Best Savings Accounts in Australia 2026 — Highest Interest Rates Ranked
Compare the best savings accounts in Australia for 2026. We rank ING, Rabobank, UBank, Macquarie and ME Bank by interest rate, conditions, and fine print.
Finding the best savings account in Australia comes down to one thing: getting the highest interest rate without jumping through impossible hoops. We've compared the top savings accounts available in April 2026 so you can make your money work harder.
Top Savings Accounts at a Glance
| Bank | Rate (p.a.) | Type | Conditions |
|---|---|---|---|
| Rabobank | 5.65% | Intro (4 months) | New customers, no conditions |
| ING Savings Maximiser | 5.50% | Ongoing (conditional) | Deposit $1,000/month, 5+ card transactions, grow balance |
| UBank USaver | 5.10% | Ongoing (conditional) | Deposit $200/month |
| Macquarie Savings Account | 5.00% | Intro (4 months) | New customers, then 4.50% ongoing |
| ME Bank HomeME Savings | 4.85% | Ongoing (conditional) | Deposit $2,000/month, 4+ tap & pay |
Rates current as of April 2026. Always confirm directly with the provider.
1. Rabobank High Interest Savings — 5.65% Intro
Rabobank currently offers the highest savings rate in Australia at 5.65% p.a. for the first four months with no conditions attached. After the intro period, the rate drops to around 3.75% — still decent, but you'll want to reassess. Rabobank is backed by the Netherlands-based Rabobank Group and covered by the Australian Government Guarantee (up to $250,000).
Best for: Parking a lump sum for 4 months while you figure out a longer-term strategy.
2. ING Savings Maximiser — 5.50% Ongoing
ING's Savings Maximiser is arguably the best ongoing rate if you can meet the conditions: deposit $1,000+ per month into your linked Orange Everyday account, make 5+ settled card purchases per month, and grow your savings balance each month. Miss a condition and you drop to the base rate of around 0.55%.
Best for: Salaried workers who use their card daily — the conditions are easy to meet if ING is your main bank.
3. UBank USaver — 5.10% Ongoing
UBank (owned by NAB) keeps it simple: deposit $200/month and you get 5.10% p.a. on balances up to $100,000. No card transaction requirements, no balance-growth hoops. The catch? Rates above $100k drop significantly.
Best for: People who want a high rate with minimal fuss.
4. Macquarie Savings Account — 5.00% Intro
Macquarie offers a 5.00% introductory rate for 4 months, dropping to 4.50% ongoing with no conditions. That ongoing rate is one of the best unconditional rates in the market. Their app is excellent and transfers between Macquarie accounts are instant.
Best for: Anyone who doesn't want to think about conditions — ever.
5. ME Bank HomeME Savings — 4.85% Ongoing
ME Bank (owned by Bank of Queensland) offers 4.85% if you deposit $2,000/month and make 4+ tap & pay purchases. Solid rate, but the higher deposit requirement makes it better suited to dual-income households.
How to Choose the Right Savings Account
It's not just about the headline rate. Ask yourself:
- Can you meet the conditions every month? A 5.50% rate means nothing if you miss a condition and earn 0.55%.
- Is it an intro rate? Set a calendar reminder to reassess when the honeymoon ends.
- What's the cap? Some accounts only pay the bonus rate on the first $100,000 or $250,000.
- Do you need instant access? All accounts here are at-call — no lock-in periods.
Pro Tip: Rate Stack
Many savvy Australians split their savings across two accounts: one intro-rate account for a lump sum, and one conditional ongoing account for regular savings. When the intro ends, roll the balance into the next best offer.
Government Guarantee
All banks listed here are covered by the Financial Claims Scheme, which guarantees deposits up to $250,000 per person, per ADI (authorised deposit-taking institution). Your money is safe.
Our Pick: ING Savings Maximiser
If you can meet the conditions, 5.50% ongoing is hard to beat. For no-conditions simplicity, Macquarie's 4.50% ongoing rate is the standout.