Compare High Interest Savings Accounts

Find the highest savings account interest rates in Australia. Enter your balance and see every bank’s savings accounts ranked from highest rate to lowest. Bonus and intro rates are highlighted, along with exactly what you need to do each month to earn them, plus the base rate, balance caps, fees and who can apply. Rates come from each bank’s official Open Banking data and are refreshed every morning.

How to get the most from a high interest savings account

• Make sure you can meet the bonus conditions. Most top rates need you to deposit a set amount or grow your balance every month. Miss one month and you earn only the base rate.
• Check the balance cap. Many bonus rates only apply up to $50,000 or $100,000. Above that you may earn much less.
• Look past the intro rate. Intro offers end after a few months. Compare the ongoing rate too.
• Set up an automatic transfer. A regular transfer from your everyday account on payday is the easiest way to meet deposit conditions.
• Spread larger amounts. The government guarantee covers up to $250,000 per person at each bank.

Frequently asked questions

Where do these savings rates come from?

Every rate comes from the bank’s own official product data, published under Australia’s Open Banking (Consumer Data Right) rules. We collect it from every bank in the official register and refresh it every morning, so the comparison covers far more banks than most comparison sites.

What is a bonus interest rate?

Many high interest savings accounts pay a low base rate plus a bonus rate in any month you meet the bank’s conditions, such as depositing a set amount, growing your balance or not making withdrawals. Miss a condition and you only earn the base rate that month. The bonus conditions for each account are listed under its rate.

What is an introductory rate?

Some banks add an extra rate for new customers for the first few months. When it ends, the account drops back to its ongoing rate. Choose “Including intro offers” under Rank by to compare these, and check the ongoing rate you’ll get afterwards.

Is my money safe in a savings account?

Deposits with Australian banks, building societies and credit unions (authorised deposit-taking institutions) are covered by the Australian Government’s Financial Claims Scheme, up to $250,000 per account holder per institution.

Why does the rate change when I change my balance?

Many accounts only pay the bonus rate up to a balance cap, such as $100,000, or pay different rates for different balance tiers. Enter your balance and the comparison works out the rate you’d actually earn. Open “Bonus details and requirements” to see each account’s rates by balance.

General information only. This comparison doesn’t consider your personal objectives, financial situation or needs, and it isn’t financial advice. Rates and conditions are published by each bank and can change at any time. Read the bank’s terms and conditions and Target Market Determination before you open an account. Trolley Saver may receive a commission from some providers.