Best High-Interest Savings Accounts Australia: Rates and Conditions
The best savings account is the one that pays a competitive rate on your balance and still fits how you use your money. Compare the ongoing rate, withdrawal rules, balance cap and the rate after any welcome period.
Start with Ubank if you want Australian spending and savings together and can meet its monthly net-growth test. Compare Macquarie when easy withdrawals matter more than a conditional rate, and Up if budgeting features are your priority. This shortlist does not cover every Australian bank.
ING: $100 sign-up bonus
Open both a Savings Booster and Orange Everyday using referral code FCL865, then complete the following by 30 November 2026:
- Enter FCL865 during your application.
- Deposit a total of at least $1,000 from outside ING into your new Orange Everyday within a single calendar month during the offer period.
- Make five settled card purchases with your new Orange Everyday card within a single calendar month during the offer period.
You must not have held either Orange Everyday or Savings Booster since 1 July 2019, even if the account is now closed. The $100 is usually paid within 30 days of qualifying, although it can take longer. Your Orange Everyday must remain active and unrestricted for payment.
We may also receive $100 when you qualify. This one-off offer requires Savings Booster and Orange Everyday; it is separate from Savings Maximiser interest and its monthly conditions. Other promotions may not combine with this offer. Full offer details.
Savings rates at a glance
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| Account | Rate and period | Main condition or limit |
|---|---|---|
| Ubank Save | 5.35% p.a. ongoing bonus rate. Eligible new individual customers joining from 9 October 2026: 6.25% p.a. welcome rate for up to four months. | Hold Spend and grow combined eligible Save balances by $1 monthly, excluding interest. Bonus paid up to $1 million; no interest if the test is missed. |
| Macquarie Savings | 5.00% p.a. ongoing on the portions up to $2 million; 2.75% above. | No monthly deposit, card-purchase or balance-growth test. Welcome offer closed to accounts opened after 14 September 2026. Balance brackets change 1 November; check before then. |
| Up Savers | 5.35% p.a. Grow / 2.00% p.a. Flow. | Five qualifying monthly purchases for ordinary Savers. Withdrawing from a Saver moves that Saver to Flow for the month. Combined individual Grow cap $250,000; 2Up cap separate. |
| ING Savings Maximiser | 5.75% p.a. from 9 October 2026. | One nominated account, up to $100,000. External $1,000 deposit, five settled purchases and balance growth excluding interest; qualification earns benefits next month. |
| Bankwest Easy Saver | 5.75% p.a. introductory for four months; 5.00% p.a. standard rate. | These rates apply to portions up to $250,000.99. Different rates above. Intro eligibility excludes an intro rate on Easy Saver in the previous two years. |
| Westpac Life | 5.00% p.a. total variable; 0.10% base if bonus conditions missed. | Deposit, stay non-negative and grow the balance by the last business day. Linked Choice fees and waiver conditions matter. |
Ubank’s current individual welcome figure for eligible new customers joining from 9 October 2026 is the 5.35% everyday rate plus a 0.90 percentage-point fixed margin. Customers who joined before 9 October and are already on a Welcome Bonus Rate keep the earlier 0.75 percentage-point margin until that welcome period ends. Shared-account rates may differ. The welcome test excludes customers who held a Ubank-branded product in the preceding 24 months. Confirm your account’s rate in the app.
Three different types of savings rate
Welcome rate: a temporary uplift for eligible customers. Write down when it ends. Conditional ongoing rate: you must qualify each month. Missing one rule can cost most or all of that month’s interest. No monthly conditions: the rate can still change, but withdrawals or a missed card purchase do not remove it.
Do not rank accounts solely by the biggest advertised number. A temporary rate, a rate capped at $100,000 and a rate on a much larger balance are different offers.
What does the rate mean in dollars?
For a constant $30,000 balance, approximate annual interest before tax and compounding is balance multiplied by the annual rate. These examples assume the rate stays unchanged and every condition is met.
| Illustrative scenario on $30,000 | Approximate interest |
|---|---|
| 5.35% for a full year | $1,605 |
| 5.00% for a full year | $1,500 |
| 6.25% for four months, then 5.35% for eight months | $1,695 |
| 5.35% for eleven months, then 0% for one missed month | $1,471.25 |
The ongoing 0.35 percentage-point difference between 5.35% and 5.00% is about $105 a year on $30,000. One zero-interest month at 5.35% costs roughly $133.75 in this simplified example. A reliable lower rate can therefore beat a higher rate you miss.
Choose around the money you need to withdraw
Regular savings growth: compare Ubank first
Ubank suits saving toward a goal when you can finish the month with net growth. Withdrawing is allowed, but simply depositing $1 after a larger withdrawal does not pass the test. Read the Ubank review for the account and signup details.
Emergency money you might spend: compare Macquarie
Macquarie’s savings account removes the monthly net-growth requirement. That can matter more than a small rate difference when you need to draw down an emergency fund. Check the balance brackets, particularly the announced 1 November change.
Several budgeting buckets: compare Up
Up treats each ordinary Saver according to how it was used: an accessed Saver earns Flow after qualification, while untouched eligible Savers can earn Grow. Essentials has a separate temporary purchase-rule exemption until 28 February 2027. See the Up Bank review and the account terms.
$21 Up sign-up offer · eligibility and referral details
Eligible new customers get a $21 sign-up bonus through our Up invitation after successful signup and identity verification. Complete signup within the invitation’s 14-day validity. We may receive a referral reward. Offer conditions apply.
Other accounts worth checking
Rabobank HISA offers a four-month introductory period for eligible new customers on balances up to $250,000. Compare its live introductory and revert rates rather than relying on an old approximate figure. NAB’s rate table lists Reward Saver and iSaver; no-withdrawal rules and introductory expiry can materially change the result.
Balance caps are different from deposit protection
The Financial Claims Scheme protects eligible Australian-dollar deposits up to $250,000 per account holder per authorised institution when activated. Ubank shares NAB’s limit; Up shares Bendigo and Adelaide Bank’s. An account paying bonus interest on $1 million does not create $1 million of FCS coverage.
If comparing an offset account, consider the home-loan interest it saves as well as cash-account interest after tax. A higher advertised savings rate alone does not settle that decision.
Common questions
What is the best savings account for everyone?
There is no universal winner. Match the ongoing rate, balance cap, withdrawals and qualification rules to your use. This is a selected shortlist, not an exhaustive market ranking.
Can I withdraw from Ubank and still earn interest?
Yes, if you still meet the monthly combined eligible Save balance-growth test, excluding interest, and hold Spend. Otherwise no interest is earned for that month.
Does a signup bonus replace bonus-interest conditions?
No. Ubank’s referral card-purchase requirements and monthly savings rules are separate tests.
Are the rates fixed?
No. The rates here are variable and can change during a welcome period. Confirm the current product and account terms before transferring money.
Build a setup you can keep using
Keep near-term spending separate from savings, automate genuine monthly contributions and set a reminder for any introductory expiry. Use the rate and bonus tracker for a broader side-by-side checklist.
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