How much interest does $1 million earn in Australia?

The short answer

At rates on 17 October 2026, $1 million in an Australian savings account earns up to $56,000 a year (5.60%). In an account with nothing to do each month, it earns up to $53,000 (5.30%). A 12-month term deposit pays up to $56,000 at maturity (5.60%).

Interest a year on $1 million

The top advertised rate would pay $60,000, but it stops at $99,999.

Why a big balance earns less

Most savings accounts pay their top rate only up to a limit. Above it, a lower rate applies: on the extra dollars at most banks, or on the whole balance at some. Of the 104 accounts BankMate tracks that any adult can open:

• 9 stop paying their top rate at $50,000 or less
• 20 stop at $100,000 or less
• 39 stop at $250,000 or less

The other 42 have no limit on their top rate. The Learn module Limits and tiers on a rate shows how both kinds of limit work on your own balance.

What each balance earns in a year

The accounts behind those figures

Each one's top rate, how far it goes, and what it asks each month:

• RACQ Bank Bonus Saver Account · 6.00%: To $99,999. A $100 deposit each month, and no withdrawals. Most on $50,000.
• ING Savings Maximiser · 5.75%: To $100,000. A $1,000 deposit, five card purchases and a higher balance each month. Most on $100,000.
• ING Savings Booster · 5.65%: To $500,000. The balance grows by $100 each month, beside an ING everyday account. Most on $250,000 and $500,000.
• Rabobank PremiumSaver · 5.65%: The balance grows by $200 each month. Level with ING on $250,000.
• ME Bank - ME Go HomeME · 5.60%: To $1 million. A $2,000 deposit each month. Most on $1 million.
• St George Incentive Saver · 5.40%: A deposit, and the balance grows by $50 each month. Most on $2 million, level with Bank of Melbourne's and BankSA's.
• easyStreet Flex Saver · 5.30%: To $3 million, with nothing to do each month. Most with no conditions from $100,000 up.
• AMP GO AMP Bank GO Save · 5.50%: To $50,000, then 5.00% to $250,000 and 4.50% above. Nothing each month; it needs a GO Everyday account.

Miss a month's conditions and most of these accounts pay only their base rate for that month.

Term deposits

A term deposit's rate is fixed for the term; a savings account's rate can change at any time. The highest 12-month rates:

• CommFCU 12 Month Term Deposit Special · 5.60%: Paid at maturity, $10,000 to $2 million
• Judo Bank Personal Term Deposits · 5.55%: $1,000 to $2 million
• Bank Australia Term Deposit · 5.50%: To $3 million
• Unity Bank Term Deposit · 5.50%
• Heartland Bank Term Deposit · 5.50%: No maximum

Of the 264 twelve-month deposits we track, 167 take less than $2 million.

Above $250,000: the government guarantee. The Financial Claims Scheme covers deposits up to $250,000 per person, per bank. Some brands share one banking licence, so money across them counts once: St.George, Bank of Melbourne, BankSA and Westpac are one; ME and BOQ are another. The Learn module Is my money safe? explains what's covered.

Spreading a balance

Because so many top rates stop at a limit, a balance spread across accounts can keep more of it at a top rate. The savings split calculator works out how a balance you enter would earn across one to five accounts, and what each would ask of you.

How these figures were worked out

Interest is a year at rates on 17 October 2026, simple interest, assuming every monthly condition is met, with no introductory rates. "Any adult" leaves out accounts with an age limit (under-30, youth and 18–40 accounts). Where a bank has announced a new rate, we used it; none of the accounts above has one. Revolut's Ultra plan also pays 5.30%, but it costs $99.99 a month, which isn't counted here. Savings rates are variable and change often: the savings leaderboard and compare page show today's.