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Savings account rates in Australia, July 2026

As of 31 July 2026, the highest total savings rate tracked by BankMate was 5.75% p.a. from Newcastle Permanent (Smart Saver Account (under 25)). The average total rate across 92 accounts was 4.85% p.a. (median 5.05%), with 57 paying 5% or more. During July 2026 BankMate recorded 2 rate rises and 0 cuts.

Highest total rates

As of 31 July 2026
  1. 🏦
    1
    5.75%
    Newcastle PermanentSmart Saver Account (under 25)
  2. 🏢
    2
    5.75%
    WestpacWestpac Life
  3. 🚀
    3
    5.65%
    MOVE BankGrowth Saver
  1. 4
    🏛️
    BOQ Future Saver Account5.60%
  2. 5
    🏦
    First Option Bank KIDS BONUS SAVER5.55%
  3. 6
    🏦
    Great Southern Bank Youth eSaver5.50%
  4. 7
    💳
    ING Savings Maximiser5.50%
  5. 8
    🐄
    Rabobank PremiumSaver5.40%
  6. 9
    💳
    ING Savings Booster5.40%
  7. 10
    🚀
    MOVE Bank Bonus Saver5.35%
Compare all 92

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

Rate changes in July

2 rises · 0 cuts

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 31 July 2026; accounts with no record by then are not counted. Changes compare the last rate before the month with the last rate within it. 10 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