Last updated: May 2026

Savings Accounts Over 5% in Australia

Every Australian savings account currently paying over 5% p.a. — sorted by ongoing rate, updated daily. Rates move fast; bookmark this page to track changes as they happen.

Highest rate over 5%

5.50% p.a.

Savings Maximiser — ING

Requires monthly conditions

Best over 5% — no conditions

5.40% p.a.

PremiumSaver — Rabobank

Earn this rate automatically, every month

All savings accounts currently over 5% p.a.

The table below shows every current savings account paying over 5% p.a., sorted highest first. The conditions column tells you whether you need to do anything to earn that rate each month.

Account	Rate p.a.	Conditions	Intro rate
Savings Maximiser ING	5.50% Best base 0.01% + bonus 5.49%	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.	—
PremiumSaver Rabobank	5.40%	No conditions	—
Growth Saver MOVE Bank	5.40% base 0.10% + bonus 5.30%	Deposit $200 or more and make no withdrawals within the calendar month. Bonus rate applies on balances up to $25,000.	—
Personal Savings Account Judo Bank	5.35% base 0.05% + bonus 5.30%	Deposit $300 within the month.	—
Bonus Saver Account RACQ Bank	5.26% base 0.01% + bonus 5.25%	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: BankSA and Bank of Melbourne	5.15% base 0.10% + bonus 5.05%	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	—
Savvy Saver Account P&N Bank	5.10% base 0.20% + bonus 4.90%	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.	—
Up Saver Up	5.10% base 0.00% + bonus 5.10%	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 conditions	—
Boss Saver BCU Bank	5.10% base 0.20% + bonus 4.90%	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.	—
Hero Saver Bankwest	5.10% base 0.65% + bonus 4.45%	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.	—
Growth Saver Account Suncorp Bank	5.05% base 0.10% + bonus 4.95%	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.	—
Flex Saver easystreet	5.05%	No conditions	—
Hello Saver account MyState Bank	5.00%	No conditions	5.40% for 4 mo then 5.00%
GoalSaver Commonwealth Bank	5.00% base 0.25% + bonus 4.75%	Make at least one deposit and no withdrawals in the calendar month.	—
Home Saver Great Southern Bank	5.00% base 0.50% + bonus 4.50%	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.	—
Bankwest Easy Saver Bankwest	5.00%	No conditions	5.75% for 4 mo then 5.00%
Westpac Life Westpac	5.00% base 0.10% + bonus 4.90%	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).	—
NAB Reward Saver NAB	5.00% base 0.01% + bonus 4.99%	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	—
Bonus Saver MOVE Bank	5.00% base 0.10% + bonus 4.90%	Deposit $200 or more and make no withdrawals within the calendar month. Bonus rate applies on balances up to $250,000.	—
Bonus Saver MyState Bank	5.00% base 0.00% + bonus 5.00%	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.	—

Ongoing rates only — accounts sorted by what you actually earn after any intro period. View all savings accounts. How rates work. No affiliate fees — we're independent.

What to know about 5%+ savings rates

Are these accounts safe?

All lenders on this page are APRA-regulated Australian deposit-taking institutions. Deposits up to $250,000 are protected by the Australian Government Financial Claims Scheme regardless of which institution holds them. The highest rates consistently come from challenger and online-only banks — none of which are the Big 4, but all of which operate under the same regulatory framework.

Most 5%+ rates come with conditions

Of the 21 accounts currently paying over 5%, 16 require you to meet monthly conditions to earn that rate — typically a minimum deposit, a set number of card transactions on a linked account, or balance growth each month. Miss one condition and you drop to the base rate, which can be as low as 0.01% for that month.

5 of the accounts above pay over 5% with no conditions at all. If simplicity matters, see the full no-conditions list →

These rates won't last forever

Savings account rates move with the RBA cash rate and individual bank pricing decisions. An account paying 5.50% today may pay 5.00% next month if the bank cuts. This page updates daily. If the table above looks short, the RBA has likely cut recently — view all savings accounts for the full picture.

If you want to lock in a rate, a term deposit fixes it for the term you choose and can't be cut mid-term. The trade-off is access: your money is tied up until maturity. Compare term deposit rates at AURatePulse →

Why the Big 4 rarely appear here

ANZ, CBA, NAB, and Westpac rarely offer savings rates above 5%. Their branch networks, existing customer bases, and market dominance mean they don't need to compete aggressively on rate. The highest savings rates consistently come from ING, Rabobank, Judo Bank, MOVE Bank, and a rotating cast of mutual banks and credit unions who compete on rate rather than brand recognition.

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