Best High Interest Savings Account Australia: Up to 6.25%

Quick answer: The highest savings rate in Australia at 29 October 2026 is 6.25% p.a. for four months, from both ING Savings Booster and Ubank Save. After the intro period, ING Savings Booster pays the best ongoing rate we found, 5.65%, if you grow your balance by $100 a month. With no conditions at all, AMP Bank GO Save pays 5.50% on the first $50,000. The big four banks' bonus savers all pay 5.25%, and you lose the bonus in any month you miss the conditions.

Best savings rates compared (29 October 2026)

Each rate below was checked on the bank's own website on 29 October 2026. Rates are variable, and banks were still repricing after the RBA lifted the cash rate to 4.60% on 30 September.

Account	Intro rate	Ongoing rate	Monthly condition	Rate applies up to
ING Savings Booster	6.25% for 4 months	5.65%	Grow balance by $100	$500,000 (2.50% base to $2m)
Ubank Save	6.25% for 4 months	5.35%	Grow balance by $1	$1,000,000
Bankwest Easy Saver	6.00% for 4 months	5.25%	None	$250,000 (2.35% above)
ING Savings Maximiser	—	5.75%	Deposit $1,000, 5 card purchases, grow balance	$100,000
MyState Hello Saver	5.65% for 4 months	5.25%	None	$500,000 (3.00% above)
AMP Bank GO Save	—	5.50%	None	$50,000 (then 5.00% to $250,000, 4.50% to $5m)
Macquarie Savings Account	—	5.25%	None	$250,000 (5.05% to $2m from 1 Nov)
ING Savings Accelerator	—	5.05%	None	$2,000,000

Intro rates are for new customers only. ING's welcome rate is for customers new to ING savings, and Bankwest's isn't available if you've had it in the past two years. ING Savings Booster and Savings Maximiser also need an ING Orange Everyday account. ING Savings Maximiser closes to new applications on 1 December 2026, and ING's new Savings Booster, launched in July, is its replacement for new customers.

Rabobank's High Interest Savings Account also has a four-month, no-conditions intro rate for new customers on up to $250,000. Rabobank's site blocks our checks, so it isn't in the table; compare its rate at rabobank.com.au.

What you'd actually earn in the first year

Intro rates last four months, so the headline rate overstates a year's return. Blending four months at the intro rate with eight at the ongoing rate gives a fairer picture. This assumes rates don't change.

Account	First-year rate	Interest on $20,000
ING Savings Booster	5.85%	$1,170
ING Savings Maximiser	5.75%	$1,150
Ubank Save	5.65%	$1,130
Bankwest Easy Saver	5.50%	$1,100
AMP Bank GO Save	5.50%	$1,100
MyState Hello Saver	5.38%	$1,077
Macquarie, CommBank, NAB, Westpac	5.25%	$1,050

Simple interest on a flat $20,000 balance, ignoring monthly compounding and the extra deposits each account's growth condition needs.

First-year rate on $20,000 (4-month intro then ongoing)

ING Savings Booster5.85%

ING Savings Maximiser5.75%

Ubank Save5.65%

Bankwest Easy Saver5.5%

AMP Bank GO Save5.5%

MyState Hello Saver5.38%

Big four bonus savers5.25%

The gap between first and last is $120 a year on $20,000. On a balance that size, an account whose condition you'll reliably meet matters more than the top rate.

Which account suits which saver

You add money every month: ING Savings Booster. Growing your balance by $100 is easy if you save from each pay, and 5.65% is the highest ongoing rate we found. Ubank's condition is even easier ($1 of growth) at 5.35%.
You withdraw sometimes, like an emergency fund: a no-conditions account. AMP pays 5.50% on the first $50,000, while Bankwest, MyState and Macquarie pay 5.25%. On $100,000, AMP's tiers blend to 5.25%, the same as the others.
A large balance: Ubank's bonus applies up to $1 million, MyState's ongoing rate to $500,000 and Macquarie's to $2 million (at 5.05% above $250,000 from 1 November). Bankwest drops to 2.35% above $250,000, and ING Savings Booster earns only its 2.50% base rate above $500,000.
Rate-chasers: open an intro-rate account, set a reminder for month four, and move the money when the intro rate ends.

Big four bank savings accounts

If you'd rather keep everything with your main bank, the big four's bonus savers all pay the same 5.25%, but each has a condition:

Account	Total rate	Base rate if you miss	To earn the bonus each month
CommBank GoalSaver	5.25%	0.10%	Make a deposit and end the month with a higher balance
NAB Reward Saver	5.25%	0.01%	Make a deposit and no withdrawals
Westpac Life (18+)	5.25%	0.10%	Make a deposit and end the month with a higher balance

ANZ Plus Growth Saver pays a bonus when you grow your balance by $100 a month. Its rates load in a way we couldn't check, so see ANZ's rates page.

