Savings rate tracker · ING updated 10 October 2026
Australian Savings Rate and Bank Bonus Tracker 2026
A clean tracker for high-interest savings rates, bonus rules and sign-up offers in Australia, built for people who want the best cash setup without reading ten product pages.
Ubank is our first spending-and-savings option to compare if you can reliably meet its monthly net-growth rule. Macquarie is the cleaner no-hoops savings account. Bankwest and NAB are worth comparing for intro/bonus rates, while ING can be strong if you reliably hit its stricter monthly conditions.
This page is the directory-style version of my savings content. The reviews are still useful when you want the full product experience, but this tracker is for the immediate question: where does cash earn a competitive rate, what rule do you need to hit, and is there a sign-up offer worth caring about?
The rates below are variable. Banks can change them after RBA decisions or product updates, so treat this as a decision shortlist and confirm the live product page before moving a large balance.
Recent changes: Ubank increased its everyday rate on 6 October. Macquarie closed its welcome offer to new accounts after 14 September. ING’s Savings Maximiser rate increased to 5.75% p.a. from 9 October. Its monthly deposit, purchase and balance-growth conditions still apply.
Australian savings rate tracker
| Account | Rate | Period / cap | Main rule |
|---|---|---|---|
| Ubank Save | 5.35% p.a. ongoing; eligible new individual customers 6.10% p.a. for up to 4 months | Bonus rate, up to $1 million combined eligible savings | Hold Spend; net Save growth of $1 excluding interest; 0% if missed |
| ING Savings Maximiser | 5.75% p.a. from 9 October 2026; 0.01% standard rate | One nominated account, up to $100,000 | External $1,000 deposit + 5 settled purchases + balance growth; benefits next month |
| Macquarie Savings | 5.00% p.a. on portions up to $2 million; 2.75% above | Ongoing stepped variable rates | No monthly qualification; new-account welcome offer closed after 14 September; brackets change 1 November |
| Westpac Life | 5.00% p.a. total; 0.10% base | Conditional variable savings | Deposit, stay non-negative, grow by last business day; check linked Choice fees |
| Bankwest Easy Saver | 5.75% intro 4 months; 5.00% standard | These rates on portions up to $250,000.99 | Intro eligibility excludes a prior Easy Saver intro in the last 2 years; different rates above cap |
| Bankwest Hero Saver | 5.10% p.a. Hero; 0.65% standard | Hero rate up to $250,000.99 | Monthly bonus conditions apply; compare the product’s deposit/withdrawal rules |
| CommBank NetBank Saver | 5.20% intro 5 months; 2.10% standard | First NetBank Saver | Linked transaction-account fees may apply; diarise the intro expiry |
| NAB Reward Saver | 5.00% p.a. total; 0.01% base | Conditional savings | Deposit by the second-last banking day; no withdrawals that month |
| NAB iSaver | 5.25% intro 4 months; 1.65% standard | Intro on up to $20 million | No iSaver held in the previous 12 months; all joint holders must qualify |
For help choosing between ongoing, introductory and conditional rates, read our Australian high-interest savings account comparison. Use the table dates and each bank’s current terms before moving money.
The rate is not the whole answer. A 5.25% account with awkward monthly rules can be worse than a 5.00% account you earn every month without thinking.
Best savings account picks right now
Ubank
Compare Ubank for the combination of everyday banking, conditional savings interest and a separate referral reward. The Everyday Bonus Rate is 5.35% p.a., and eligible new customers may get a 6.10% p.a. welcome rate for 4 months.
Macquarie
Macquarie is the cleaner pick if you hate monthly conditions. The 5.00% p.a. ongoing rate up to $2m is strong because it does not rely on card purchases, deposits or balance-growth hoops.
Bankwest, NAB, CommBank
Intro rates can be useful if you are organised. Just set a reminder before the intro period ends or you can drift onto a much weaker standard rate.
Ubank sign-up offer and referral code
Ubank’s invitee page says new customers can score a $30 offer. To use this setup, open Ubank through the referral page, enter code AFWLLL7, and complete the eligible card-purchase requirement inside the offer window.
