Last updated: May 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

ING Savings Maximiser pays 5.50% — but only on the first $100,000. Money above that cap earns the base rate of 0.01%. On a $200,000 balance, that works out to around $5,510/year. The same $200,000 in Rabobank PremiumSaver — uncapped at 5.40% — earns $10,800/year. The headline rate doesn't tell the whole story when your balance exceeds the cap.

Best rate — no balance cap

5.40% p.a.

PremiumSaver — Rabobank

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
PremiumSaver Rabobank	5.40%	No cap	None
Personal Savings Account Judo Bank	5.35% base 0.05% + bonus 5.30%	Check PDS	Deposit $300 within the month.
Bonus Saver Account RACQ Bank	5.26% base 0.01% + bonus 5.25%	Check PDS	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.
Incentive Saver St George Bank Also: Bank of Melbourne and BankSA	5.15% base 0.10% + bonus 5.05%	Check PDS	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
Hero Saver Bankwest	5.10% base 0.65% + bonus 4.45%	Check PDS	Your total deposits for the month (excluding interest) must exceed your total withdrawals - i.e. your balance must grow during the month. No set minimum deposit amount.
Up Saver Up	5.10% base 0.00% + bonus 5.10%	Check PDS	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.
Up Essentials Saver Up	5.10%	No cap	None
Flex Saver easystreet	5.05%	No cap	None
Growth Saver Account Suncorp Bank	5.05% base 0.10% + bonus 4.95%	Check PDS	Closing balance on the last day of the month (excl. interest) at least $200 greater than the closing balance on the last day of the previous month and no more than 1 withdrawal in the month.
Hello Saver account MyState Bank	5.00%	No cap	None
Bonus Saver MyState Bank	5.00% base 0.00% + bonus 5.00%	Check PDS	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.
Bankwest Easy Saver Bankwest	5.00%	No cap	None
Westpac Life Westpac	5.00% base 0.10% + bonus 4.90%	Check PDS	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 18-34 who make 20+ settled debit card purchases on a linked Westpac Choice account (applies on balances up to $30,000).
GoalSaver Commonwealth Bank	5.00% base 0.25% + bonus 4.75%	Check PDS	Make at least one deposit and no withdrawals in the calendar month.
NAB Reward Saver NAB	5.00% base 0.01% + bonus 4.99%	Check PDS	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
Max E Saver Defence Bank	4.95% base 0.10% + bonus 4.85%	Check PDS	If a deposit is made during the month with no withdrawals, the bonus rate applies to the balance for that month.
LITTLE STAR SAVER Southern Cross CU	4.90% base 1.00% + bonus 3.90%	Check PDS	Make no withdrawals during the calendar month to earn the bonus rate. Base rate is tiered by balance.
STAR SAVER Southern Cross CU	4.90% base 1.00% + bonus 3.90%	Check PDS	Bonus interest paid when a minimum balance increase of $100 is achieved for the calendar month
Save account UBank	4.85% base 0.00% + bonus 4.85%	Check PDS	Customer must grow their total Save account balances by at least $1 each month, excluding interest credits. Does not include accounts that are linked as offsets at the end of the month.
MOMENTUM SAVER Teachers Mutual Bank	4.85% base 0.10% + bonus 4.75%	Check PDS	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.
Bonus Saver Bank Australia	4.85% base 0.10% + bonus 4.75%	Check PDS	Deposit $100 or more and make no withdrawals during the calendar month. Bonus rate applies on balances up to $100,000.
Savings Accelerator ING	4.80%	No cap	None
Macquarie Savings Account Macquarie Bank	4.75%	No cap	None
Essential Saver account Teachers Mutual Bank	4.75%	No cap	None
Purple Bonus Saver Beyond Bank	4.65% base 0.01% + bonus 4.64%	Check PDS	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.
Future Saver Great Southern Bank	4.60% base 0.10% + bonus 4.50%	Check PDS	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	4.55%	No cap	None
MySavings account Heartland Bank	4.55%	No cap	None
Everyday Saver Great Southern Bank	4.55%	No cap	None
Bendigo Reward Saver Bendigo Bank	4.50% base 0.10% + bonus 4.40%	Check PDS	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.
Online Saver Bank Australia	4.20%	No cap	None
Online Saver MOVE Bank	4.15%	No cap	None
E&P High Yield Account MyState Bank	4.00%	No cap	None
Target Bonus Account People First Bank	4.00% base 0.01% + bonus 3.99%	Check PDS	bonus interest will be applied to all balances if at least one deposit and no withdrawals are made
High Interest Savings Account Rabobank	4.00%	No cap	None
Bonus Saver Greater Bank	4.00%	No cap	None
Savings Maximiser ING	5.50% base 0.01% + bonus 5.49%	Up to $100,000	Deposit $1,000 or more into any personal ING account and make 5 or more settled card purchases on your linked Orange Everyday account each calendar month. Applies on balances up to $100,000.
Growth Saver MOVE Bank	5.40% base 0.10% + bonus 5.30%	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.
Boss Saver BCU Bank	5.10% base 0.20% + bonus 4.90%	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	5.10% base 0.20% + bonus 4.90%	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.
Bonus Saver MOVE Bank	5.00% base 0.10% + bonus 4.90%	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.
Home Saver Great Southern Bank	5.00% base 0.50% + bonus 4.50%	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.
Power Saver BCU Bank	4.85% base 0.50% + bonus 4.35%	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.
Smart Saver Account P&N Bank	4.85% base 0.50% + bonus 4.35%	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.
Dream Fund People First Bank	4.75% base 0.01% + bonus 4.74%	Up to $100,000	Bonus interest paid in any month the account balance grows (not including interest credits)
AMP Saver Account AMP Bank	4.70% base 0.25% + bonus 4.45%	Up to $500,000	Grow your AMP Saver account balance by $250 or more (excluding interest) in a calendar month and you will receive the bonus interest on balances in your AMP Saver account up to $500,000 in the following month
Online Saver Account People First Bank	4.35% base 2.95% + bonus 1.40%	Up to $100,000	Introductory promotional rate for the first 4 months on new accounts only, for balances up to $100,000. No ongoing bonus conditions after the promotional period ends.

No-cap accounts listed first. 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. Any balance above the cap earns the base rate — which for conditional bonus savers is often 0.01% p.a. For a saver with $150,000 in an account capped at $100,000, that means $50,000 is effectively earning nothing.

The split strategy

One approach for balances above $100,000 is to split across two accounts: put $100,000 into a high-rate conditional account like ING (capturing the full bonus), then park the remainder in a no-cap account like Rabobank PremiumSaver. On a $200,000 balance, this can outperform either account alone:

Strategy ($200k)	Annual return
All in ING Savings Maximiser (5.50%, capped at $100k)	~$5,510
All in Rabobank PremiumSaver (5.40%, no cap)	~$10,800
Split: $100k ING + $100k Rabobank (two different banks)	~$10,900
⚠️ The split must be across two different institutions — you can't open two Rabobank accounts to earn the same rate twice. Each institution counts separately for both the rate cap and the $250,000 government deposit guarantee.

Estimates only. Based on rates current at time of writing. ING base rate of 0.01% applied to balance above the $100k cap. Assumes ING conditions are met every month. Rates change — verify current rates 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. Compare term deposit rates at AURatePulse →

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