With the RBA cash rate holding steady through early 2026, Australian savings accounts are still offering some of the best interest rates we've seen in over a decade. But not all savings accounts are created equal — bonus rate conditions, caps, and fine print can make a big difference to your actual returns. Here's our breakdown of the best savings accounts in Australia right now.
Disclaimer: This article is general information only and does not constitute financial advice. Interest rates are accurate as of April 2026 but change frequently. Always check the provider's website for current rates and read the Product Disclosure Statement (PDS) before opening an account.
Quick Comparison: Best Savings Rates April 2026
| Bank | Base Rate | Bonus Rate | Total Rate | Max Balance | Key Condition |
|---|---|---|---|---|---|
| ING Savings Maximiser | 0.55% | 5.00% | 5.50% | $100,000 | Deposit $1,000/mo + 5 card transactions |
| Macquarie Savings Account | 4.75% | 0.65% | 5.40% | $250,000 | Deposit $200/mo (introductory bonus first 4 months) |
| Ubank Save | 0.50% | 5.00% | 5.50% | $100,000 | Deposit $200/mo |
| Up Savers | 0.10% | 5.40% | 5.50% | No cap | 5 transactions on Up Everyday |
| HSBC Everyday Savings | 0.50% | 5.00% | 5.50% | $500,000 | Deposit $200/mo + grow balance |
Rates shown are variable and subject to change. Total rates include base + bonus where conditions are met.
1. ING Savings Maximiser — Best-Known High-Rate Saver
Total rate: Up to 5.50% p.a.
Balance cap: $100,000 (base rate only above this)
Linked account: ING Orange Everyday required
The ING Savings Maximiser has been a favourite among rate-chasers for years. It consistently offers one of the highest rates in the market, but the conditions are stricter than most competitors.
Conditions for Bonus Rate
- Deposit at least $1,000 per month into your Orange Everyday account
- Make 5+ settled card purchases from your Orange Everyday each month
- Grow your Savings Maximiser balance each month (ending balance must be higher than previous month)
Pros
- Competitive 5.50% rate when conditions are met
- Well-established bank with good app and online banking
- Fee-free ATM access globally with Orange Everyday
- No monthly account fees
Cons
- Three conditions to meet (most competitors have one or two)
- $1,000/month deposit requirement is high for some savers
- $100,000 cap on bonus rate
- Miss one condition in a month and you get just 0.55%
- "Grow balance" condition means you can't withdraw without penalty
Best for: Full-time workers who receive regular salary deposits of $1,000+ and use their card frequently. Not ideal if your income is irregular.
2. Macquarie Savings Account — Best for Larger Balances
Total rate: Up to 5.40% p.a.
Balance cap: $250,000
Linked account: Macquarie Transaction Account
Macquarie Bank offers one of the most generous balance caps in the market at $250,000 — more than double most competitors. The rate is slightly lower than ING, but the higher cap and simpler conditions make it better for serious savers.
Conditions for Bonus Rate
- Deposit $200 or more per month (much easier than ING's $1,000)
- Introductory bonus rate for first 4 months (then slightly lower ongoing)
Pros
- $250,000 balance cap is industry-leading
- Simple conditions — just deposit $200/month
- Excellent mobile app
- No account fees
- Good for high-balance savers
Cons
- Introductory rate drops after 4 months — need to track when it ends
- Slightly lower rate than ING/Ubank/Up
- Limited branch access (digital-first bank)
- Customer service can have wait times
Best for: Savers with larger balances ($100K+) who want a high rate on more of their money. The $250K cap is the standout feature.
3. Ubank Save — Best for Simple Conditions
Total rate: Up to 5.50% p.a.
Balance cap: $100,000
Linked account: Ubank Spend account
Ubank (owned by NAB) offers a market-leading 5.50% with the simplest conditions of any high-rate account. Just deposit $200 a month. That's it. No card transactions, no balance growth requirement.
Conditions for Bonus Rate
- Deposit $200 per month into your Ubank account
Pros
- Matches the highest rate at 5.50%
- Simplest conditions in the market — just one deposit
- Backed by NAB (major bank security)
- Modern, clean mobile app
- No fees whatsoever
- Can withdraw anytime without losing bonus (as long as you deposit $200)
Cons
- $100,000 cap on bonus rate
- No branch access — fully digital
- Limited features compared to full-service banks
- App-only (no desktop internet banking)
Best for: Anyone who wants maximum return with minimum hassle. The easiest high-rate account to maintain.
