Westpac

As at 3 October 2026, the best Australian savings accounts are mostly ING, ubank, BOQ, AMP Bank GO, Macquarie, Rabobank, Westpac and CommBank. A few announced rate rises don’t take effect until 6–9 October 2026, so check the live rate before applying.

My top recommendations

What I’d actually choose

If you want maximum interest and don’t mind switching:
Use ING Savings Booster or ubank Save for the intro period, then reassess in 4 months.

If you want a long-term, low-fuss setup:
Use Macquarie or AMP Bank GO Save. They’re much easier than accounts that require card purchases or balance-growth gymnastics.

If you’re under 36 and saving under $50k:
BOQ Future Saver is one of the strongest ongoing options.

If you already bank with a Big 4 and want convenience:
Use Westpac Life or CommBank GoalSaver, but compare them against ING, ubank, AMP and Macquarie before leaving serious cash there.

If you have more than $250k in cash:
Consider splitting across different authorised deposit-taking institutions, because the Australian Government Financial Claims Scheme protects eligible deposits up to $250,000 per account holder per ADI. (apra.gov.au)

Quick rule of thumb

• Emergency fund: Macquarie or AMP GO — simple access, fewer traps.
• House deposit under $250k: Rabobank intro, ING Booster, ubank, or Macquarie depending on whether you’ll remember the conditions.
• Everyday bank + savings combo: ING, ubank, Up, Macquarie, Westpac.
• Don’t want to think about it: Macquarie.
• Want every last basis point: ING Booster / ubank / BOQ, but track conditions monthly.

Best Savings Accounts in Australia (October 2026)

Here's a rundown of the savings accounts that are both popular with Australians and ranked highly by comparison sites like Finder and Canstar right now.

🏆 Top Picks by Category

Best overall / most popular with everyday savers: ING Savings Maximiser This has long been one of the go-to accounts for Australians who don't mind a bit of effort for a great rate. ING Savings Maximiser has consistently been one of the most competitive accounts for working Australians, with the bonus rate activating by depositing at least $1,000/month into an Orange Everyday account and making at least 5 eligible card purchases, applying to balances up to $100,000.

Best "no hoops" account: Macquarie Savings Account If you don't want to jump through monthly hoops, Macquarie is the standout. Macquarie Savings Account is consistent and available to everyone — no monthly conditions to meet the bonus rate for the first 4 months, after which deposit and growth conditions apply. The app experience is one of the best in Australian banking. Canstar also rates it as the best no-conditions savings account on the market currently.

Best for simple ongoing rates: Ubank Save Owned by NAB, this digital bank account is great for straightforward savers. Ubank Save offers a 5.85% welcome rate with a 5.10% ongoing rate — Ubank is a digital bank owned by NAB, and its Save account stands out because the ongoing rate is genuinely competitive and the condition to earn it is simple: just grow your combined Save balance by $1 or more per month.

Best introductory rate: Rabobank High Interest Savings If you're parking a lump sum short-term, Rabobank is tough to beat. The highest savings rate on the market right now is 6.00% p.a. for the first four months on ING's Savings Booster Account, with balances up to $500,000, but close behind, Rabobank High Interest Savings Account regularly offers some of the highest introductory rates in the market, and the standard variable rate after the intro period is more competitive than most majors — worth considering if you're disciplined about moving money when the intro period ends.

Best no-conditions ongoing rate: AMP Bank GO Save The top ongoing savings rate with no bonus conditions, upper age limits or restrictive minimum balance requirements is 5.25% p.a. from AMP Bank on its GO Save account (up to $50,000).

Best for tech-savvy/younger savers: Up Bank Saver Up Bank Saver is worth considering for tech-forward savers — the app makes saving genuinely easier with visual goals and automatic roundups, and the rate is competitive when conditions are met.

Best from a Big Four bank: Westpac Life If you want a major bank brand, Westpac Life (for 18-40 year olds only) offers an ongoing bonus rate of 5.75% when you grow your balance and make 20 purchases.

