Which banks are lifting savings rates after the RBA February rate rise?

The Reserve Bank of Australia has raised the official cash rate to 3.85%, the first rate hike in more than two years.

The 25-basis point rise follows three cuts to the cash rate in 2025 - in February, May, and August.

While it's not good news for mortgage holders, savers will welcome an increase in their savings account interest rates to kick off 2026.

Savings.com.au will provide rolling updates to savings account rate changes following the RBA rate hike on 3 February.

Rates are current as at the date noted below.

Article last updated: 19 February 2026

Key notes:

• p.a. = per annum (interest paid over the period of a year)
• basis points = (1 basis point = 0.01%)

See also :

• The different types of savings account interest rates
• What's the difference between savings accounts and transaction accounts?

Big four banks

Westpac savings account rate increase

Westpac is the first of the big four banks to announce a lift in its deposit account interest rates, taking effect from 13 February, as follows:

• Westpac Life

Standard variable rate will remain at 0.10% p.a. with the bonus rate increasing 0.25% to 4.40% p.a. (from 4.15% p.a.), giving a total top rate of 4.50% p.a. when bonus conditions are met.

The Spend&Save bonus rate for 18-34 year olds meeting bonus conditions will remain at 0.75% p.a. with the Spend&Save headline rate lifting 0.25% to 5.25% p.a. (from 5.00% p.a.).

• Westpac eSaver

Standard variable rate remains at 1.00% p.a. with the five-month introductory fixed rate lifting 0.25% to 3.25% p.a. (from 3.00% p.a.).

The online bonus rate (available only to new eSaver accounts opened online) remains at 0.45%.

This takes the total variable rate with online bonus for new customers to a top rate of 4.70% p.a. (from 4.45% p.a.).

• Westpac Bump (account for children and teens)

Standard variable rate remains at 1.75% p.a. while the standard variable bonus rate increases 0.25% to 2.80% p.a. (from 2.55% p.a.) if bonus conditions are met.

This takes the top variable interest rate to 4.55% p.a. (from 4.30% p.a.).

See also: Guide to Westpac Savings Accounts

Commonwealth Bank savings accounts rate increase

Commonwealth Bank of Australia is increasing interest rates on select savings account products only, effective 13 February.

• NetBank Saver 

The variable introductory rate for new customers will increase 0.25% to 4.70% p.a. for the first five months for new account holders.

This will be made of 0.15% increase to the standard variable rate to 1.70% p.a. (up from 1.55% p.a.) and a 0.10% increase to the fixed introductory bonus margin to 3.00% p.a. (up from 2.90% p.a.).

The rate will revert to 1.70% p.a. after the five-month period has lapsed.

• GoalSaver

The standard variable rate of the GoalSaver account will remain unchanged at 0.25% p.a.

The bonus variable rate will increase 0.25% p.a. to 4.25% p.a. (up from 4.00% p.a.) on all balance amounts.

Bonus conditions apply to earning the top interest rate each month otherwise the standard variable rate will apply.

Note: No interest rate increases have been announced for Youthsaver accounts for under 18s and Pensioner Security accounts for customers aged 55 and above.

See also: Guide to Commonwealth Bank Savings Accounts

ANZ savings accounts account rate increase

• ANZ Plus Growth Saver

The standard rate will increase 0.05% to 0.10% p.a.(up from 0.05% p.a.).

The bonus interest rate will increase 0.20% to 4.40% p.a. (up from 4.20% p.a.).

This brings the total top interest rate to 4.50% (up 0.25% from 4.25% p.a.) p.a. when monthly bonus conditions are met.

• ANZ Plus Flex Saver

The interest rate will increase 0.25% to 4.50% p.a. (up from 4.25% p.a.) on the first $5,000 only.

For every dollar over $5,000, the interest rate will increase 0.25% to 1.50% p.a. (up from 1.25% p.a.).

The changes are effective from 13 February. 

See also: Guide to ANZ Savings Accounts

NAB savings account rate increases

• NAB Reward Saver

Top bonus interest rate increased 0.25% to 4.40% p.a. when bonus conditions are met.

This is made up of 0.01% p.a. variable base rate and 4.39% p.a. variable bonus rate.

• NAB iSaver

Standard variable base rate increases by 0.15% to 1.40% p.a. (from 1.25% p.a.) and fixed bonus margin will increase 0.10% to 3.30% p.a. (from 3.20% p.a.) for a four month introductory period.

The introductory interest rate is now 4.70% p.a. for four months.

