Last updated: October 2026

Best Savings Accounts for Large Balances (Over $100,000)

Most savings accounts cap their advertised rate at $100,000 — money above that earns near zero. Here's what actually pays on large balances.

Why this matters

Future Saver Account pays 5.80% — but only on the first $50,000. Money above that cap earns the base rate. Essential Saver account (Teachers Mutual Bank) pays 5.25% with no cap at all. The headline rate doesn't tell the whole story when your balance exceeds the cap.

Best rate — no balance cap

5.25% p.a.

Essential Saver account — Teachers Mutual Bank

Earns this rate on any balance. No cap.

All savings accounts — balance cap shown

No-cap accounts listed first, then capped accounts. The balance cap column shows the maximum balance that earns the advertised rate — money above that typically earns the base rate only.

Account	Rate p.a.	Balance cap	Conditions
No balance cap — full rate on any amount
Essential Saver account Teachers Mutual Bank	5.25%	No cap	None
Max E Saver Defence Bank	5.20% base 0.10% + bonus 5.10%	No cap	If a deposit is made during the month with no withdrawals, the bonus rate applies to the balance for that month.
STAR SAVER Southern Cross CU	5.20% base 1.00% + bonus 4.20%	No cap	Grow your balance by at least $100 in the calendar month (net of withdrawals, excluding interest).
ANZ Plus Growth Saver ANZ	5.10% base 0.10% + bonus 5.00%	No cap	Here's how it works: You'll get a standard rate of 0.10% p.a. on your total ANZ Plus Growth Saver balance each month, plus a bonus rate of 5.00% p.a. when you grow your ANZ Plus Growth Saver balance by $100 or more (on top of any interest you receive) each month.disclaimer
Growth Saver Account Suncorp Bank	5.10% base 0.10% + bonus 5.00%	No cap	Grow your balance by at least $200 in the calendar month (excluding interest credited), and make no more than 1 withdrawal in the month.
Flex Saver easystreet	5.05%	No cap	None
NAB Reward Saver NAB	5.00% base 0.01% + bonus 4.99%	No cap	Earn bonus interest for each month that you make at least one deposit before the second last banking day of that month and no withdrawals during that month
Hello Saver account MyState Bank	5.00%	No cap	None
Macquarie Savings Account Macquarie Bank	5.00%	No cap	None
Westpac Life Westpac	5.00% base 0.10% + bonus 4.90%	No cap	Make at least one deposit and ensure your balance is higher at month end than at month start. A separate Spend&Save bonus (+0.75%) is also available for customers aged 18-40 who make 20+ settled debit card purchases on a linked Westpac Choice account (applies on balances up to $150,000).
Bankwest Easy Saver Bankwest	5.00%	No cap	None
Savings Accelerator ING	4.80%	No cap	None
Online Saver MOVE Bank	4.70%	No cap	None
MySavings account Heartland Bank	4.55%	No cap	None
E&P High Yield Account MyState Bank	4.50%	No cap	None
Online Saver Bank Australia	4.45%	No cap	None
ANZ V2 PLUS ANZ	4.10%	No cap	None
Bonus Saver Greater Bank	4.00%	No cap	None
High Interest Savings Account Rabobank	4.00%	No cap	None
Balance cap applies — bonus rate only on amount up to the cap
Future Saver Account BOQ	5.80% base 0.05% + bonus 5.75%	Up to $50,000	To activate the bonus interest on your Future Saver Account/s, you will need to meet bonus interest criteria each month to qualify for bonus interest the following month. Deposit at least $1,000 a month into your linked Everyday transaction account from another Australian bank. (Funds transferred from BOQ accounts, cash and cheque and international deposits won't count.)Complete at least 5 transactions each month. Eligible transactions include direct debit payments, ATM withdrawals (not deposits
Bonus Saver Account RACQ Bank	5.76% base 0.01% + bonus 5.75%	Up to $99,999	Bonus rate interest is paid if deposits totalling at least $100 and no debit transactions are made to the account during the calendar month. Bonus Rate quoted includes Base Rate.
Growth Saver MOVE Bank	5.65% base 0.10% + bonus 5.55%	Up to $25,000	Deposit $200 or more and make no withdrawals within the calendar month. Bonus rate applies on balances up to $25,000.
Dream Fund People First Bank	5.55% base 0.01% + bonus 5.54%	Up to $100,000	Interest is calculated daily on the portion of the balance within each balance bracket. When the closing balance of your account on the last day of the month, excluding any interest credited to your account on that day, is greater than the opening balance of your account for that month, we will pay you bonus interest (this means we will calculate interest at a bonus rate in relation to that month).
Savings Maximiser ING	5.50% base 0.01% + bonus 5.49%	Up to $100,000	Deposit $1,000 or more from an external source into any personal ING account, make 5 or more settled card purchases on your linked Orange Everyday account, and grow your nominated Savings Maximiser balance (excluding interest) each calendar month. Applies on balances up to $100,000. Bonus rate applies in the following calendar month.
Savings Booster ING	5.40% base 2.25% + bonus 3.15%	Up to $500,000	Grow your account balance by at least $100 this month (not including any interest earned). Eligibility is assessed at the end of the month.
PremiumSaver Rabobank	5.40% base 0.65% + bonus 4.75%	Up to $250,000	Increase your balance by at least $200 during the month (excluding interest earned). Applies on balances up to $250,000.
Smart Saver Account BOQ	5.40% base 0.05% + bonus 5.35%	Up to $250,000	To activate bonus interest on your Smart Saver Account/s, you will need to meet bonus interest criteria each month to qualify for bonus interest the following month. AgeMonthly criteria36 years+ Deposit $1000 from an external account into your linked Everyday Account and make 5 eligible transactions that clear within the month. An external account is any Australian non-myBOQ account. A deposit from an external account includes wages paid by an employer from an Australian account. Cash and cheque
Bonus Saver MOVE Bank	5.35% base 0.10% + bonus 5.25%	Up to $250,000	Deposit $200 or more and make no withdrawals within the calendar month. Bonus rate applies on balances up to $250,000.
Up Saver Up	5.35% base 0.00% + bonus 5.35%	Up to $250,000	Make 5 or more card purchases from your Up Everyday Account each month and make no withdrawals from that Saver during the month. No minimum deposit required.