Best for under-30s: Bank of Queensland Future Saver The highest ongoing savings rate in the Finder database is Bank of Queensland's Future Saver Account (14 to 35 years), with a rate of 5.8%, though it's only for 14-35 year-olds and only for balances up to $50,000.

💡 Quick Comparison Table

With the Reserve Bank of Australia (RBA) lifting the cash rate to a 15-year high of 4.60%, Australian savers are seeing some of the highest interest rates in over a decade. However, the Australian savings market is a minefield of "honeymoon" rates, strict criteria, and "hoops" you have to jump through.

To help you choose, the top savings accounts in Australia are categorized below by how they are actually used. These options represent the brands and products highly favoured by everyday Aussies and personal finance communities (like r/AusFinance).

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1. The "Maximum Return" Accounts (Best Overall Rates)

If you are willing to meet monthly conditions to secure the absolute highest ongoing interest rates, these digital-first banks lead the market.

ING Savings Booster

ING has long been the darling of Aussie savers, and their newer Savings Booster product is designed to offer a simpler alternative to their classic Savings Maximiser.

• The Rates:
  • 6.25% p.a. introductory variable rate for your first 4 months (on balances up to $500,000).
  • 5.65% p.a. ongoing variable rate after the intro period.
• The "Hoops": To secure the ongoing 5.65% rate, you must grow your Savings Booster balance by at least $100 each month (excluding interest earned).
• The Catch: If you fail to grow your balance by $100 in a month, your rate drops to a base of 2.25%.

ubank Save

Ubank (backed by NAB) is arguably the most recommended bank on Australian finance forums because its high interest rate has the easiest conditions to meet.

• The Rates:
  • 6.10% p.a. welcome rate for your first 4 months.
  • 5.35% p.a. ongoing variable rate (on balances up to $1,000,000).
• The "Hoops": Extremely easy. You just need to have a linked ubank Spend account and grow your total savings balance by at least $1 (excluding interest) each month.
• Why people love it: There are no card-tapping or transaction requirements, and the $1 million cap is incredibly generous.

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2. The "No-Hoops" Accounts (Set and Forget)

If you want to park an emergency fund or a chunk of cash without worrying about making transactions, depositing a salary, or growing the balance every month, these are the best choices.

Macquarie Bank Savings Account

Macquarie is widely regarded as having the best overall banking experience and app in Australia. Its savings account is the gold standard for "no-hoops" saving.

• The Rates:
  • 5.35% p.a. introductory rate for your first 4 months (on balances up to $250,000).
  • 5.00% p.a. ongoing variable rate.
• The "Hoops": Absolute zero. No deposit minimums, no withdrawal limits, and no transaction requirements.
• Why people love it: Even their everyday transaction account pays a competitive interest rate, they offer great budgeting tools, and they charge no international transaction fees on their debit card.

AMP Bank GO Save

• The Rate: 5.25% p.a. ongoing variable rate (on balances up to $500,000).
• The "Hoops": None. Like Macquarie, it is a straightforward, set-and-forget product.

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3. The Young Adult Powerhouses (Under 40s)

If you are younger, some banks offer incredibly high ongoing interest rates specifically targeted to capture your demographic.

Westpac Life (Ages 18–40)

Westpac has used this product to claw back younger customers from digital-only neobanks, and it features one of the highest ongoing rates in the country.

• The Rate: 5.95% p.a. ongoing variable rate (on balances up to $150,000).
• The "Hoops": You must make a deposit to grow your balance each month AND make 20 or more debit card purchases on your linked Westpac Choice account.
• The Catch: 20 card transactions a month is a steep requirement, making this best suited for someone who uses Westpac as their primary everyday spending account.

BOQ Future Saver (Ages 14–35)

• The Rate: 5.80% p.a. ongoing variable rate (on balances up to $50,000).
• The "Hoops": Deposit at least $1,000 and make 5 settled card transactions from your linked BOQ account each month.

