Best high interest rate savings accounts in Australia

Looking to boost your savings? With rates up to 5.00%, we round up the best high interest savings accounts on Canstar’s database.

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Looking to boost your savings? With rates up to 5.00%, we round up the best high interest savings accounts on Canstar’s database.

The best high interest savings accounts in September 2025

At the time of writing, the highest interest rate listed on our database for a savings account is 5.00%, however, this is either an introductory promotional rate that will only last for a limited time (currently four months) or a savings account where you need to meet certain conditions each month to receive a bonus interest rate.

Looking for a high interest savings account that suits your needs? Read on.

The table below shows promotional savings accounts. These accounts come with introductory rates which are available for a limited time, but excludes accounts that also have bonus conditions to earn the total rate.

Highest promotional savings account rates

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Provider	Account	Base Rate	Intro Rate	Total Rate	Intro Period
Rabobank Australia	High Interest Savings Account	3.45%	1.55%	5.00%	4 months
Bankwest	Easy Saver	4.00%	0.80%	4.80%	4 months
Macquarie Bank	Savings Account	4.25%	0.35%	4.60%	4 months
Bank of China	Online Saver	1.35%	3.15%	4.50%	3 months
Commonwealth Bank	NetBank Saver	1.55%	2.90%	4.45%	5 months
Newcastle Permanent	Online Savings Account	1.00%	3.45%	4.45%	3 months

Source: www.canstar.com.au – 01/09/2025. Based on savings accounts on Canstar’s database, with rates based on a deposit of $10,000. Based on accounts with an introductory promotional rate available for a limited time. The top 6 selected and table sorted in descending order by total rate, followed by base rate. Bonus rates may apply, check with the provider for more information. Canstar may earn a fee for referrals. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD), before making a purchase decision. Contact the product issuer directly for a copy of the PDS and TMD.

Compare Savings Accounts

The table below shows savings accounts with the highest base rates, excluding accounts with bonus conditions to earn the total rate and accounts with an introductory promotional rate.

Highest base savings account rates

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Provider	Account	Base Interest Rate
Police Bank	U30 Super Charge	4.50%
Australian Unity	Freedom Saver	4.35%
AMP Bank GO	Save	4.25%
Heartland	MySavings	4.25%
Macquarie Bank	Savings Account	4.25%

Source: www.canstar.com.au – 01/09/2025. Based on savings accounts on Canstar’s database, with rates based on a deposit of $10,000. Top 5 selected and table sorted in descending order by base interest rate, followed by alphabetically by provider. Bonus and/or promo rates may apply, check with the provider for more information. Canstar may earn a fee for referrals. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD), before making a purchase decision. Contact the product issuer directly for a copy of the PDS and TMD.

High interest savings accounts with some strings attached

Outside of promotional interest rates, which only last for a set period of time, some financial institutions may also offer conditional bonus rates. This is where you need to meet certain conditions each month to receive a bonus rate.

Be aware that for some of these accounts, if you fail to meet the conditions, you’ll receive little or no base interest. Check with the provider to confirm what conditions may apply.

Highest bonus saving account rates

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Provider	Account	Base Rate	Bonus Rate	Total Rate	Monthly Bonus Conditions
Westpac	Life – 18-29	0.40%	4.60%	5.00%	Grow your balance & make five debit transactions on linked Choice account each month
BOQ	Future Saver 14-35 yrs old	0.05%	4.80%	4.85%	Deposit $1,000 & make five eligible purchases on linked Everyday Account each month
ING	Savings Maximiser	0.05%	4.75%	4.80%	Deposit $1,000, grow balance & make five card transactions each month
MOVE Bank	Growth Saver	0.10%	4.65%	4.75%	Deposit a minimum of $200 & make no withdrawals within a calendar month
Rabobank Australia	PremiumSaver	0.60%	4.05%	4.65%	Grow balance by $200 each month by the last day of business

Source: www.canstar.com.au – 01/09/2025. Based on bonus savings accounts on Canstar’s database, with rates based on a deposit of $10,000. Top 5 selected and table sorted in descending order by total rate, followed by base rate, followed by alphabetically by provider. Promo rates may apply, check with the provider for more information. Canstar may earn a fee for referrals. Consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD), before making a purchase decision. Contact the product issuer directly for a copy of the PDS and TMD.

Compare Savings Accounts

Compare a wider range of savings accounts by using Canstar’s savings account comparison tables, also available on the Canstar App. Canstar researches and rates more than 200 savings accounts—find out which ones received an Outstanding Value Award in 2025.

How to find the best high interest savings account

Although a high interest savings account yields high returns on your savings, the best savings account for you will depend on your needs and circumstances, so it’s also worth asking:

What type of saver are you? Are you a regular saver who can abide by stricter saving conditions for higher rates? Or do you need flexibility that allows you to save without worrying about any finer details?
What is the interest rate? Although it isn’t the only factor to consider, when it comes to savings the higher the interest rate, the quicker your savings will grow.
Are there any conditions attached to the interest rate? If so, do they match your saving style, and can you keep on top of them each month?
What are the account fees? Fees can erode your savings, so you might consider a fee-free account, or one that waives fees if you meet certain conditions.
Does the account have any useful features? Some savings accounts feature linked transaction accounts, refunds on international transaction fees or cashbacks among their perks.

What is a high interest savings account?

In Australia, financial institutions such as banks, credit unions and other deposit-taking institutions (DPIs) generally offer a transaction or savings account, or a combination of the two.

