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Compare high interest savings accounts

Find high-interest savings accounts with rates up to 5.75%. Compare interest rates, fees, and features to find a suitable savings account for you.

80+ savings account providers in RateCity’s database

290+ savings account products in RateCity’s database

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Our team of savings accounts research experts evaluates savings accounts for value (including interest rates and features), offering detailed ratings to aid your comparison. 

Our seasoned editorial team has extensive experience in financial comparisons, aiming to simplify complex terms into useful information for Australians.

We review and rate savings accounts from numerous providers, offering a wide selection of savings accounts for informed decision making. 

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What’s new in savings accounts in June 2024?

The most recent data from the Australian Bureau of Statistics reveals that prices rose by 1% in the March quarter, which brought the yearly inflation rate to 3.6%.

As inflation rises, it impacts the purchasing power of your money; for example, an item that costs $1 today could cost about $1.04 next year due to a 3.6% inflation rate. In essence, higher inflation means you may need more money in your account to cover the same expenses. 

If you're striving to save more or looking for ways to boost your savings, one of the simplest actions you could take is to review your savings account and explore what other providers offer. Comparing your current earnings with the rates offered by different providers can help you maximise your interest income. 

Account Rate Maximum balance for rate Monthly condition for maxmimum rate 
 ME Bank HomeME 5.55% $1,00,000Deposit $2,000 or more into linked bank account and grow savings balance.
 ING Savings Maximiser 5.50% $1,00,000Deposit $1,000 or more and make 5+ transactions in linked bank account, and grow savings balance.
 MOVE Bank Growth Saver 5.50% $25,000Make a minimum deposit of $200 and no withdrawals within a calendar month.
 Rabobank PremiumSaver 5.45% $2,50,000Balance must be increased by $200 a month.
 AMP Bank Saver Account 5.40% $2,50,000Deposit $1,000 or more into the savings account each month.

Source: Excludes kids and young adults accounts. Data accurate as of 05/06/2024. 

What is a high-interest savings account?

A high interest savings account is a type of savings account offered by banks and financial institutions that typically provides a higher interest rate compared to traditional savings accounts. These accounts are designed to help savers grow their savings faster by earning a higher rate of interest on their deposited funds. 

Ideal for a wide array of savings objectives, from vacation funds to significant investments like a house deposit, high-interest savings accounts present a straightforward, low-risk strategy for growing your savings through interest accumulation. 

When seeking the right savings account, it's essential to not only focus on finding the highest interest rates but also to consider the broader picture, including the account's fees and the terms and conditions associated with it. 

A comprehensive savings account comparison can help optimise your savings. While the highest interest rates might initially seem the most attractive, they may not always be the best fit for your specific needs. 

Many savings accounts come with a unique set of rules—such as minimum monthly deposit requirements or limits on withdrawals—that could affect its suitability for your saving habits. Identifying an account that offers competitive interest rates and aligns with your savings habits and goals is key. 

Benefits of a high interest savings account

Opening a high-interest savings account may have several benefits, as elaborated below. 

A higher interest rate 

When it comes to your savings, a higher interest rate can help your money grow faster by paying you highly competitive rates compared to transaction accounts that don't pay much (or any) interest. 

An incentive to save 

Some banks require you to deposit money regularly in your account and maintain a minimum balance to earn a higher interest rate. This could act as an incentive for some individuals to save money. But it's also important to check whether you can afford to have the required minimum deposit amount in savings to earn the bonus interest rate. 

Alternatively, you can also find savings accounts with no monthly minimum deposit. While you may not earn a bonus interest rate with such an account, it could encourage you to build a savings habit.

No account keeping fee

Some high-interest savings accounts don't charge any account keeping fees. However, if you need access to ATM withdrawals with your account, you might have to pay a fee. Alternatively, you may consider linking up your savings account with an everyday bank account to access your savings, but there might be account keeping charges applicable on the transaction account. 

Fast-tracking your savings goals 

If you've set yourself a financial goal, a high-interest savings account can offer the ideal path to realise it. Depending on the account type you choose and the kind of restrictions you're comfortable with, you could even qualify for a bonus interest rate and speed up your journey. 

Ease of opening and closing accounts 

A term deposit may get you better rates than a high-interest savings account, but you won't have any access to your money for the duration of the deposit. The lack of a lock-in period on high-interest savings accounts allows you to move your money into a more lucrative investment whenever you prefer. 

Security of funds 

If you're worried about the safety of your funds, you could consider opening an account with a bank covered under the government guarantee scheme. Your savings with such banks are insured by the Australian government for a maximum of $250,000 per person, per institution. 

What are the types of savings accounts with higher interest rates?