Want the Ubank offer?
Use referral code AFWLLL7 during signup, then make the required eligible settled card purchases within your first 30 days.
Up and Ubank: offer and account conditions
Up: ordinary Savers earn 5.35% p.a. Grow when untouched, up to the combined $250,000 individual Grow cap, or 2.00% p.a. Flow when accessed. First make five qualifying debit-card purchases in the calendar month; otherwise ordinary Savers earn 0.00%. The 2Up Grow cap is separate. Essentials earns 2.00% Flow without the purchase requirement until 28 February 2027. Up rates and conditions.
Up travel: no Up international transaction or ATM-withdrawal fee; ATM operators can charge separately. The card uses Mastercard’s exchange rate. Daily withdrawal limits still apply: the standard ATM cash-out limit is $1,000, subject to approved variations. Up currently advises allowing 15–20 business days for a physical card. Up travel information.
Ubank Save: 5.35% p.a. ongoing bonus interest; eligible new customers can earn 6.10% p.a. for up to four months. Hold a Spend account and grow combined eligible Save balances by $1 per month, excluding interest, by 11:30pm Sydney time on the last day. Withdrawals can make you miss this test. Bonus interest is paid on up to $1 million per customer; offset-linked balances are excluded. Ubank savings conditions.
Ubank referral: the standard $30 offer currently covers eligible signups. Enter AFWLLL7 during signup; both people must be 18 or over. Five eligible card purchases must settle within the first 30 days. Payment can take up to 45 days after qualification. Returning-customer restrictions apply and differ from the savings welcome-rate rules. Full referral terms.
Deposit protection: eligible Up deposits share Bendigo and Adelaide Bank’s $250,000-per-person FCS limit; Ubank deposits share NAB’s limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
If you want the deeper product-level call, read my Ubank review, Ubank vs ING comparison and Ubank vs Macquarie comparison.
What is a small rate difference worth?
A 0.25 percentage-point difference is approximately $75 a year on $30,000, before tax and compounding, if the balance and rates stay constant. Compare that with missed interest, account fees and the effort of changing banks. For a decision guide rather than a directory, compare the savings-account scenarios.
The conditions that matter most
Grow-balance rules
These are easy until you withdraw money late in the month. Ubank’s $1 growth rule is simpler than many competitors, but you still need to remember it.
No-withdrawal rules
These can be annoying for emergency savings because one necessary withdrawal may cost you the bonus rate for the month.
Intro-rate cliffs
Intro rates are great if you diarise the expiry. They are bad if you forget and leave your cash parked after the promotional period.
Balance caps
Check whether the rate applies to your whole balance, a portion of your balance, or only a small first tier.
What about the Australian Government deposit guarantee?
APRA explains that the Financial Claims Scheme covers eligible deposits of up to $250,000 per account holder per ADI. That matters if you hold large balances, especially across brands that may share a banking licence.
The RBA cash rate target was 4.35% effective 6 May 2026. Savings rates do not automatically move one-for-one with the cash rate, but it is the backdrop for why banks are repricing savings products.
Sources
These are the official/current pages used for the tracker. Product pages can change, so always confirm the live page before opening an account or moving a large balance.
- Ubank Rates
- Ubank Referral
- ING effective savings rates and conditions
- Macquarie Savings
- Westpac Life
- Bankwest Rates
- Commbank Netbank
- Nab Rates
- Apra Fcs
- Rba Cash Rate
FAQ
What is the best savings account in Australia right now?
For rate plus simplicity, Ubank and Macquarie are the cleanest shortlist. Ubank has the stronger headline rate and referral offer; Macquarie has the cleaner no-hoops structure.
Is the Ubank referral code still worth using?
Yes, if you are already opening Ubank and can complete the purchase requirement. Use code AFWLLL7 and check the live Ubank referral terms.
Should I chase intro savings rates?
Only if you are organised. Intro rates can be excellent for 4-5 months, but set a reminder before the rate drops.
Disclosure: This post contains affiliate or referral links. MoneyHackHQ may receive a referral reward or commission at no extra cost to you. This is general information, not personal financial advice.
Leave a Reply