Savings accounts are designed to earn you interest while limiting withdrawals, and, unlike a transaction account, usually don’t allow for cash withdrawals or direct spending through the account. A high interest savings account, as the name suggests, comes with a high interest rate, which means you can potentially earn more money through interest payments on your savings.

How do high interest savings accounts work?

High interest savings accounts often come with certain terms and conditions, such as limited withdrawals and a set amount that must be deposited into the account each month in order for your savings to accrue the higher interest rate.

These terms and conditions are often put in place to encourage you to regularly deposit into your savings account and withdraw less, which typically results in more interest being earned.

How to apply for a high interest savings account

A savings account can generally be applied for and opened like any other bank account. Depending on the financial institution, you may be able to apply online within minutes. That being said, you may also have to open a linked transaction account first in order to apply for the savings account of your choice.

Some general eligibility requirements to open a savings account in Australia are:

Be an Australian resident with an Australian postal address
Provide some form of photo ID (e.g. driver’s licence or passport) and other personal information in order to confirm your identity
Provide your tax file number (TFN) if you don’t wish the bank to withhold tax on the interest you’re paid
If you’re a minor (those under 16), you may require the assistance of a parent or guardian in order to open an account.

Can the interest rate of a high interest savings account change?

The interest rate you’re offered when opening a savings account may change over time. This is due to most savings accounts having a variable interest rate, which means the rate can change due to economic conditions (e.g. the lowering or raising of the cash rate).

It can be important for savers to keep an eye on the RBA’s cash rate decisions, as the raising of the cash rate could see their interest rate increase, whereas a cut could see their rates fall.

Is my money safe in a high interest savings account?

If your savings are less than $250,000 they will generally be safe in a high interest savings account. This is due to the Federal Government’s Financial Claims Scheme (FCS) which guarantees deposits of up to $250,000 per account holder per authorised deposit taking institution (ADI). This means if the financial institution that’s holding your savings goes bankrupt, the government will reimburse you up to $250,000.

If your savings are more than $250,000, it may be wise to consider splitting your savings across different ADIs to avoid this cap.

Savings Account FAQs

Whether there’s a limit and the exact amount will vary depending on the account, but the majority of providers generally don’t have a maximum limit. Instead the interest rate you receive may change depending on the amount you have in your savings account (e.g. 4.60% on balances up to $250,000 and 4.25% on balances up to $2,000,000).

It’s important to remember that only $250,000 will be guaranteed per account holder per ADI under the FCS.

Another common feature of a high interest savings account is the opportunity to earn compound interest, which could see you earning a favourable return on your savings. To give you a better idea, here’s an example of the kind of interest you could potentially earn on a savings account with compound interest.

The table below shows the accumulated interest earned for a $10,000 deposit into a savings account with compound interest at 5.00% per annum that’s paid monthly (with no additional deposits made).

Compound interest over time on a $10,000 deposit

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Years	Balance	Interest earned
1	$10,511.62	$511.62
2	$11,049.41	$1049.41
5	$12,833.59	$2,833.59
10	$16,470.09	$6,470.09
20	$27,126.40	$17,126.40

Source: www.canstar.com.au. Interest calculated based on a $10,000 starting balance, interest rate of 5.00% – interest calculated daily and paid monthly.

Most financial institutions will pay interest monthly. This will generally either coincide with the final day of the calendar month or the first day of a new month.

Junior savings accounts

This type of account is designed specifically for young people (e.g. those under 18) in order to help them save money. Some of these accounts require a parent or guardian to open them on the minor’s behalf and be listed as a signatory.

First home buyer savings accounts

Some savings accounts are marketed specifically at first home buyers who are looking to save for a house deposit. These accounts, however, are unlikely to function any differently from a regular savings account.

Self-managed super fund (SMSF) savings accounts

Those with a self-managed super fund (SMSF) may be able to utilise a specific SMSF savings account in order to grow their retirement balance. SMSFs and SMSF savings accounts can be subject to certain superannuation restrictions. There are SMSF specific term deposits available as well.

Generally speaking, there’s no limit on the amount of savings accounts you can open. That being said, having multiple accounts on the go means more admin work for yourself, especially if one of the accounts has bonus interest rate conditions.

Determining what kind of saver you are may give you guidance into whether or not having multiple savings accounts will work for you. You may instead choose to diversify the way you save by using different forms of savings (e.g. a savings account and a term deposit).

Compare Savings Accounts

This article was reviewed by our Content Editor Alasdair Duncan before it was updated, as part of our fact-checking process.

Nick Whiting

Content Producer

Nick is a Content Producer at Canstar, providing assistance to Canstar's Editorial Finance Team in its mission to empower consumers to take control of their finances. He has written hundreds of articles for Canstar across all key finance topics. Coming from a screenwriting background, Nick completed a Bachelor of Film, Television and New Media Production from Queensland University of Technology. Nick has also completed RG 146 (Tier 1), making him compliant to provide general advice for general insurance products like car, home, travel and health insurance, as well as giving him knowledge of investment options such as shares, derivatives, futures, managed investments, currencies and commodities.
Nick’s role at Canstar allows him to combine his love of the written word with his interest in finance, having learned the art of share trading from his late grandfather. Nick strives to deliver clear and straightforward content that helps the everyday consumer navigating the world of finance. Nick is also working on a TV series in his spare time. You can connect with Nick on LinkedIn .