Home Compare Savings Accounts Ready to grow your savings? Compare some of the best high-interest savings accounts to see the potential earnings on your deposit. Rates updated 26 August 2026 - Savings.com.au compares 270+ savings accounts from 70+ providers, updating products multiple times a day to bring you the latest interest rates. Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Did you find this page useful? Leave us your feedback We’d love to hear what you found helpful about Savings.com.au Stop guessing. Start saving . Your savings account comparison sorted. We hunt high-interest savings accounts – you claim the savings. Whether you’re saving for a holiday or for a home, easily compare savings account interest rates and features. We track the savings account market – so you don’t have to. 270+ savings accounts from 70+ banks updated daily. We're here to help you maximise your returns to reach your savings goals. Your lender’s not gonna tell you about a better deal – but we will. Monthly high-interest savings account deals and offers, handpicked by our experts. Best High-Interest Savings Account Deals for August One of the highest savings account rates in our database is currently 6% p.a from ING with its Savings Booster (balance up to $500k) with a maximum rate of 6%. Just bear in mind that most of the highest rates on the market for savings accounts consist of either introductory (a.k.a 'honeymoon') rates or bonus (a.k.a. conditional) rates. On such products, the top rate will only be available to you for either a limited time (the introductory/honeymoon period - typically four months) or if you meet certain conditions each month (e.g. deposit $x, ensure the balance grows, etc.). That's why it's important to consider a savings account's 'base rate' - as in, the ongoing rate the bank is offering to pay regardless of you meeting any bonus criteria. Due to the challenges of meeting bonus conditions on some savings accounts these days, many savers are now drawn to products with high base rates, such as those on offer from Macquarie Bank or AMP Bank Go . Which banks are offering the highest savings account rates on Savings.com.au? More savings accounts: Savings Accounts with High Bonus Interest Rates High-interest savings accounts for kids and youth High introductory savings accounts rates Pensioner savings accounts Until next month 🫡 Dominic Beattie - Savings.com.au Editor For more information on how we’ve selected these products, the products we compare, how we make money, and other important information about our service, please click here . Rates correct as of 26 August 2026 . View disclaimer What is a high-interest savings account? A high-interest savings account is a bank account that allows you to earn interest on your deposited funds. These low-risk products are provided by authorised deposit-taking institutions (ADIs) , which means all deposits are covered by the Federal Government’s guarantee of up to $250,000 . So, up to $250,000 of your money in a savings account with any ADI is covered by the Government in case the bank collapses. Check out the Australian Prudential Regulation Authority’s comprehensive list of ADIs in Australia. As well as earning you interest and keeping your money safe, savings accounts can help you build positive savings habits . In today’s savings account space, most banks have mobile apps that come with a number of features including the ability to set up automatic transfers to your savings account, sending reminders when you’ve spent too much or track and manage your expenses . Some high-interest savings accounts come with conditions in order to earn a higher interest rate - these are known as bonus savings accounts . For example, you may be required to deposit a minimum amount each month or limit your withdrawals from the account to earn the bonus interest. A regular online savings account will offer a ‘base’ interest rate on your balance each month, usually without account conditions. How to compare savings accounts High-interest savings accounts are quite simple products, with the interest rate often the first thing to catch your eyes. However, it shouldn’t be the only factor to consider when choosing an account that meets your savings goals. Other things to keep in mind are: The bonus rate conditions : Can you withdraw money from the account? Do you need a linked transaction account? Do you have to meet a minimum deposit every month? Failing to meet these requirements could see you miss out on bonus interest for the month. The bonus rate conditions : Can you withdraw money from the account? Do you need a linked transaction account? Do you have to meet a minimum deposit every month? Failing to meet these requirements could see you miss out on bonus interest for the month. The introductory rate (if it exists): A high-interest rate can look deceptively good. Some savings account rates are higher but only for a limited time. Check the T’s and C’s first. The introductory rate (if it exists): A high-interest rate can look deceptively good. Some savings account rates are higher but only for a limited time. Check the T’s and C’s first. The maximum account balance : Some accounts have a reduced or nullified interest rate on balances over a certain threshold The maximum account balance : Some accounts have a reduced or nullified interest rate on balances over a certain threshold Account-keeping fees : Some bank accounts don’t charge fees, but others