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4. What about the "Big Four"? (CommBank, ANZ, NAB, Westpac)

Historically, the Big Four offer lower ongoing rates because they don't have to work as hard to keep customers. However, if you want the convenience of staying with a major bank, ANZ and CommBank have stepped up:

• ANZ Plus (Growth Saver): ANZ's digital-only app platform offers 5.10% p.a. ongoing. You only need to grow your balance by $100 a month to get it—no card transactions are required.
• CommBank NetBank Saver: Offers a competitive variable introductory rate of 5.50% p.a. for your first 5 months, but this reverts to a very low 2.30% p.a. standard rate once the promotional period ends.

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Summary: Which one should you pick?

• If you want the absolute highest rate possible: Go with ING Savings Booster (6.25% intro / 5.65% ongoing) and make sure you add at least $100 to the account every month.
• If you want a high rate with almost zero effort: Go with ubank Save (6.10% intro / 5.35% ongoing). All you have to do is make sure the balance goes up by $1 a month.
• If you hate rules and want a great app: Go with Macquarie Bank (5.35% intro / 5.00% ongoing). You can take money out or put money in whenever you want without losing your interest rate.
• If you are under 40 and active with your card: Go with Westpac Life (5.95% ongoing) and use it for your daily coffees and grocery runs to hit the 20-transaction minimum.

Note: All of these banks are covered by the Australian Government Guarantee (Financial Claims Scheme), which protects your deposits up to $250,000 per person, per institution.

If you want the best savings accounts in Australia that people actually use, the strongest mainstream options are usually Macquarie, ING, Ubank, Rabobank, BOQ, and Revolut—because they combine high rates, well-known brands, and large user bases or frequent mention in comparison sites.

Here are the most relevant options right now, focusing on real-world usefulness rather than only headline rates:

If you want the best picks by type, I’d shortlist them this way:

• Best overall mainstream choice: Macquarie for a strong rate without as much account-juggling.
• Best bonus-rate chaser: Rabobank PremiumSaver or Ubank if you don’t mind meeting monthly conditions.
• Best for younger Australians: BOQ Future Saver.
• Best simple high-rate newcomer: Revolut if you’re comfortable with a less traditional banking brand.
• Best for brand familiarity: ING or Macquarie.

A few important points when choosing:

• The highest rate is not always the best account long term; many top rates are introductory or require monthly conditions.
• The market’s average savings rate is much lower than the headline leaders, so conditions matter a lot.
• If you keep a large balance, check for balance caps and whether the rate drops after a limit.

If you want, I can turn this into a ranked shortlist for your situation—for example:

• best for no monthly conditions
• best for highest interest
• best for people with $10k, $50k, or $100k to save
• best app / easiest bank to use

In Australia, the “best” savings account usually depends on whether you’ll meet the monthly bonus conditions. The top rates are almost always from online banks/neobanks, not the big four. Rates change often, so check Canstar, Finder, RateCity or Mozo before opening.

Top savings accounts Australians actually use

What people actually use

The most commonly recommended and used competitive accounts are ING, UBank, Macquarie, Virgin Money, AMP, BOQ, Westpac Life, Rabobank and Judo. The big four — CommBank NetBank Saver, NAB Reward Saver, ANZ Progress Saver, Westpac Life — are popular because they’re convenient, but they’re usually not the top rate unless you meet conditions or are on a young-person bonus.

Quick guide

• If you can meet the hoops: ING Savings Maximiser is the default pick for many Australians.
• If you want no hoops: Macquarie, Rabobank or Judo are usually better.
• If you prefer deposit-only conditions: UBank Save or AMP Go Save.
• If you’re under 30–35: BOQ Future Saver and Westpac Life are very competitive.
• If you have a mortgage: an offset account may beat a savings account because the effective return is your mortgage rate.
• Watch out for: introductory rates that drop after 3–4 months, balance caps, and bonus conditions you might accidentally break.
• Safety: Australian deposits are covered by the Government Guarantee up to $250,000 per person per ADI.
• Tax: Interest is taxable income. Give your bank your TFN so they don’t withhold tax at the top rate.

Short version: ING Savings Maximiser for most people who can meet conditions; Macquarie, Rabobank or Judo if you want no hoops; UBank or AMP if you prefer deposit-only; BOQ or Westpac Life if you’re under 30. Always confirm the current rate before opening.

