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.

Whether splitting savings makes sense depends on your circumstances. Some accounts cap bonus interest at a maximum balance — for example, if an account caps bonus interest at $50,000, a $100,000 balance would earn the lower base rate on the second $50,000. Our Split Optimiser is a calculator that shows the interest earned under different split scenarios at current rates.

Enter your savings balance in the filter panel and our tool will rank accounts by the actual interest you'd earn. Some accounts cap bonus interest at a certain balance (e.g. $50,000), so an account with a slightly lower rate but higher cap may earn you more overall.

The base rate is what you earn regardless of your activity. The bonus rate is extra interest paid when you meet monthly conditions — like depositing $1,000 or making 5 card purchases. The total rate (base + bonus) is what you see advertised. If you miss the conditions in a month, you only earn the base rate.

Yes — all savings accounts from ADIs (Authorised Deposit-taking Institutions) are protected by the Australian Government Guarantee Scheme up to $250,000 per person per institution. This covers all banks, credit unions, and building societies listed on our site, including online-only banks.