RACQ joins savings rate leaders with 5.75% bonus offer ahead of Bendigo migration
- RACQ lifts Bonus Saver rate by 50 basis points to 5.75% p.a., effective from 17 September.
- The new rate places RACQ among Australia's highest-paying ongoing savings accounts with no age limits.
- Savers must deposit at least $100 a month and make no withdrawals to qualify for the bonus rate.
- The rate rise comes ahead of RACQ's migration of banking customers to Bendigo Bank.
Effective from 17 September, RACQ's Bonus Saver savings account now pays a max interest rate of 5.75% p.a.
To qualify for the bonus rate, customers must deposit at least $100 and make no withdrawals during the month.
Depositors who don't meet the conditions will only receive the 0.01% base rate for the applicable period.
RACQ's new Bonus Saver rate applies to balances up to $99,999, while amounts exceeding that get a 3.50% bonus rate.
Which banks offer market-leading savings account rates?
At 5.75% p.a., the RACQ Bonus Saver joins the ranks of Australia's highest ongoing savings account rates.
It sits 0.05% below the current top rate offered by BOQ through its Future Saver Account (exclusive to depositors aged 14-35) that pays a max interest rate of 5.80% p.a. (5.75% bonus rate + 0.05% base rate).
It is on par with Westpac Life (aged 18-40) and Newcastle Permanent Smart Saver Account (under 25s), both also offering a max bonus rate of 5.75% p.a.
Unlike those three, however, RACQ Bonus Saver is not age-limited and is open to customers 18 years old and over.
With the latest increase, RACQ has positioned the Bonus Saver among Australia's most competitive ongoing savings accounts.
See also: High-interest savings accounts in Australia
Other non-age-limited savings accounts offering ongoing rates in the high-5s include MOVE Bank's Growth Saver 5.65% p.a. (5.55% bonus + 0.10% base) and ING's Savings Maximiser 5.50% p.a. (5.49% bonus + 0.01% base).
For non-ongoing rates (honeymoon/introductory rates), ING's Savings Booster offers the highest, at 6.00% p.a. for four months, which then reverts to a conditional rate of 5.40% p.a.
Rabobank offers a 5.90% p.a. intro rate for four months, and 4.00% p.a. after the honeymoon period.
Revolut's newly launched Instant Access Savings Account offers a 5.50% p.a. intro rate for the first three months on balances up to $100,000.
Revolut is now a fully licensed bank in Australia, after APRA granted it an ADI licence in July.
This means eligible deposits with the global fintech will be covered by the Australian Government's $250,000 guarantee.
RACQ boost comes as Bendigo transition approaches
The increase to the Bonus Saver rate comes as RACQ prepares to transfer its retail lending and deposit business to Bendigo Bank.
First announced in December 2025, the migration is expected to occur in November 2026, subject to regulatory approvals.
Under the acquisition agreement, more than 90,000 RACQ banking customers will be migrated to Bendigo, currently the sixth-largest bank in Australia.
The acquisition of RACQ Bank's book includes $2.7 billion in loans and $2.5 billion in deposits as at 30 June 2025.
RACQ has previously advised that deposit accounts would be moved to equivalent Bendigo products.
Bendigo's highest savings account rate is 4.75% p.a. available through its Reward Saver Account, which is 1.00% below RACQ's flagship offer.
Customers have been receiving product change information outlining changes to account features, rates, fees, and terms and conditions.
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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.
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.05% p.a. | 5.50% p.a. Intro rate for 3 months then 5.05% p.a. | $1,047 | 3 months | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
2.25% p.a. Bonus rate of 3.15% Rate varies on savings amount. | 6.00% p.a. Intro rate for 4 months then 5.40% p.a. | $1,134 | 4 months | $0 | $499,999 | $0 | $0 | $0 |
| Disclosure | |||||||||
4.00% p.a. | 5.90% p.a. Intro rate for 4 months then 4.00% p.a. | $936 | 4 months | $0 | $249,999 | $0 | $1 | $0 | Disclosure |