Top savings accounts in Australia right now (as of early October 2026) focus on high variable interest rates, often with introductory bonuses for new customers or conditions like monthly deposits/balance growth for ongoing bonus rates.

All authorised deposit-taking institutions (ADIs) are covered by the Financial Claims Scheme (FCS), which protects up to $250,000 per account holder per ADI if the bank fails. Rates are variable and can change quickly after RBA decisions—always verify the latest on the provider’s site or comparison tools like Finder, Canstar, or Mozo before applying. Many “high” rates are introductory (e.g., 4 months) or conditional, and you’ll drop to a much lower base rate (sometimes near 0%) if you miss the rules.

Top Recommendations (Popular & Well-Used Options)

These stand out across comparison sites and real-user discussions (e.g., Reddit’s r/AusFinance) for competitive rates, app usability, and reliability. ING, Macquarie, Ubank, and Rabobank frequently come up as go-to choices Australians actually open and use.

• ING Savings Booster / Maximiser — Often tops lists for new customers. Up to 6% p.a. intro rate for 4 months (new to ING savings, balances up to $500k), then around 5.4% ongoing with conditions (e.g., $100+ monthly balance growth excluding interest, plus linked Orange Everyday account). Very popular due to the strong app, easy transfers, and solid ongoing rate when conditions are met.

• Rabobank High Interest Savings Account — Strong intro offer at 5.90% p.a. for 4 months (new customers, up to $250k), reverting to around 4.00%. Minimal conditions during the intro period; popular for larger balances within the cap and as a reliable European-backed option.

• Ubank Save Account — Competitive 5.85% p.a. welcome/intro rate for 4 months (up to $1m), then 5.10% ongoing with a very easy $1 monthly balance growth condition. Frequently mentioned positively by users for high caps and straightforward app (NAB-backed). Good for bigger savers.

• Macquarie Savings Account — Excellent ongoing 5.00% p.a. (up to $2m) with no monthly conditions or hoops—ideal if you want set-and-forget. Often awarded as a “most loved” or best no-conditions option. Popular for reliability and high balance limits.

• Bankwest Easy Saver — 5.75% p.a. intro for 4 months (new accounts, up to $250k), then a competitive 5.00% ongoing with no deposit/withdrawal conditions. Canstar’s 2026 Bank of the Year – Savings winner in some assessments for flexibility.

Other Strong Contenders

• AMP Bank GO Save: Solid unconditional/no-conditions rate (around 5.10–5.25% tiered, e.g., highest on first $50k). Frequently praised for simplicity.
• Judo Bank Savings Account: High ongoing bonus rates (~5.35%) with conditions; good for those who can meet monthly deposits.
• Westpac Life (18–40 year olds only): Strong bonus rate (up to ~5.75% in some updates) with conditions; a go-to Big Four option for eligible younger savers.
• ANZ Plus Flex Saver: ~5.10% unconditional ongoing (small balance cap for the top rate).

Quick Tips for Aussies

• Chasing the highest rate? Start with ING or Rabobank intros if you’re new to them, but plan to switch or move funds after the promo ends.
• Want zero hassle? Macquarie or AMP—no conditions means you keep the rate even if you withdraw.
• Conditions are key: Most bonus rates require things like monthly deposits ($200–$1,000+), balance growth, or card purchases. Missing them drops you to base rate. Track via app reminders.
• Large balances? Check caps (e.g., Macquarie or Ubank handle more; some bonus only up to $100k–$250k).
• Age-specific? BOQ Future Saver (14–35) or Westpac Life (18–40) can offer higher rates.
• Fintech options like Revolut appear with high intros but check fees, limits, and FCS status carefully.
• Next steps: Use Finder or Canstar for side-by-side comparisons (they update daily). Open via the bank’s app/site—most are quick online. Consider linking to your everyday transaction account for easy transfers. Shop around every few months as rates shift.

Rates and eligibility (e.g., new customer only for intros) change fast, so double-check directly with the provider. If you share more details like your balance size, age, or whether you want conditions vs. simplicity, I can refine this further!