The variable rate is offered for four months, before reverting to a standard variable rate of 3.75% p.a.

There are no conditions to attain the rate, and unlike some intro accounts the rate is variable, meaning savers benefit from further rate rises during the honeymoon period.

According to Savings.com.au's market research, there are now three savings account rates starting with a 5 available to a broad market, the other two being BOQ's and ING's.

There are also two 5.00%+ accounts for under-18s offered via Great Southern Bank and Australian Mutual Bank.

@savings.com.au #Rabobank now has a #savings rate starting with a 5, following the #RBA ♬ original sound - Savings.com.au

RaboBank also boosted its ongoing account rate by an outsized 30 basis points to 4.45% p.a.

To attain this rate, savers must grow their balance by $200 a month.

Other deposit rates will also be increased by similar amounts, according to RaboBank's head of online savings Julia Blanchard.

“And there's no need for customers to switch their existing transactional banking to be able to access this new rate,” Ms Blanchard said.

“Customers can link their Rabobank high-interest savings account to their everyday transaction account held at another bank.”

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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.

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BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkComparePromoted ProductDisclosure
3.00% p.a.
6.25% p.a.
Intro rate for 3 months
then 3.00% p.a.
$314
3 months
$0
$49,999
$0
$0
  • Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k
  • No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining.
  • Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.
 Disclosure
0.05% p.a.
Bonus rate of 5.30%
Rate varies on savings amount.
5.35% p.a.
$269
–
$0
$249,999
$0
$0
  • Government backed protection.
  • $0 monthly account keeping fees.
  • 100% Australian-based support.
 Disclosure
5.05% p.a.
5.05% p.a.
$254
–
$0
$99,999,999
$0
$0
  • No account keeping fees
  • There’s no interest or fee penalties when you need to withdraw your money
  • Keep track of your savings goals with alerts and our mobile app
 Disclosure
4.00% p.a.
5.90% p.a.
Intro rate for 4 months
then 4.00% p.a.
$296
4 months
$0
$249,999
$0
$1
 Disclosure
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning