households with irregular income or a month containing a major withdrawal. Missing one test can substantially reduce that month's interest.
Read how interest and withdrawals affect the growth test, what counts as an eligible card purchase and which balance receives the bonus. Keep a small buffer above the required growth rather than attempting to satisfy it by one cent.
4. AMP GO Save: best low-condition option under the cap
AMP GO Save has attracted attention for offering a strong rate without the long list of behavioural requirements attached to some bonus accounts. For a saver with a balance inside the qualifying tier, simplicity can be worth more than an extra fraction of a percentage point elsewhere.
Balance caps and product eligibility remain crucial. A high rate on the first portion and a low rate above it may produce a disappointing blended result. Digital access and transfer arrangements should also fit the way the household manages emergency funds.
Confirm whether the rate is introductory, variable or tiered and whether opening linked products is required. “No hoops” should mean the account matches your behaviour, not that the terms can be skipped.
5. Macquarie Savings Account: best simple entry experience
Macquarie's savings products are known for a straightforward digital account and competitive variable rates, often including an introductory treatment for new savings customers. The linked transaction account and broad ATM-fee approach may appeal to people consolidating everyday banking.
Introductory rates expire, and different Macquarie savings product names or tiers can carry different rates. Existing customers may not qualify for a new-customer offer. Confirm which account you are actually opening and the rate that will apply after the opening period.
Macquarie is a strong candidate for savers who value simple access and an established banking app. It may not lead the market every month, so review it when the introductory period ends.
6. Ubank Save: best for regular depositors
Ubank Save generally rewards customers who deposit a required amount into eligible accounts each month. The condition is easier than card-spend and balance-growth combinations for many salaried households, and multiple Save accounts can help separate goals.
The customer should understand whether the deposit can be split across accounts, whether internal transfers qualify and what balance limit receives bonus interest. Rules and rates have changed over time, so old comparison tables are unreliable.
Ubank is well suited to automated payday transfers. Set the scheduled deposit above the minimum, allow for weekends and keep evidence until the bonus appears. An emergency withdrawal is less likely to break a pure deposit condition than a balance-growth test.
7. Great Southern Bank Goal Saver: best for disciplined goals
Goal Saver is designed to reward regular saving, typically through deposit or balance-growth conditions. It can work for a home deposit, annual expense or other target where withdrawals should be uncommon.
Great Southern Bank also offers youth-oriented products, so age and account version must be checked carefully. A rate advertised in a comparison may apply to a different product or balance tier than the one available to you.
Use it when the conditions reinforce behaviour you already want. If your emergency fund is likely to move in and out, an account that penalises a withdrawal may be a poor fit even at a higher headline rate.
8. Westpac Life: best for customers staying with Westpac
Westpac Life can provide bonus interest when the account balance grows during the month, subject to current terms and limits. Existing Westpac customers may value immediate transfers, one app and simpler identity administration.
Convenience has economic value, but it should be quantified. Compare the expected annual interest after conditions with an external account, especially on a large balance. A growth test can be disrupted by using the account for annual bills.
Keep emergency money or known expenses separate from a growth-dependent savings goal. Confirm whether interest credited by the bank counts towards growth and how the rule applies across multiple accounts.
9. CommBank GoalSaver: best for CommBank convenience
CommBank GoalSaver is a familiar option for Australia's largest banking customer base. Bonus interest usually depends on making a deposit and finishing the month with a higher balance. Integration with the CommBank app makes goals and transfers easy to see.
The account may not have the market's highest headline rate. Its case is convenience and a condition that disciplined savers can understand. Customers should still compare the dollar difference rather than assuming loyalty is free.
A household can automate a deposit after payday and maintain a separate transaction buffer. Check rate tiers, monthly tests and how withdrawals affect eligibility. Convenience should not prevent an annual market review.
10. ANZ Plus Save: best for mobile-first ANZ Plus users
ANZ Plus provides app-based transaction and savings accounts within ANZ's newer digital platform. It can suit users who want goal features and a relatively simple mobile experience rather than branch-led banking.
ANZ Plus is operationally distinct from some traditional ANZ products, so customers should not assume every branch process, login or feature is shared. Rates and balance requirements must be checked within the current offer.
It belongs on the shortlist for ease and major-bank backing, not because a single rate snapshot makes it permanently superior. Confirm joint-account, cash-deposit and support needs before moving all household savings.
Calculate the return you will actually receive
Suppose one account pays a higher bonus only on the first AUD 50,000 and another pays a slightly lower rate across AUD 100,000. The second can deliver more total interest. Use a blended calculation for each tier and allow for months in which you might miss conditions.
Interest is generally calculated daily and paid monthly, but terms vary. A rate of 5 per cent per annum does not pay 5 per cent each month. Tax also matters: bank interest is normally assessable income, and the bank may withhold at a higher rate if it lacks your tax file number. Consider your circumstances or seek tax advice.
An offset account can be more valuable than taxable savings for some mortgage holders. An offset reduces interest charged on the linked home loan rather than paying deposit interest. Compare access, loan rate, fees and whether the offset is full or partial.
Safety, access and the Financial Claims Scheme
Australia's Financial Claims Scheme protects eligible deposits up to AUD 250,000 per account holder per authorised deposit-taking institution, subject to the scheme's rules. Several brands can share one banking licence, so do not assume each logo provides a separate limit. Check the institution behind the product.
Deposit protection does not prevent scams or mistaken transfers. Use strong unique passwords, multi-factor authentication, transaction alerts and independently verified payee details. Keep some emergency money accessible if a digital bank experiences an outage or places a security hold on a transfer.
This guide is general information, not personal financial or tax advice. Rates are variable and the best account depends on balance, age, cash-flow needs and eligibility.
Which savings account is best in 2026?
BOQ Future Saver is compelling for eligible younger customers, Rabobank leads as a temporary promotional option, ING rewards people who naturally meet its conditions, and AMP GO Save is attractive for simplicity within its balance tier. Ubank offers a practical middle ground for regular depositors.
Check rates directly on the day you apply, set reminders for expiring bonuses and review the result every few months. A reliable account that pays its bonus through normal behaviour often beats a higher rate that you miss. See more Australian money explainers in Sarvalaya's finance section.