MOMENTUM SAVER Teachers Mutual Bank	5.35% base 0.10% + bonus 5.25%	Up to $250,000	Bonus interest earned for each month you deposit a miniumum of $100, make no withdrawals during the month and the account has a credit balance at all times during the month.
Personal Savings Account Judo Bank	5.35% base 0.05% + bonus 5.30%	Up to $250,000	Deposit $300 within the month.
HomeME Account ME Bank	5.35% base 0.05% + bonus 5.30%	Up to $1,000,000	The Bonus Interest Rate applicable to your HomeME Account will apply: For each calendar month where: a minimum of $2,000 was deposited into your SpendME account in the previous calendar month from an External Account. The SpendME account to which money is deposited must be held in the same name (sole name account) or names (joint names account) as your HomeME account; and 5.35% p.a. is payable on balances up to $100,
AMP Bank GO Save AMP Bank	5.25%	Up to $50,000	None
Boss Saver BCU Bank	5.25% base 0.20% + bonus 5.05%	Up to $100,000	Deposit $500 or more into your linked BCU transaction account from an external source and make 5 or more Visa Debit card purchases each month. Bonus applies on balances up to $100,000.
Savvy Saver Account P&N Bank	5.25% base 0.20% + bonus 5.05%	Up to $100,000	Deposit $500 or more into your linked P&N transaction account from an external source and make 5 or more Visa Debit card purchases each month. Bonus applies on balances up to $100,000.
Home Saver Great Southern Bank	5.25% base 0.50% + bonus 4.75%	Up to $100,000	Receive bonus interest on balances up to $100,000 when you deposit $2,000 or more each month into your Everyday Edge Account from a non-Great Southern Bank account and make five or more Visa Debit Card purchases.
Incentive Saver BankSA	5.15% base 0.01% + bonus 5.14%	Up to $19,999	Grow your account balance by at least $50 each calendar month (customers under 21 need only grow by $0.01). The growth must occur before the last business day of the month, and your balance must stay above $0 throughout.
Incentive Saver St George Bank	5.15% base 0.01% + bonus 5.14%	Up to $19,999	To earn Bonus interest rates, grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and keep your balance above $0. Add money to your account (interest payments don?t count). Grow your balance before the last business day of the month
Incentive Saver Bank of Melbourne	5.15% base 0.01% + bonus 5.14%	Up to $19,999	To earn Bonus interest rates, grow your account by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and keep your balance above $0. Keep your balance at $0 or above at all times. Add money to your account (interest payments don?t count). Grow your balance before the last business day of the month
Smart Saver Account P&N Bank	5.10% base 0.50% + bonus 4.60%	Up to $250,000	Bonus interest applied when minimum $100 deposited and no withdrawals made from the account during the calendar month. Bonus interest is paid on balances up to $250,000 with balances in excess of $250,000 receiving the standard rate.
Bonus Saver Bank Australia	5.10% base 0.10% + bonus 5.00%	Up to $100,000	Deposit $100 or more and make no withdrawals during the calendar month. Bonus rate applies on balances up to $100,000.
Hero Saver Bankwest	5.10% base 0.65% + bonus 4.45%	Up to $250,000	Your closing balance for the month (excluding interest) must be higher than your closing balance at the end of the previous month. There is no minimum deposit amount, but any net outflow during the month forfeits the bonus rate. One Hero Saver account per person.
Save account UBank	5.10% base 0.00% + bonus 5.10%	Up to $1,000,000	Grow your combined balance across all your Save accounts by at least $1 each month (excluding balances used to offset a Ubank home loan).
Power Saver BCU Bank	5.10% base 0.50% + bonus 4.60%	Up to $250,000	Bonus interest applied when minimum $100 deposited and no withdrawals made from the account during the calendar month. Bonus interest is paid on balances up to $250,000 with balances in excess of $250,000 receiving the standard rate.
GoalSaver Commonwealth Bank	5.00% base 0.10% + bonus 4.90%	Up to $49,999	Make at least one deposit and no withdrawals in the calendar month.
Bonus Saver MyState Bank	5.00% base 0.00% + bonus 5.00%	Up to $500,000	Link a MyState Bank Glide or Basic transaction account, deposit $20 or more, and make 5 or more eligible Visa transactions from the linked account each month. Bonus rate applies on balances up to $500,000.
Future Saver Great Southern Bank	4.85% base 0.10% + bonus 4.75%	Up to $500,000	Rate applies on a stepped basis. Bonus interest is applied on top of the base rate if the balance of the Future Saver account increases by $250 by the end of each calendar month (excluding interest payments, withholding tax and fees).
Simple Saver Account BOQ	4.80%	Up to $5,000,000	None
Bendigo Reward Saver Bendigo Bank	4.75% base 0.10% + bonus 4.65%	Up to $100,000	Grow your balance each calendar month (net increase, excluding interest). Available for customers aged 31 and over. Bonus rate applies on balances up to $100,000.
Purple Bonus Saver Beyond Bank	4.65% base 0.01% + bonus 4.64%	Up to $200,000	You will become eligible for bonus interest if you: a) deposit at least $50 during the month; and b) do not make a withdrawal during the same month. Interest is paid monthly.
Smart Saver Account Newcastle Permanent	4.50% base 0.05% + bonus 4.45%	Up to $50,000	None
SaveME Account ME Bank	4.35% base 0.00% + bonus 4.35%	Up to $500,000	The Bonus Interest Rate applicable to your SaveME Account will apply: For each calendar month where you made four or more card transactions in the previous calendar month using the Visa debit card linked to a SpendME account in the same name (sole name account) or names (joint name accounts) as your SaveME account. Transactions that are pending do not count as a transaction for the previous calendar month and will be counted in the following calendar month; and to the balance of your SaveME acco
Virgin Money Boost Saver Virgin Money	4.20% base 0.05% + bonus 4.15%	Up to $250,000	Make a minimum deposit and a minimum number of card purchases on your linked Go Account each calendar month (exact thresholds shown on the Virgin Money website).