After four months, the standard variable rate of 1.40% p.a. will apply.

(Fixed bonus margin is only available to customers who have not held an NAB iSaver account in the last 12 months.)

Rate changes take effect from 13 February.

See also: Guide to NAB savings accounts

Other banks

(alphabetical order)

AMP Bank savings accounts rate increase

• AMP Bank GO Save

From 9 February, AMP GO Save will raise its non-conditional interest rate by 0.35% p.a. to 4.60% p.a. (up from 4.25% p.a.) for balances between $0-$500,000.

The rate for balances between $500,000-$5 million will increase by 0.25% to 3.75% p.a. (up from 3.50% p.a.).

• AMP Cash Manager

From 27 February, there will be a 0.25% p.a. increase on variable rates for accounts with balances between $10,000.01-$5 million.

This will see balances between $10,000.01-$250,000 earn 4.50% p.a. (up from 4.25% p.a.) while balances between $250,000.01-$5 million will earn $3.85% p.a. (up from 3.60% p.a.). 

AMP will now pay 2.00% p.a. for balances over $5 million - a 2.00% increase on the previous 0.00% interest.

• SuperEdge SMSF products

Also from 27 February, SuperEdge Saver, Cash, and Pension accounts will see a 0.25% p.a. increase on all standard variable rates.

Bankfirst savings accounts rate increase

The interest rate on a range of savings products will increase by 0.25% p.a. from 20 February.

The bonus interest rate on the Bonus Saver and First Home Bonus Saver account will increase by 0.25% from 1 March.

The new bonus rate on the Bonus Saver will increase to 4.05% p.a. (from 3.80% p.a.) with a base rate of 0.05% p.a.

The First Home Bonus Saver will increase to 4.10% p.a. (from 3.85% p.a.) with a base rate of 0.05% p.a.

Bonus interest conditions apply to both the Bonus Saver and First Home Bonus Saver accounts.

Bank of Queensland savings accounts rate increase

• Future Saver Account (for customers aged 14-35)

Future Saver has seen a 0.25% p.a. increase to its top rate of 5.10% p.a. on deposit balances up to $50,000 when bonus conditions are met.

A top interest rate of 2.60% p.a. will apply to balances between $50,000-$250,000 when bonus conditions are met.

No bonus rate applies to balances over $250,000.

When bonus conditions aren't met, a base rate of 0.05% p.a. will apply.

• Smart Saver Account (for customers aged 36 and over)

Smart Saver has seen a 0.25% p.a. increase on its top interest rate to 4.85% p.a. on balances up to $250,000 when bonus conditions are met.

A base rate of 0.05% p.a. applies if conditions aren't met and on balances over $250,000.

• Simple Saver Account (no conditions account)

The standard variable rate on the Simple Saver account has seen a 0.25% increase to 4.30% p.a. on balances up to $5 million.

A 0.05% p.a. base rate applies to balances over $5 million.

All rate changes take effect from 17 February.

Bank of Melbourne savings accounts rate increase

The following changes take effect from 13 February:

• Incentive Saver

Standard variable rate will remain at 0.10% p.a. with the bonus variable rate increasing 0.25% to 4.55% p.a. (from 4.30% p.a.) for account balances under $250,000. This will see a total top rate of 4.65% p.a. when bonus conditions are met.

For account balances $250,000 and over, the bonus variable rate will increase 0.25% to 4.40% p.a. (from 4.15% p.a.). This will see a total top variable rate for balances over $250,000 of 4.50% p.a. (from 4.25% p.a.).

Note: the rates apply to the total account balance. Bonus interest conditions also apply.

• Maxi Saver

Standard variable rate remains at 1.00% p.a. with the six-month introductory fixed rate (for new Maxi Saver customers only) lifting 0.25% to 3.40% p.a. (from 3.15% p.a.).

The six-month online bonus rate (available only to new eSaver accounts opened online but not joint accounts) remains at 0.45%.

This takes the total variable rate with online bonus for new customers to a top rate of 4.85% p.a. (from 4.60% p.a.).

Bank of Sydney savings account rate increase

Bank of Sydney is lifting all variable savings account interest rates from 10 February.

BankSA savings account rate increases

The following changes take effect from 13 February:

• Incentive Saver

Standard variable rate will remain at 0.10% p.a. with the bonus variable rate increasing 0.25% to 4.55% p.a. (from 4.30% p.a.) for account balances under $250,000. This will see a total top rate of 4.65% p.a. when bonus conditions are met.

