Top High Interest Savings Accounts in Australia (2026), Ranked by Rate
Ranked purely by maximum advertised rate — an objective number, not our opinion. Every rate is pulled from the banks’ own Consumer Data Right (Open Banking) feeds and refreshed monthly. We show the maximum rate and the base rate, the conditions, and the balance cap — so a headline number can’t mislead you. Last updated 24 August 2026.
| # | Bank & product | Max rate p.a. | Base rate | Conditions | Bonus cap | Fee |
|---|---|---|---|---|---|---|
| 1 |  RabobankRabobank High Interest Savings Account |
5.90%Introductory | 4.00% | Intro rate | $250,000 | No fee |
| 2 |  ubankubank Save |
5.85%Introductory | — | Intro rate | $100,000 | No fee |
| 3 |  INGSavings Maximiser |
5.49%Bonus (conditional) | 0.01% | Monthly conditions | — | No fee |
| 4 |  MacquarieMacquarie Savings Account |
5.35%Introductory | 5.00% | Intro rate | $250,000 | No fee |
| 5 |  UpUp Saver |
5.35%Ongoing (unconditional) | 5.35% | No monthly conditions | $5,000 | No fee |
| 6 |  ANZ PlusANZ Plus Flex Saver |
5.10%Ongoing (unconditional) | 5.10% | No monthly conditions | $5,000 | No fee |
| 7 |  St.GeorgeIncentive Saver |
5.05%Bonus (conditional) | 0.10% | Monthly conditions | $20,000 | No fee |
| 8 |  P&N BankSavvy Saver |
5.05%Bonus (conditional) | 0.20% | Monthly conditions | $100,000 | No fee |
| 9 |  MyStateBonus Saver |
5.00%Bonus (conditional) | — | Monthly conditions | $500,000 | No fee |
| 10 |  SuncorpGrowth Saver |
5.00%Bonus (conditional) | 0.10% | Monthly conditions | — | No fee |
| 11 |  NABNAB Reward Saver |
4.99%Bonus (conditional) | 0.01% | Monthly conditions | — | No fee |
| 12 |  WestpacWestpac Life |
4.90%Bonus (conditional) | 0.10% | Monthly conditions | $150,000 | No fee |
| 13 |  BOQSimple Saver |
4.80%Ongoing (unconditional) | 4.80% | No monthly conditions | $5,000,000 | No fee |
| 14 |  CommBankCommBank GoalSaver |
4.75%Bonus (conditional) | 0.25% | Monthly conditions | $50,000 | No fee |
| 15 |  Great SouthernHome Saver |
4.75%Bonus (conditional) | 0.50% | Monthly conditions | $100,000 | No fee |
| 16 |  BendigoReward Saver |
4.65%Bonus (conditional) | 0.10% | Monthly conditions | — | No fee |
| 17 |  BankwestHero Saver |
4.45%Bonus (conditional) | 0.65% | Monthly conditions | $5,000,001 | No fee |
| 18 |  ME BankSaveME |
4.30%Bonus (conditional) | 0.05% | Monthly conditions | $500,000 | No fee |
| 19 |  Virgin MoneyBoost Saver |
4.15%Bonus (conditional) | 0.05% | Monthly conditions | $250,000 | No fee |
| 20 |  ANZANZ Progress Saver |
3.74%Bonus (conditional) | 0.01% | Monthly conditions | — | No fee |
Sorted by maximum advertised rate (an objective sort, not a recommendation). “Max rate” is the highest rate the product can pay; most require monthly conditions or are introductory. Base rate is what you earn if conditions aren’t met / after the intro period. Figures from Open Banking feeds, 24 August 2026 — verify with the bank.
Frequently asked questions
What is the highest interest savings account in Australia right now?
Based on the latest Open Banking data (24 August 2026), the highest advertised rates come from Rabobank (5.90%) and ubank (5.85%). Note the top rates are often introductory or require monthly conditions — check the ‘Conditions’ column.
What's the difference between the base rate and the maximum rate?
The maximum rate is only paid when you meet the account’s monthly conditions (or during an intro period). If you don’t, you earn the much lower base rate. Always compare the base rate too — it’s your fallback.
Do I pay tax on savings account interest?
Yes. Interest is taxable income in Australia and is taxed at your marginal rate. Your bank reports it to the ATO. If you don’t provide your Tax File Number, the bank withholds tax at the top rate. This is general information, not tax advice.
Is my money safe?
Deposits with an Australian ADI are covered by the Financial Claims Scheme (the government guarantee) up to $250,000 per account holder, per licensed bank. Most brands here are ADIs or subsidiaries — check which licence holds your deposit.
Why do bonus conditions matter so much?
The ACCC found roughly 71% of conditional accounts did not earn the bonus in an average month. Our calculator lets you model your real ‘effective’ rate if you sometimes miss the conditions.