4. Up Savers — Best for Under-30s & Tech Lovers
Total rate: Up to 5.50% p.a.
Balance cap: No cap (one of very few with no limit)
Linked account: Up Everyday
Up is a neobank built on Bendigo Bank's banking licence. It's known for its colourful, feature-rich app, and it appeals strongly to younger Australians. The standout feature: no balance cap on the bonus rate.
Conditions for Bonus Rate
- Make 5 purchases with your Up card each month (any amount)
Pros
- No balance cap — earn 5.50% on your entire balance
- Outstanding mobile app with excellent budgeting tools
- Round-ups, auto-savings features, and savings "vaults"
- 5 transactions is easy (tap for your morning coffee)
- Banking licence held by Bendigo Bank (Government guaranteed)
- Pay splitting and shared tabs
Cons
- Must use the Up debit card (no other card works for condition)
- App-only — no web banking
- Young company — less established than Big Four
- Customer service is chat-only (no phone)
Best for: People who want no balance cap, love a great app, and naturally make 5+ purchases a month. Especially popular with under-30s.
5. HSBC Everyday Savings — Best for Switching Bonus
Total rate: Up to 5.50% p.a.
Balance cap: $500,000
Linked account: HSBC Everyday Global Account
HSBC offers one of the highest balance caps at $500,000, making it the best option for very large savings balances. The rate is competitive and the conditions are reasonable, though the "grow your balance" requirement adds complexity.
Conditions for Bonus Rate
- Deposit at least $200 per month
- Grow your savings balance each month (end-of-month balance must be higher than previous)
Pros
- Massive $500,000 balance cap
- Competitive 5.50% total rate
- Global bank with strong infrastructure
- No monthly account fees
- Good for international transfers if needed
Cons
- "Grow balance" condition means you lose bonus if you withdraw net
- App and online banking less polished than neobanks
- Branch network is limited in Australia
- HSBC has been exiting some markets — long-term AU commitment uncertain
Best for: High-balance savers who don't need to make withdrawals and want a proven global bank.
How to Maximise Your Savings Rate
- Automate your deposits. Set up an automatic transfer on the 1st of each month to meet deposit conditions without thinking about it.
- Use the linked card. For accounts requiring card transactions, just use the linked debit card for everyday purchases you'd make anyway.
- Watch the balance cap. If you have more than $100K, consider splitting between accounts (e.g., $100K in Ubank + the rest in Macquarie or HSBC).
- Track introductory periods. Macquarie and others offer higher introductory rates. Set a calendar reminder for when they expire so you can switch if needed.
- Don't forget the Government guarantee. The Australian Government guarantees deposits up to $250,000 per account holder, per bank (ADI). All banks listed above are covered.
What About Term Deposits?
Term deposits lock your money away for a fixed period (3 months to 5 years) at a guaranteed rate. As of April 2026, the best 12-month term deposits are offering around 4.80-5.10% — which is actually less than the best savings accounts. The main advantage is certainty: your rate is locked in even if the RBA cuts.
For most people, a high-rate savings account is more flexible and currently pays more. Consider a term deposit only if you want to lock in a rate ahead of expected RBA cuts.
Frequently Asked Questions
Are my savings safe in an online bank?
Yes, if the bank holds an Australian banking licence (ADI). The Government Guarantee Scheme covers up to $250,000 per account holder, per institution. All five accounts listed are covered.
Do I pay tax on savings interest?
Yes. Interest earned is added to your taxable income and taxed at your marginal rate. Banks report your interest to the ATO automatically. You can provide your TFN to avoid withholding tax at the highest rate.
Can I have accounts at multiple banks?
Absolutely. Many rate-chasers split their savings across 2-3 accounts to maximise rates within each bank's balance cap and maintain Government guarantee coverage.
How often do rates change?
Savings account rates are variable and can change at any time. They generally move in response to RBA cash rate decisions, but banks can change them independently. Check rates monthly.
Last updated: April 2026. Rates are variable and subject to change. This is general information only — not financial advice. Consider your personal circumstances and read the PDS before opening any account.