For account balances $250,000 and over, the bonus variable rate will increase 0.25% to 4.40% p.a. (from 4.15% p.a.). This will see a total top variable rate for balances over $250,000 of 4.50% p.a. (from 4.25% p.a.).

Note: the rates apply to the total account balance. Bonus interest conditions also apply.

• Maxi Saver

Standard variable rate remains at 1.00% p.a. with the six-month introductory fixed rate (for new Maxi Saver customers only) lifting 0.25% to 3.40% p.a. (from 3.15% p.a.).

The six-month online bonus rate (available only to new eSaver accounts opened online but not joint accounts) remains at 0.45%.

This takes the total variable rate with online bonus for new customers to a top rate of 4.85% p.a. (from 4.60% p.a.).

Bendigo Bank

• Reward Saver Account

The total interest rate (with bonus) will increase 0.25% to 4.25% p.a. (up from 4.00% p.a.) on account balances up to $100,000. The base rate will remain unchanged at 0.10% p.a. Conditions apply to achieving the top interest rate.

• Easy Saver Account

The ongoing variable interest rate will increase 0.25% to 3.05% p.a. (up from 2.80% p.a.). 

• PiggySaver (for children 12 & under)

The ongoing variable interest rate will increase 0.25% to 3.05% p.a. (up from 2.80% p.a.).

G&C Mutual/Unity Bank savings accounts rate increase

Variable savings account rates will increase from 1 March.

The Bonus Saver Account interest rate will increase by up to 1.75% p.a. from 1 March. (Bonus conditions apply to achieving the top interest rate.)

ING savings accounts rate increase

ING is lifting interest rates across its Savings Maximiser and Savings Accelerator products.

• Savings Maximiser

The variable interest rate will increase 0.25% for eligible new and existing Savings Maximiser customers to 5.00% p.a. from 10 February. (Conditions apply on receiving the top rate otherwise the standard variable rate of 0.01% will apply.)

• Savings Accelerator

The variable interest rate will increase 0.40% p.a. for new and existing Savings Accelerator customers.

Savings Accelerator interest rates are tiered according to the account balance.

Kick Starter variable welcome rates*, payable for four months on balances up to $500,000 to new ING customers, are stated first followed by ongoing rates:

 The changes also take effect on 10 February.

See also:

• ING lifts select savings rates by up to 0.40%
• Guide to ING savings accounts 

Macquarie Bank savings account rate increase

Macquarie Bank is increasing the variable interest rates on its transaction and savings accounts by 0.25% from 20 February.

The ongoing interest rate on Macquarie's non-conditional Savings Account will lift to 4.50% p.a. on balances up to $2 million.

A rate of 2.25% p.a. will apply to any balance amounts over $2 million.

The Savings Account variable four-month welcome rate will increase to 4.85% p.a. on balances up to $250,000.

Macquarie's Transaction Account - notable in the market for paying better interest than most - will see its interest rate rise to 2.25% p.a. for all balances.

See also : Guide to Macquarie Bank Savings Account

ME Bank savings account rate increase

ME Bank's highest interest earning savings account HomeME has passed on a 0.15% p.a. increase to its top interest rate.

The bonus interest rate is now 4.75% p.a. (up from 4.60% p.a.) on balance amounts up to $1 million when bonus conditions are met.

When conditions are not met, a base rate of 0.05% p.a. will apply. The same rate of 0.05% p.a. applies to balance amounts over $1 million.

Rate change takes effect from 17 February.

P&N Bank savings account rate increase

P&N Bank will increase interest rates between 0.10-0.25% p.a. on selected variable deposit products effective 1 March 2026.

Key rate increases include:

• Hi Saver

The bonus interest rate will increase by 0.25% to 4.45% p.a. (up from 4.20% p.a.) when monthly bonus conditions are met.

If conditions are not met, the base rate of 0.05% p.a. will apply.

• Savvy Saver

The bonus interest rate will increase by 0.10% to 4.55% p.a. (up from 4.45% p.a.) on balances up to $100,000.

This brings the Savvy Saver's top rate to 4.75% p.a. (bonus plus 0.20% standard rate) when bonus conditions are met. If they are not met, the standard rate of 0.20% p.a. will apply.

• Smart Saver

The variable bonus interest rate will increase by 0.15% to 4.10% p.a. (up from 3.95% p.a.) on balances up to $250,000.

That takes the top rate to 4.60% p.a. (bonus plus 0.50% p.a. standard rate) when bonus conditions are met. If they are not met, the standard rate of 0.50% p.a. will apply.