do. It may only be a few dollars a month, but why pay for something when you don’t have to? Account-keeping fees : Some bank accounts don’t charge fees, but others do. It may only be a few dollars a month, but why pay for something when you don’t have to? Ease of use: Nowadays, many savings accounts can be managed on the go through an app. Some of these apps come with useful features for managing budgeting and spending. A savings account with such features can provide a lot of value, as long as you’re satisfied with its rates and fees. Ease of use: Nowadays, many savings accounts can be managed on the go through an app. Some of these apps come with useful features for managing budgeting and spending. A savings account with such features can provide a lot of value, as long as you’re satisfied with its rates and fees. It’s important to do your own research before opening a high-interest savings account, keeping in mind each of the points above as well as accounting for your personal financial position and whether account requirements can be met with ease. What are the interest rates on savings accounts? There are three types of interest rates on savings accounts: The base interest rate : the standard interest rate on the account that you qualify for no matter how many withdrawals, transactions or deposits you make The base interest rate : the standard interest rate on the account that you qualify for no matter how many withdrawals, transactions or deposits you make Conditional bonus rate : an extra interest rate you earn for meeting certain conditions, such as not making any withdrawals or depositing a certain amount in your account each month. Conditional bonus rate : an extra interest rate you earn for meeting certain conditions, such as not making any withdrawals or depositing a certain amount in your account each month. Introductory rate: a higher interest rate that applies for the first few months of the account before reverting to a base rate. Introductory rate: a higher interest rate that applies for the first few months of the account before reverting to a base rate. Not every bank account has a bonus rate or introductory rate. For example, one bank might have a base interest rate of 1.50% p.a. and a bonus rate of 1.00% p.a. (total rate of 2.50% p.a.), while another might simply have a base interest rate of 2.50% p.a. and no bonus interest rate. The pros and cons of high-interest savings accounts Interest is compounding . This means your interest can work for you over time with some minor effort on your behalf. Interest is compounding . This means your interest can work for you over time with some minor effort on your behalf. Savings are guaranteed under the Financial Claims Scheme up to $250,000. Savings are guaranteed under the Financial Claims Scheme up to $250,000. Savings accounts are at-call, meaning you can withdraw your funds at any time. Savings accounts are at-call, meaning you can withdraw your funds at any time. You can use these funds however you please, be it for spending or for building up savings over time. You can use these funds however you please, be it for spending or for building up savings over time. They’re easy to open, manage and offer features to enhance your ability to save money. They’re easy to open, manage and offer features to enhance your ability to save money. Other assets such as shares, bonds or property may generate higher returns for your cash than what interest on a savings account can offer. However, these assets come with added risk. Other assets such as shares, bonds or property may generate higher returns for your cash than what interest on a savings account can offer. However, these assets come with added risk. Not meeting bonus interest conditions will see you miss out on bigger interest earnings. Not meeting bonus interest conditions will see you miss out on bigger interest earnings. They’re quite inflexible without a linked transaction account. They’re quite inflexible without a linked transaction account. There are fees you can be charged, like a monthly account-keeping fee. There are fees you can be charged, like a monthly account-keeping fee. Why consider a high-interest savings account? There are some great benefits to taking advantage of a high-interest savings account, and if used correctly these benefits outweigh the negatives. Once each paycheck hits your bank account, set up an automatic transfer using your bank’s online or mobile banking platform to shift money from your transaction account to your high-interest savings account. This can be any amount, but try to make it at least 10%. Don’t touch this money unless there’s an emergency, and watch how quickly it piles up! For quicker growth, try setting up daily transfers of $10. Importantly, ensure you’ve weighed up the pros and cons of using a bonus savings account, including whether or not you can meet conditions to achieve a higher interest rate than a regular savings account. Fees on savings accounts Although there are a number of high-interest savings accounts available, they aren’t always free. Depending on the high-interest savings account provider, you could end up paying: Monthly account-keeping (service) fees: The fee charged for keeping the account open and active. Monthly account-keeping (service) fees: The fee charged for keeping the account open and active. ATM withdrawal fees: When using an ATM, you can be charged a small fee either by your bank or other banks.