Different types of savings accounts with higher interest rates include accounts offering bonus interest rates for meeting specific conditions like regular deposits or maintaining a minimum balance. Some provide introductory or honeymoon rates for a limited period, typically offering a higher rate to new customers. 

Online savings accounts, which operate digitally, often offer competitive rates due to lower operational costs. Each type has unique requirements and benefits, tailored to various saving goals and habits. 

1. Introductory savings accounts 

These typically offer a higher rate, sometimes called a promotional rate, for the first few months after you open the account, after which you earn interest at the base rate. Consider checking the difference between the promotional and base rates before opening an account. 

2. Conditional savings accounts 

As the name suggests, these accounts require you to meet specified conditions such as maintaining a minimum balance, making regular deposits, making few or no withdrawals in a calendar month, and so on to earn a bonus or higher interest rate on your savings

3. Online savings accounts 

Online savings accounts are typically operated through the provider's Internet banking site or mobile banking app. Some purely digital providers may also offer high-interest online savings accounts with no fees, although the lack of a physical location limits customers' options for contacting their bank. 

4. Children's savings accounts 

Children's savings accounts can help teach your child basic financial literacy in a digital age. Kids can gain an understanding of the banking system and learn how to save money, especially when paired with educational savings apps. Compared to adult accounts, children's savings accounts generally have higher interest rates, but can come with higher fees. 


Both savings accounts and term deposits are protected under the Financial Claims Scheme. The federal government will guarantee up to $250,000 for each account holder at each licenced bank, building society or credit union incorporated in Australia. 

Making the most of high-interest savings accounts

With numerous accounts offering high interest rates, here are some practical tips to help you make an informed decision when choosing the best account for your savings goals

How can you find the best savings account interest rates? 

Comparing savings accounts across a variety of banks can increase your likelihood of identifying one with an attractive interest rate and features that meet your needs. Yet, it's essential to look further than just the rates themselves and take into account any specific conditions tied to securing the higher rate. 

Ensure you understand these terms to decide whether you can meet them consistently. Additionally, be mindful of any fees associated with the savings account to prevent them from diminishing your accrued interest. 

Factors to consider when choosing a good high interest savings account 

When comparing high interest savings accounts, there are several key factors to consider to ensure you choose the best account for your financial needs. 

Interest ratesIf you're looking to earn more interest over the short term, an account offering a promotional rate might work for you. However, if you want to grow your savings consistently over the long run, you may want to look for a conditional savings account with a suitable set of restrictions. 
Minimum balance requirementsSome high interest savings accounts may require a minimum balance to be maintained in order to qualify for the advertised interest rate. Be sure to assess whether the minimum balance aligns with your savings goals and financial situation. 
Fees and chargesThese days, many savings accounts don't charge any monthly account fee, especially online savings accounts. Make sure you check the account terms to see which fees are permanently waived and which may apply to some transactions. 
Accessibility and convenienceConsider the accessibility of the account, including online banking features, mobile app availability, and ATM access. For instance, online savings accounts can get you a higher interest rate and can be operated more conveniently, but you may not have direct access to bank officials at a branch if you need to resolve any account-related issues.
Account features and benefits

Some high interest savings accounts may offer additional features such as bonus interest promotions, linked transaction accounts, or rewards programs. Evaluate these extra benefits to see if they align with your savings strategy.

However, these features may be associated with some conditions. You may lose out on earning interest at a higher rate if you make too many withdrawals from a conditional savings account. You could divide your deposit between savings and transaction accounts if you anticipate withdrawing money often. 

How a variable cash rate can affect your savings

High-interest savings accounts often come with variable interest rates, which can change based on the market. Any change in the Reserve Bank of Australia's cash rate can influence the interest rate offered to you. If you prefer greater certainty regarding the growth of your savings, consider opening a high-interest term deposit account

Exploring other savings options

The main benefits of a savings account are simplicity and low risk. You're not investing anything, so your money can simply sit in the account and earn interest. It's also safer than hiding cash under your mattress, as it can't be easily stolen or damaged.

Another low-risk option is to park your savings in a term deposit. These are similar to savings accounts; however, once you've deposited your money, you can't easily withdraw the funds until the end of a fixed term. The interest rates are fixed in advance, so it's simpler to calculate the interest you'll earn over time. 

Difference between savings accounts and term deposits 

If you're seeking a relatively safe option to grow your money, savings accounts and term deposits are two popular choices. While the former provides flexibility, the latter offers certainty. For example, with a savings account, you can access your funds when needed, which could make it a handy option for short-term savings goals or as an emergency fund

The interest rates on savings accounts are variable, meaning they can fluctuate based on market conditions or changes in the Reserve Bank's cash rate. In contrast, term deposits offer a fixed interest rate over a predetermined period, ranging from a few months to up to five years. This fixed rate provides the certainty of knowing exactly how much interest you will earn by the deposit's maturity, making term deposits suitable for long-term financial planning where immediate access to the funds is not required. 