Cap applies to the bonus or advertised rate — base rate applies to the excess. How rates work. No affiliate fees — we're independent.

Understanding balance caps on savings accounts

What happens above the cap?

When a savings account has a balance cap, only the amount up to that cap earns the advertised rate. What happens above the cap varies by bank: some accounts drop straight to the base rate — often as low as 0.01% p.a. — while others step down to a separate, lower bonus rate instead of cutting off entirely. Either way, the balance above the cap earns noticeably less than the advertised headline rate.

The split strategy

One approach for balances above the cap is to split: put $50,000 into Future Saver Account (BOQ) to capture the full bonus, then put the remainder into a no-cap account like Essential Saver account. On a $150,000 balance, the maths looks like this:

Strategy ($150,000)	Annual return
All in Future Saver Account (5.80%, capped at $50,000)	~$2,950
All in Essential Saver account — Teachers Mutual Bank (5.25%, no cap)	~$7,880
Split: $50,000 Future Saver Account + $100,000 Essential Saver account (two different banks)	~$8,150
⚠️ The split must be across two different institutions — you can't open two accounts at the same bank to earn the same rate twice. Each institution counts separately for both the rate cap and the $250,000 government deposit guarantee.

Estimates only. Calculated from current rates as at today — rates can change at any time. Base rate applied to balance above the cap. Assumes conditions are met every month. Verify rates directly with the bank before making any financial decision.

Government deposit guarantee

The Australian Government Financial Claims Scheme protects deposits up to $250,000 per institution. If you're splitting a large balance across multiple banks, each institution's $250,000 limit applies separately — so $200,000 across two banks is fully protected at both. For balances above $500,000, the same logic applies across additional institutions — each bank's protection limit applies independently. All lenders listed on this page are APRA-regulated.

Term deposits as an alternative

For large lump sums that won't be touched, a term deposit locks in a rate for the full term — no conditions to meet, no risk of rate cuts mid-term, and most have no balance caps on competitive rates. The trade-off is that your money is locked until maturity. If a locked-in rate appeals, compare term deposits across Australian banks before committing.

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