Savings account rates in Australia, February 2026
As of 28 February 2026, the highest total savings rate tracked by BankMate was 5.25% p.a. from Westpac (Westpac Life). The average total rate across 46 accounts was 4.48% p.a. (median 4.50%), with 4 paying 5% or more. No rate changes were recorded during February 2026.
Highest total rates
As of 28 February 2026- 5.25%1🏢
- 5.10%2🏛️
- 5.00%3🏦
- 4ING Savings Maximiser5.00%💳
- 5Rabobank PremiumSaver4.90%🐄
- 6BOQ Smart Saver Account4.85%🏛️
- 7Great Southern Bank Goal Saver4.85%🏦
- 8Up Up Saver4.85%⬆️
- 9RACQ Bank Bonus Saver Account4.76%🏦
- 10BCU Boss Saver4.75%🏦
Total rate is base plus bonus, assuming every monthly condition is met. Age-restricted accounts are included; each account page states its eligibility.
The Big 4
Highest savings rate at each- 5.25%🏢
- 4.55%🏦
- 4.50%🏛️
- 4.40%🏪
Rate changes in February
No rate changes were recorded this month.
How this report is produced
- Data
- Each bank's Consumer Data Right (open banking) product feed, re-read nightly. A rate change is recorded when the published total rate differs from the last value stored.
- Figures
- Rates are each account's last recorded value on or before 28 February 2026; accounts with no record by then are not counted. Changes compare the last rate before the month with the last rate within it. 46 history entries fall in this month.
- Scope
- Personal savings accounts open to Australian residents, as listed on BankMate. Not financial advice. Methodology · Today's full ranking