Our Pick Of The Best High-Interest Savings Accounts In Australia

Below are a handful of the best savings accounts we’ve found for Australians, including interest rates and any conditions.

The list is not intended to be exhaustive nor cover all of the high interest savings accounts in the market, but it may act as a starting point for further research or even notify you of products of which you were unaware.

As always, it is imperative that you do your own research to find the right savings product for you, your finances and your spending habits.

Note: The below list represents a selection of our top category picks, as chosen by Forbes Advisor Australia’s editors and journalists. The information provided is purely factual and is not intended to imply any recommendation, opinion, or advice about a financial product. Not every product or provider in the marketplace has been reviewed, and the list below is not intended to be exhaustive nor replace your own research or independent financial advice. For more information on how Forbes Advisor ranks and reviews products, including how we identified our top category picks, read the methodology selection below.

Data is accurate as of  April 9, 2025.

High-interest savings accounts are bank accounts that offer a higher interest rate on your savings than a standard savings or transaction account. This higher interest is accrued when you meet certain conditions or for a short introductory period. They are designed to help you grow your savings faster, in comparison to a transaction account which may or may not offer any interest per month.

Commonly, savings accounts don’t have a debit card attached to the account meaning savers often need to transfer their money from their high-interest account to a linked transaction account to access it.

Let’s look at the two most common types of high interest savings accounts: bonus saver accounts and online saver accounts.

Online Saver Accounts

An online saver account pays you a high interest each month simply for having your money in the account, usually with no monthly fee or criteria. However, there’s a catch: often these accounts feature a high introductory rate for a limited period of time, such as 5% for the first three months, before falling away to a much lower rate. That means that while online saver accounts can be beneficial, you won’t earn a higher interest rate long-term unless you keep switching banks.

Bonus Saver Accounts

A bonus saver account, on the other hand, pays you a high interest rate each month with no expiration date, as long as you meet certain criteria each month. If you don’t, you’ll receive the base interest rate, which is usually quite low. This base interest rate, plus the bonus rate, is what makes up the total monthly interest rate of bonus saver accounts. While there is no time limit or introductory offer on the bonus saver account rates, you must continue, month after month, to jump through a number of hoops in order to keep qualifying for that higher rate.

The criteria for bonus interest savings accounts vary between financial institutions. Commonly they can include a minimum monthly deposit, making a certain amount of transactions from a linked card, or making a maximum of one withdrawal a month. Often there will be at least three criteria to meet in order to qualify.

During the pandemic, when the RBA lowered the cash rate to .1%, savers were essentially going backwards once inflation was taken into account, but as the cash rate has risen over the past few years—at least until recently—so has the interest rate on savings accounts.

Some of the best deals now start well above 5% so although times have been tough over the past three years for borrowers with mortgages, it hasn’t all been bad news for savers. 

Traditionally banks have been slower to pass these rate rises onto the $1.4 trillion in national savings accounts (while passing them immediately onto borrowers with home loans). In 2023, the ACCC investigated how Australia’s lenders set rates for loans and deposits, and the federal government has acted on its recommendations with a suite of measures to make it easier for consumers to understand financial products and when there is a better deal on an interest rate.

Part of the government’s new measures will involve forcing banks to issue notifications for interest rate changes on savings and transaction accounts so customers understand the terms of their introductory rate period and, crucially, when it ends or the rate changes. As the ACCC’s Retail Deposits Inquiry uncovered, some 79% of Australians have a savings account of some kind but the large majority of these accounts—71%—did not accrue any bonus interest through the first six months of 2023.

“Despite the importance of transaction accounts, savings accounts and term deposits, the ongoing challenges consumers face in searching for, comparing, and switching between products means that consumer engagement with the market for retail deposit products is relatively low,” the report noted.

“This low level of engagement means many consumers miss out on earning more from their savings.”

That is why it’s important to do your research periodically to determine whether you’re meeting the conditions to accrue interest and whether more suitable—and higher paying—options have become available. Consider setting a date in your calendar every three to six months to review your savings account and others on the market.

You may be wondering what the difference is between a savings account and a term deposit. A savings account will pay you interest each month if you meet the conditions set out by the financial lender. This interest will continue to be paid for as long as you hold funds in the account, with the interest rate subject to change on account of any RBA rate movements.

A term deposit, on the other hand, has an interest rate that will not fluctuate for a set period of time–being the “term” that you agree to. Unlike a savings account, you can’t withdraw any money; the amount of money you put into the term deposit is untouchable until the term is finished. In return, you’ll get a guaranteed rate of interest for the term you select, so you’ll know exactly what the return on your money will be.

After the term has ended, you can choose to enter into a new fixed deposit term (which may have a new interest rate), or withdraw your money. If you wish to withdraw your money before the term is up, you will be slugged an early exit fee.

Related: How To Save Money