In general, term deposits can be a competitive option for anyone prone to dipping into their savings, as you can lock away your money to earn interest at a fixed rate, making slow and steady progress towards your savings goals. While it is possible to end your term deposit early to access your money if you need it, you'll likely need to provide plenty of advance notice (often at least a month), may miss out on interest income, and may also need to pay an early withdrawal fee. 

Choosing between a savings account and a term deposit depends on your financial goals and whether you need to access your money in the short term. Check our comparison tables for the latest comparisons and detailed analysis of both savings accounts and term deposits, including the most competitive rates and terms available. RateCity provides up-to-date information and tools to help you make an informed decision that best suits your savings strategy. 

How to open a savings account

Opening a savings account is straightforward and isn't likely to take up much of your time. Once you have found an account suitable for you, all you need to do is contact your bank via phone or visit a branch to begin the process. Some banks also let you open an account online by filling out an online application supported by copies of one or more of your primary documents.

If you're looking to open a new account or planning to move your savings to another bank, it might be worth comparing high-interest savings accounts from different providers to find a competitive interest rate. Here are a few points worth comparing in addition to the interest rates when searching for a suitable account to grow your savings: 

  • Some banks may offer high interest rates but require you to meet some tough conditions to earn that interest. For instance, you may be required to deposit a minimum amount each month to earn the high rate, and it's worth checking whether you can afford it or not. 
  • If you open an account with a high introductory rate, you'll only earn bonus interest for a short period, after which your interest rate will revert to a lower base rate. 
  • There are some banks that require you to have a transaction account with them to open a savings account. While savings accounts don't usually charge a fee, it's worth checking the fees and costs you need to pay for a transaction account so it doesn't eat into your savings. 

Overall, a high-interest savings account could help you grow your savings without much additional effort on your part. But it's worth comparing other savings options, like term deposits, before deciding on a savings method that fits your money attitude and goals. 

Can you have a joint account for your savings?

Many banks offer joint savings accounts, where two or more people have access to a common bank account. Joint accounts are often used by people in romantic relationships, although they can also be used by friends or relatives wanting to pool their savings to reach a shared goal. 

It's important to only open a joint savings account with people you trust, as they will be able to withdraw any money you deposit in the account.

You can open a joint savings account online in just a few minutes, or by visiting a bank branch. In either case, you'll need to provide identification and contact details for both parties, as well as your tax file numbers if you don't want to be taxed at the maximum rate. Just fill in the application and submit it to the savings account provider of your choice. 


“Picking the right savings account for your finances, your lifestyle and your personality is crucial. If the fine print doesn’t fit, don’t just grin and wear it. Take the time to find an account that works.”

Sally Tindall

RateCity Research Director

Are high-interest savings accounts worth it?

Making any investment work for you can require taking a well-informed, smart approach and looking at the long-term use of the savings accounts offering high interest. You have to stick to the account terms diligently for the entire time you operate the account, but you also have to decide when to move your money into a more beneficial investment option. For instance, you could save up a certain amount and use it to pay the deposit on a home loan. Alternatively, you could set aside a part of your savings for trading in the stock market. 

Saving up money need not always be an investment - you may need the cash for emergency expenses such as hospitalisation or house repairs. You could also accumulate a vacation fund or a nest egg for your retirement.

Regardless of your reason for saving, you'll need some amount of financial discipline to ensure you keep depositing funds regularly and earn the maximum interest possible. Also, remember that even the best high-interest savings account may not always be the most suitable for your needs, and you should compare different accounts periodically to see if you can save more by opening a different account. 

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Guides and resources

Savings accounts 101

How much should you have in your savings account? 

Read more

Does it cost money to open a savings account? 

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Things you need to open a savings account 

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Pros and cons of a savings account 

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Savings accounts comparison

Bonus savings accounts vs. term deposit rates 

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Variable interest rate savings accounts vs. term deposits 

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Savings accounts vs. transaction accounts 

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Simple interest vs. compound interest 

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Kids’ savings accounts

How to invest for your children 

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Savings account for your grandchild 

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Bank accounts for teenagers 

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Help your kids improve their credit score  

Read more

What is parenting payment? 

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Withholding tax on a savings account 

Read more

Automatic savings accounts 

Read more

Savings account conditions 

Read more

Ethical savings accounts 

Read more

Frequently Asked Questions

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.