Find the right savings account

The highest savings rates in Australia change frequently as banks compete for deposits. Smaller banks and neobanks often offer the best rates, typically 5%+ p.a. with bonus conditions met. Our comparison table is updated daily with live rates from 100+ banks so you can always see who is on top.

Bonus interest is an extra rate paid on top of the base rate when you meet certain conditions each month. Common conditions include depositing a minimum amount (e.g. $1,000/month), making card purchases, or not making withdrawals. If you miss the conditions, you only earn the lower base rate that month.

No-conditions (or "no hoops") savings accounts pay the same rate regardless of your activity. While rates are typically lower than bonus accounts, you never risk losing interest. Use our "no hoops" filter to compare all unconditional savings accounts and find the best base rate.

At a 5.00% p.a. rate, $10,000 earns approximately $500 per year in interest (before tax). The actual amount depends on your account's rate, whether you meet bonus conditions, and how interest is calculated. Enter your balance in our comparison tool to see the exact dollar amount you'd earn at each bank.

Splitting your savings can help you earn more interest, especially if your balance exceeds one account's maximum balance cap. For example, if one account caps bonus interest at $50,000 and you have $100,000, putting the other $50,000 in a second high-rate account earns more than leaving it all in one place. Our Split Optimiser tool calculates the best split for your balance.