ATM withdrawal fees: When using an ATM, you can be charged a small fee either by your bank or other banks. Monthly statement fees: Online statements on your spending tend to be free, but paper statements mailed to you might come with a fee. Monthly statement fees: Online statements on your spending tend to be free, but paper statements mailed to you might come with a fee. Electronic transaction fees: savings accounts aren’t meant for transferring money, and doing so can carry a small fee. Electronic transaction fees: savings accounts aren’t meant for transferring money, and doing so can carry a small fee. Branch deposit fees: depositing money through a teller in a branch instead of online. Branch deposit fees: depositing money through a teller in a branch instead of online. A lot of these fees are quite minor, often no more than a few dollars at most, but can be irritating if you’re trying to save money with your savings account. Ensure you check whether a high-interest savings account charges fees before signing on the dotted line to avoid any unnecessary expenses. Savings Accounts News BoQ boosts top rate on popular savings account Savings account interest rate cracks 6% AMP GO Save announces new interest rate set-up Revolut granted banking licence by APRA Aussie savers 'missing out on thousands' in bonus interest trap Deposit market rates back in the game More Savings Accounts Options Dominic Beattie What influences the rate on a high-interest savings account? The RBA's cash rate has a major influence on savings account interest rates. When the cash rate is lowered, savings account rates tend to follow as financial institutions pass on these cuts to savers, and vice-versa with increases to the cash rate. However, while the cash rate has a large sway over the market, the bank itself has the ultimate say over what the rates on its deposit products are. They can (and do) adjust the rates on savings accounts independently of the RBA. That's because banks partly rely on deposits (i.e. your money), to fund their daily operations, and - depending on what their goals are and the level of competition from other banks - they might require more. For example, to attract new deposits, a bank might raise their savings account interest rates. Meanwhile, a bank that wishes to cut its costs might lower savings account rates, or tighten any bonus interest criteria (e.g. introduce new condition requiring customers to grow their balance every month) so that less people qualify for the higher rate. Frequently Asked Questions What is a transaction account? Is it different? There are actually different kinds of ‘bank accounts’ you can have. The savings account is just one of them – another is a transaction account, which is usually linked to the savings account. While savings accounts let you save money and accrue interest, transaction accounts allow you to spend and transfer money. When opening a transaction account, you’ll be sent a bank debit card, letting you ‘tap n pay’, withdraw money from ATMs, make online purchases, and so on. Transaction accounts earn very little interest (if any at all) so it’s generally best to keep as much of your spare cash as possible in the savings account and only what you need to cover your daily expenses in your transaction account. How do I know if my savings account is paying compound interest? To find out if your savings account is paying compound interest, you will want to take a look at when the interest is paid and where. Interest that is paid monthly into your savings account will be compounded. If your savings account requires a minimum monthly deposit, any interest you earn generally won’t count towards that as the minimum monthly deposit requirements must be met with other funds. How do the banks calculate compound interest on my savings account? The banks typically calculate interest on the daily closing balance. This is the equation for savings accounts: Daily closing balance x interest rate (as a percentage) / 365. What is compound interest? Compound interest is interest paid on the initial principal (the original sum of money you’ve invested, or the amount borrowed or still owing on a loan), as well as the accumulated interest on money you have invested or borrowed. How do you calculate interest earned on a savings account? There are essentially three different components that work together to calculate your interest in a savings account: (1) the principal: the amount you have in savings, which increases with regular deposits, (2) the interest rate: savings accounts use compounding interest , which means both the principal and additional interest earn interest, and (3) time: how often interest is calculated and paid can have an impact on interest. What is a joint savings account? A joint savings account is an account held by two or more people. They’re commonly held by couples but not exclusively so: friends, family, housemates and business partners are all examples of people who can open a joint savings account. Savings Accounts Guides Quick Guide to ING Savings Accounts How does ING Bank’s range of savings accounts compare to competitors on rates, features, fees and the rest? How can I avoid an unexpected tax bill? Guide to IMB's Savings Accounts Guide to AMP’s Savings Accounts What is the average Australian worth in 2026? Quick guide to Westpac Savings Accounts Guide to Judo Bank's savings account Editorial Promise Savings.com.au follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts who ensure everything we publish is objective, accurate and trustworthy. Dominic Beattie is the Editor of Savings.com.au, Group Editor for the wider InfoChoice Group, and host of The Savings Tip Jar podcast alongside Brooke Cooper. Dominic has more than a decade's experience in the finance media sector, joining Savings.com.au in 2018 to spearhead its launch as a financial comparison service and dedicated source of consumer finance news and guides. Senior Finance Journalist Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health. Important information Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity. For more detailed information, please refer to our How We Get Paid , Managing Conflicts of Interest , and Editorial Guidelines pages. Editorial Integrity At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests. Learn more about our commitment to editorial integrity in our Editorial Guidelines . Advertiser Disclosure Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site. For more details, see How We Get Paid . Product Coverage and Sort Order We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral. You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear. For more details, visit How We Get Paid and Managing Conflicts of Interest . Comparison Rate Warning and Base Criteria For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges. *For home loans, the comparison rate is based on a $150,000 loan over 25 years. *For car and personal loans, the comparison rate is based on a $30,000 loan over 5 years. Warning: these comparison rates are true only for the examples shown and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Monthly Repayment Figures Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, and YourInvestmentPropertyMag.com.au. The InfoChoice Group is associated with the Firstmac Group. We may include products and services from loans.com.au, CarLoans.com.au, and OnlineAuto.com.au, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner. Learn more about how we manage conflicts of interest . General Advice Disclosure The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG) . Get rate alerts Stay up to date with the latest rate movements across home loans, term deposits, savings accounts and more. By subscribing you agree to our privacy policy . Join thousands of Aussies getting smarter with personal finance news, guides, expert insights and more in our regular roundup email. By subscribing you agree to our privacy policy . Send me the pod Never miss an ep! Receive episode alerts plus special invites to have your questions or savings tips read out on the show. By subscribing you agree to our privacy policy .