Is it worth staying with a big four bank? At 5.25% you're 0.40% behind ING Savings Booster's ongoing rate, which is $80 a year on $20,000. The bigger risk is the condition. Miss it once, say NAB's no-withdrawal rule, and that month earns 0.01%. One missed month cuts a 5.25% account to about 4.81% for the year. A no-conditions account at 5.25%, such as Macquarie or MyState, earns the same rate with nothing to track.

How bonus conditions work

Most high-interest accounts pay a low base rate plus a bonus rate for meeting monthly conditions. The advertised rate is the two combined. The common conditions:

Grow your balance: end the month higher than you started. Interest usually doesn't count (ING Savings Booster, Ubank, CommBank, Westpac, ANZ Plus).
Deposit an amount: for example $1,000 from outside the bank (ING Savings Maximiser).
Make card purchases: five settled card purchases a month (ING Savings Maximiser).
No withdrawals: any withdrawal in the month loses the bonus (NAB Reward Saver).

Conditions reset each month, so missing one only costs you that month's bonus. An automatic transfer on payday covers most deposit and growth conditions without any effort.

Tax on savings interest

Savings interest is taxable income in the year it's paid (ATO). What you keep depends on your marginal rate. Using 2026–27 rates plus the 2% Medicare levy:

Rate	After tax at 32% (income $45,001–$135,000)	After tax at 47% (income over $190,000)
6.25%	4.25%	3.31%
5.65%	3.84%	2.99%
5.50%	3.74%	2.92%
5.25%	3.57%	2.78%

Give the bank your tax file number. Without it, the bank withholds tax at the top rate once your interest reaches $120 a year, and you wait until your tax return to get it back.

Savings account, term deposit or offset?

Savings account: your money stays available and the rate can move either way. It's best for an emergency fund and for money you're still adding to.
Term deposit: the rate is fixed for the term, but you usually need 31 days' notice and pay a cost to get out early. The best 12-month rates are 5.30–5.40%, a little below the top savings rates; see term deposit vs savings account.
Offset account: if you have a variable home loan with an offset, money there saves interest at your loan rate, and that saving isn't taxed. On a 6.0% loan, $30,000 in offset saves about $1,800 a year. The same $30,000 at 5.65% earns $1,695 before tax, about $1,153 after 32% tax.

Use the Term Deposit Calculator to compare a fixed rate against a savings rate on your balance, and the Income Tax Calculator to find your marginal rate.

Is your money safe?

Deposits at banks, credit unions and building societies are covered by the government's Financial Claims Scheme up to $250,000 per account holder per bank (APRA). The limit is per banking licence, not per brand. APRA's list shows Ubank is part of NAB and Bankwest is part of CommBank. So $200,000 at Ubank plus $200,000 at NAB is covered only up to $250,000 in total. If you're spreading a large balance, use separate banking groups, such as ING, Macquarie, AMP and MyState.

Frequently asked questions

What is the highest savings account interest rate in Australia?

At 29 October 2026, 6.25% p.a. for four months from ING Savings Booster and Ubank Save, for new customers. After that, ING Savings Booster pays 5.65% if you grow your balance by $100 a month, and Ubank pays 5.35% if you grow it by $1.

Which savings account has the best rate with no conditions?

AMP Bank GO Save pays 5.50% on the first $50,000 with no conditions (5.00% from $50,000 to $250,000). Bankwest Easy Saver, MyState Hello Saver and Macquarie pay 5.25% with no conditions, and Bankwest and MyState add four-month intro rates of 6.00% and 5.65%.

Is ING Savings Maximiser closing?

It closes to new applications from 1 December 2026. Its rate is 5.75% if you deposit $1,000, make five card purchases and grow your balance each month. ING's newer Savings Booster has one condition, growing your balance by $100 a month, for 5.65% ongoing.

What savings rate do the big four banks pay?

CommBank GoalSaver, NAB Reward Saver and Westpac Life all pay 5.25% when you meet their monthly conditions, and 0.01–0.10% when you don't. NAB's requires no withdrawals in the month; CommBank's and Westpac's need a deposit and a higher balance at month end.

Are Ubank and Bankwest covered separately by the government guarantee?

No. The $250,000 Financial Claims Scheme limit applies per banking licence. Ubank operates under NAB's licence and Bankwest under CommBank's, so money at each pair shares one $250,000 limit.

Is savings account interest taxed?

Yes, at your marginal tax rate in the year it's paid. At a 32% rate including Medicare levy, 5.65% becomes 3.84% after tax. If the bank doesn't have your tax file number, it withholds tax at the top rate once your interest reaches $120 a year.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.