• Way Cool Saver 

interest rate will increase by 0.25% to 3.05% p.a. (up from 2.80% p.a.) on balances under $5,000.

A 0.00% interest rate will apply to amounts over $5,000.

Customers will be able to see details relating to their specific deposit products in the P&N Bank app and internet banking from 1 March 2026.

Rabobank savings account rate increase

• High interest savings account

Rabobank has lifted the four-month variable introductory rate by 0.25% to 5.35% p.a. (up from 5.10% p.a.) on balances up to $250,000.

The standard variable ongoing rate is 3.70% p.a. on balances up to $250,000; 2.95% p.a. on balances between $250,001 and over.

• Premium Saver

Variable interest rates on the Premium Saver account have lifted by 0.25%.

The top bonus rate is now 4.90% p.a. (up from 4.65% p.a.) on amounts up to $250,000 if balance growth conditions are met.

A top rate of 3.25% p.a. applies to amounts between $250,001 and over.

The base rate (if conditions are not met) is 0.60% p.a.

• Notice Saver

Variable interest rates on the Notice Saver account have lifted 0.25%, as follows:

Balances up to $250,000: 4.10% p.a. (31 days notice); 4.15% p.a. (60 days notice); 4.20% p.a. (90 days notice)

Balances $250,001 and over: 3.00% p.a. (31 days); 3.05% p.a. (60 days notice); 3.10% p.a. (90 days notice)

St George savings account rate increase

The following changes take effect from 13 February:

• Incentive Saver

Standard variable rate will remain at 0.10% p.a. with the bonus variable rate increasing 0.25% to 4.55% p.a. (from 4.30% p.a.) for account balances under $250,000. This will see a total top rate of 4.65% p.a. when bonus conditions are met.

For account balances $250,000 and over, the bonus variable rate will increase 0.25% to 4.40% p.a. (from 4.15% p.a.). This will see a total top variable rate for balances over $250,000 of 4.50% p.a. (from 4.25% p.a.).

Note: the rates apply to the total account balance. Bonus interest conditions also apply.

• Maxi Saver

Standard variable rate remains at 1.00% p.a. with the six-month introductory fixed rate (for new Maxi Saver customers only) lifting 0.25% to 3.40% p.a. (from 3.15% p.a.).

The six-month online bonus rate (available only to new eSaver accounts opened online but not joint accounts) remains at 0.45%.

This takes the total variable rate with online bonus for new customers to a top rate of 4.85% p.a. (from 4.60% p.a.).

Teachers Mutual Group savings account rate increase

(includes Firefighters Mutual Bank, Health Professionals Bank, and UniBank)

The Teachers Mutual Group will be lifting variable rates by 0.25% p.a. across the range of its savings account products, effective 17 February.

For accounts operating with a monthly bonus interest feature, the increased rates will be applied in the following monthly cycle.

Ubank savings account rate increase

Ubank is lifting its four-month Welcome Bonus Rate on its high interest savings account to 5.35% p.a. (a 0.25% increase on its previous rate of 5.10% p.a.) for eligible customers who join from 10 February 2026.

The new Everyday Bonus Rate will also lift 0.25% to 4.60% p.a. for balances up to $1 million. Bonus interest conditions apply. 

The changes will take effect from 10 February 2026.

See also : Guide to Ubank savings account

Up savings account rate increase

Up is passing on the full 0.25% increase to all eligible Up Savers, effective from 11 February.

The rates will change as follows:

• Grow rate will increase to 4.85% p.a. (from 4.60% p.a.) on balances up to $250,000
• Flow rate will increase to 1.50% p.a. from 1.25% p.a.
• Essential Saver rate will increase to 4.85% p.a. (from 4.60% p.a.) up to a balance of $5,000

The base rate for Savers products remains at 0% if conditions aren't met.

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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.

Time period

1 year

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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
Judo Bank	Judo Bank Personal Savings Account	0.05% p.a. Bonus rate of 5.30% Rate varies on savings amount.	5.35% p.a.	$1,097	–	$0	$249,999		$0	$0	$0				Government backed protection. $0 monthly account keeping fees. 100% Australian-based support.	Go to site	Compare	Promoted	Disclosure
ING	ING Savings Booster (balance up to $500k)	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					Go to site	Compare	Promoted	Disclosure
Rabobank	Rabobank High Interest Savings Account (<$250k)	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					Go to site	Compare		Disclosure