Finding a high-interest savings account is one of the easiest ways to make your money work harder. With the RBA cash rate at 4.10% in 2026, savings account rates have improved significantly compared to recent years. Here are the best rates available right now.
Best Savings Account Rates — April 2026
| Institution | Max Rate | Base Rate | Conditions |
|---|---|---|---|
| Ubank High Interest Save | 5.50% | 0.10% | $200+ deposit/month |
| ING Savings Maximiser | 5.50% | 0.55% | Grow balance each month |
| Macquarie Savings Account | 5.35% | 4.75% | 4-month intro rate, no conditions |
| ANZ Plus Save | 5.00% | 1.50% | $100+ deposit/month |
| CBA GoalSaver | 4.90% | 1.00% | Grow balance, make 5 purchases |
Bonus vs Base Rate — What You Need to Know
Most high-interest savings accounts in Australia offer a low base rate (often 0.10–1.00%) plus a “bonus rate” that applies when you meet monthly conditions. Common conditions include:
- Depositing a minimum amount each month (e.g. $200, $500, $1,000)
- Growing your balance (not withdrawing more than you deposit)
- Making a minimum number of transactions on a linked everyday account
- No withdrawals in the calendar month
Always read the full product terms. If you miss a condition in any month, you typically receive only the base rate for that month.
Introductory Rates vs Ongoing Rates
Some accounts advertise high introductory rates (typically 3–6 months) that then revert to a lower ongoing rate. Always check the ongoing rate before choosing — the introductory offer may not reflect what you’ll earn long-term.
How Much Interest Will You Earn?
| Balance | @ 4.00% p.a. | @ 5.00% p.a. | @ 5.50% p.a. |
|---|---|---|---|
| $10,000 | $400 | $500 | $550 |
| $25,000 | $1,000 | $1,250 | $1,375 |
| $50,000 | $2,000 | $2,500 | $2,750 |
*Interest is shown as simple annual interest before tax. Interest earned is assessable income for tax purposes.
Term Deposits vs Savings Accounts
If you have a lump sum you won’t need for a fixed period, a term deposit may offer a higher guaranteed rate than a savings account. Term deposit rates in 2026 range from 4.50–5.25% for 6–12 month terms from major institutions.
Disclaimer: General information only. Not financial advice. Always consult a licensed professional before making financial decisions.