Best high interest rate savings accounts in Australia

Best high interest savings accounts in April 2026

The RBA recently chose to raise the cash rate to 4.10%. This was the second hike in a row in 2026, and when the RBA moves, savings account providers typically follow suit, lifting their savings rates to match. It’s important for savers to keep an eye on the latest rates to ensure they’re getting the most out of their savings accounts.

At the time of writing, the highest interest rate listed on Canstar’s database for a high interest savings account is 5.65%. This is for Rabobank Australia’s High Interest Savings Account with the rate offered being only for an introductory period of four months before reverting to 3.95%.

Highest promotional rate savings accounts

The table below shows promotional savings accounts. These high interest savings accounts come with introductory rates which are available for a limited time only.

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Provider	Account	Base Rate	Intro Rate	Total Rate	Intro Period
	High Interest Savings Account	3.95%	1.70%	5.65%	4 months
	Easy Saver	4.75%	0.75%	5.50%	4 months
Credit Union SA	Netsave Account	1.25%	4.00%	5.25%	4 months
	Hello Saver	4.75%	0.40%	5.15%	4 months for new customers only
The Mutual Bank	Internet Saver Account	2.75%	2.40%	5.15%	3 months

Source: www.canstar.com.au – 24/04/2026. 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 5 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.

Highest ongoing base rate savings accounts

The table below shows high interest savings accounts with the highest ongoing base rates.

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Provider	Account	Base Interest Rate
Firefighters Mutual Bank	Starter Saver 18-29 yrs & Uni students	5.00%
Health Professionals Bank	Starter Saver 18-29 yrs & Uni students	5.00%
Police Bank	U30 Super Charge	5.00%
Teachers Mutual Bank	Starter Saver 18-29 yrs & Uni students	5.00%
UniBank	Starter Saver 18-29 yrs & Uni students	5.00%
	Save	4.85%
Easy Street Financial Services	Flex Saver	4.80%

Source: www.canstar.com.au – 24/04/2026. Based on savings accounts on Canstar’s database, with rates based on a deposit of $10,000. Top 7 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.

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 monthly conditions 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 financial institution to confirm what conditions may apply.

Highest bonus rate saving accounts

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Source: www.canstar.com.au – 24/04/2026. 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.

Compare a wider range of savings accounts by using the above comparison table. Canstar researches and rates over 200 savings accounts—find out which ones received an Outstanding Value Award.

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 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 restrictions?
• What’s 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 that may offer refunds on international transaction fees or cashbacks among its 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. You may have to open a linked transaction account first in order to apply for the savings account of your choice though.

Some general eligibility requirements to open a high interest 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 high interest savings account may change over time. This is due to most savings accounts having variable interest rates, which means the rate can change at any time, often 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 and you lose your money, 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.

What high interest savings accounts do the big four banks have?

At the time of writing, here is what each of the big four banks are offering in the way of high interest savings accounts (not already mentioned in the tables above):

ANZ

• ANZ Plus Growth Saver: 4.75% p.a. rate, which is made up of a base rate of 0.10% p.a. and a bonus rate of 4.65% p.a. The bonus rate is earned by growing your balance by $100 or more each month (not including interest earned).

• ANZ Progress Saver: 3.50% p.a. rate, which is made up of a base rate of 0.01% p.a. and a bonus rate of 3.49% p.a. The bonus rate is earned by depositing at least $10 in one transaction and not making any withdrawals or transfers or incurring any fees during a calendar month.

Commbank

• NetBank Saver: Introductory interest rate of 4.95% p.a. for the first five months. Reverts to 1.95% p.a. at the end of this period.

• GoalSaver: 4.75% p.a. rate, which is made up of a base rate of 0.25% p.a. and a bonus rate of 4.50% p.a. The bonus rate is earned by growing your balance each calendar month excluding interest payments.

• YouthSaver: An account designed for those under 18. It offers a 4.80% p.a. rate, which is made up of a base rate of 2.00% p.a. and a bonus rate of 2.80% p.a. The bonus rate is earned by growing your balance (up to $50,000) each calendar month excluding interest payments.

NAB

• NAB iSaver: Introductory interest rate of 5.00% p.a. for the first four months. Reverts to 1.55% p.a. at the end of this period.

• NAB Reward Saver: 4.65% p.a. rate, which is made up of a base rate of 0.01% p.a. and a bonus rate of 4.64% p.a. The bonus rate is earned by making at least one deposit on or before the second last banking day and no withdrawals.

Westpac

• Westpac eSaver: Introductory interest rate of 5.00% p.a. (online applications) or 4.55% p.a. (in-branch/staff assisted applications) for the first five months. Reverts to 1.00% p.a. at the end of this period.

• Bump Account: An account designed for those under 18. It offers a 4.80% p.a. rate, which is made up of a base rate of 1.75% p.a. and a bonus rate of 3.05% p.a. The bonus rate is earned by growing your balance each calendar month excluding interest payments.

What’s the difference between a high interest savings account and a term deposit?

While both are different types of bank accounts, there are a few differences between savings accounts and term deposits:

• Interest rate: High interest savings accounts have a variable interest rate which can change due to economic factors, whereas term deposits offer a fixed rate which won’t change.
• How interest is paid: Most savings accounts pay compound interest, which means you can earn interest on the interest payments you’ve already received. Most term deposits, on the other hand, offer simple interest, meaning you’ll only earn interest on your initial deposit.
• Length of time: While some savings accounts have introductory rates which will expire, most have an ongoing interest rate as well. Term deposits, on the other hand, provide interest over a set period time (usually between 6 months and five years). Once the term ends, you’ll no longer receive interest.
• Access to funds: A high interest savings account will let you access your money whenever you like—although you may lose out on a bonus rate. You generally cannot access the funds put into a term deposit. If you need to, you may have to pay a fee or the interest you’ve earned may be reduced.