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.

Provider

4000$product[$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

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Saver Account (<$250k)

    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
    000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    *Rate varies on savings amount
    • Deposit $500 per month to get bonus interest
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    *Rate varies on savings amount

    Save Account (>$100,000)

    • Deposit $500 per month to get bonus interest
    • No balance growth needed or card transactions necessary.
    • Tiered bonus rates apply. Earn our best rate on your first $100k. (TMDs at ubank.com.au)
    • 5.50% p.a. available on total savings up to $100K.
    • 5.00% p.a. applies to savings between $100K-250K.
    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 July 15, 2024. View disclaimer.