Following the RBA's cash rate announcement on Tuesday, Macquarie increased its four-month intro savings account rate by 15 basis points.

From next week the rate will be 1.50% p.a. - an increase of a further 25 basis points.

There are no conditions like minimum deposits or five card transactions that need to be completed to attain the rate.

Before the RBA announcement, Macquarie also increased its term deposit rates by between 25 and 145 basis points.

Its one-year term deposit rate is now 2.50% p.a., while four and five year rates are now 3.50% p.a. - competing alongside Judo Bank's rates which have breached the 4% barrier.

ANZ increases, CBA still holding the bag

At the time of writing Commonwealth Bank was the only major bank to not increase savings account rates.

Westpac and NAB increased by 25 basis points after the RBA announcement, while ANZ followed shortly after.

ANZ will increase the Progress Saver by 25 basis points effective from 13 May.

Police Bank also announced it's introducing a 2.00% p.a. savings account rate for under-30s.

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions. Grow your savings balance each month
More details
Disclosure
4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
Disclosure

High Interest Savings Account (<$250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
Disclosure

Save Account

  • Deposit $500+ per month from an external source to earn the bonus interest.
  • Tiered rates apply to savings balances.
More details
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
Disclosure

Savings Account

    More details
    Disclosure
    • Bonus rate for the first 4 months from account opening
    • No account keeping fees
    • No minimum balance

    More details
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 1, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

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