Last updated: October 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%

5.80% p.a.

Future Saver Account — BOQ

Requires monthly conditions

Best over 5% — no conditions

5.25% p.a.

AMP Bank GO Save — AMP Bank

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
Future Saver Account BOQ	5.80% Best base 0.05% + bonus 5.75%	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%	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%	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%	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%	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.	—
PremiumSaver Rabobank	5.40% base 0.65% + bonus 4.75%	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%	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	—
Savings Booster ING	5.40% base 2.25% + bonus 3.15%	Grow your account balance by at least $100 this month (not including any interest earned). Eligibility is assessed at the end of the month.	6.00% for 4 mo then 5.40%
MOMENTUM SAVER Teachers Mutual Bank	5.35% base 0.10% + bonus 5.25%	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%	Deposit $300 within the month.	—
Bonus Saver MOVE Bank	5.35% base 0.10% + bonus 5.25%	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%	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.	—
HomeME Account ME Bank	5.35% base 0.05% + bonus 5.30%	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,	—
Home Saver Great Southern Bank	5.25% base 0.50% + bonus 4.75%	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.	—
Boss Saver BCU Bank	5.25% base 0.20% + bonus 5.05%	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%	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.	—
AMP Bank GO Save AMP Bank	5.25%	No conditions	—
Essential Saver account Teachers Mutual Bank	5.25%	No conditions	—
STAR SAVER Southern Cross CU	5.20% base 1.00% + bonus 4.20%	Grow your balance by at least $100 in the calendar month (net of withdrawals, excluding interest).	—
Max E Saver Defence Bank	5.20% base 0.10% + bonus 5.10%	If a deposit is made during the month with no withdrawals, the bonus rate applies to the balance for that month.	—
Incentive Saver BankSA	5.15% base 0.01% + bonus 5.14%	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%	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%	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%	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%	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%	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.	—
Growth Saver Account Suncorp Bank	5.10% base 0.10% + bonus 5.00%	Grow your balance by at least $200 in the calendar month (excluding interest credited), and make no more than 1 withdrawal in the month.	—
ANZ Plus Growth Saver ANZ	5.10% base 0.10% + bonus 5.00%	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	—
Save account UBank	5.10% base 0.00% + bonus 5.10%	Grow your combined balance across all your Save accounts by at least $1 each month (excluding balances used to offset a Ubank home loan).	5.85% for 4 mo then 5.10%
Power Saver BCU Bank	5.10% base 0.50% + bonus 4.60%	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.	—
Flex Saver easystreet	5.05%	No conditions	—
GoalSaver Commonwealth Bank	5.00% base 0.10% + bonus 4.90%	Make at least one deposit and no withdrawals in the calendar month.	—
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 18-40 who make 20+ settled debit card purchases on a linked Westpac Choice account (applies on balances up to $150,000).	—
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	—
Hello Saver account MyState Bank	5.00%	No conditions	5.40% for 4 mo then 5.00%
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.	—
Bankwest Easy Saver Bankwest	5.00%	No conditions	—
Macquarie Savings Account Macquarie Bank	5.00%	No conditions	—

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 38 accounts currently paying over 5%, 32 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.

6 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.

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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