Which banks are lifting savings rates after the RBA March rate rise?
- The Reserve Bank of Australia has lifted the official cash rate by 25 basis points to 4.10%
- It follows another 25-point increase in February
- As well as a rise in variable home loan interest rates, the change will also trigger a rise in many savings account rates
The Reserve Bank of Australia has raised the official cash rate by 25 basis points to 4.10%, the second consecutive rate hike in 2026.
The rise follows another 25-basis point rate increase in February which ended the downward run of three cuts to the cash rate in 2025.
While it's not good news for mortgage holders, savers will welcome the boost to their savings account interest rates.
Savings.com.au will provide rolling updates on this page to savings account rate changes following the RBA rate hike on 17 March.
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Rates are current as at the date noted below.
Article last updated: 27 March 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?
The Big Four (and Macquarie Bank)
Westpac savings account rate increases
Westpac has announced changes to its Westpac Life savings account to take effect on 27 March 2026, as follows:
The variable bonus rate will increase 0.25% to 4.65% p.a. (up from 4.40% p.a.) with the base rate to remain at 0.10% p.a.
That takes the top rate available to 4.75% p.a. (up from 4.50% p.a.). [Bonus conditions apply.]
The additional Spend&Save bonus rate for 18-34-years-olds will remain at 0.75%.
The Spend&Save headline rate will increase 0.25% to 5.50% p.a. (up from 5.25% p.a.). [Bonus conditions apply.]
See also: Guide to Westpac savings accounts
Commonwealth Bank savings account rate increases
Commonwealth Bank will make a variety of increases across its savings products, effective 27 March 2026, including the following:
GoalSaver
The top rate on the GoalSaver account (with bonus interest rate) will increase by 0.25% p.a. to 4.75% p.a.
This will be made up of an unchanged standard variable rate of 0.25% p.a. and bonus variable interest rate which will increase by 0.25% p.a. to 4.50% p.a. [Bonus conditions apply to achieving the top interest rate.]
NetBank Saver
The NetBank Saver for 18-35-year-olds will see its variable introductory rate for new customers increase by 0.25% p.a. to 4.95% p.a.
This will be made up of a standard variable interest rate of 1.95% p.a. (up 0.25% from 1.70% p.a.) and a fixed bonus margin of 3.00% p.a. for the first five months of a new NetBank Saver account.
Youthsaver
The top rate on the under-18s Youthsaver account (with bonus interest rate) will increase by 0.25% p.a. to 4.80% p.a.
This will be made up of a standard variable rate of 2.00% p.a. (up 0.10% from 1.90% p.a.) and a bonus variable interest rate of 2.80% p.a. (up 0.15% from 2.65% p.a.) on balances up to $50,000. [Bonus conditions apply.]
See also: Guide of Commonwealth Bank savings accounts
NAB savings account rate increase
NAB will lift personal savings rates by up to 0.25%, effective 27 March 2026, as follows:
Reward Saver
The top rate will increase by 0.25% to 4.65% p.a. (up from 4.40% p.a.), made up of a variable base rate of 0.01% and a variable bonus rate of 4.64% p.a. when monthly bonus interest conditions are met. (Bonus interest conditions: make at least one deposit on or before the second-last business day of the month and no withdrawals during the month.)
iSaver
The total introductory rate will increase by 0.25% to 4.95% p.a. (up from 4.70% p.a.) for the first four months for eligible new account holders (more on eligibility below).
This is made up of:
- a standard variable rate which will increase by 0.15% to 1.55% p.a. (up from 1.40% p.a.)
- a fixed bonus margin rate which will increase by 0.10% to 3.40% p.a. (up from 3.30% p.a.).
The fixed bonus margin rate is only available to customers who haven't held an NAB iSaver account in the last 12 months on balances up to $20 million.
ANZ savings account rate increase
ANZ has quietly increased savings account interest rates by 25 basis points across the board, as of 27 March. Current rates (at the time of writing) are as follows:
ANZ Plus Growth Saver
The top rate on the smallest big four bank's highest-rate savings account has increased to 4.75% p.a.
That includes a 0.10% p.a. standard rate and a 4.65% p.a. bonus rate (up 0.25% p.a.), provided only to depositors who grow their balance by at least $100, excluding interest, each month.
ANZ recently revealed that, on average, less than half (47%) of Growth Saver accounts holding more than $10 received the bonus interest rate in the months from May to October 2025.
ANZ Progress Saver
The total rate available on the bank's somewhat less strict bonus rate account, the ANZ Progress Saver, has risen to 3.50% p.a.
That rate includes a 0.01% p.a. base rate and a 3.49% p.a. bonus rate (up 0.25% p.a.), available to those who deposit at least $10 and make no withdrawals each month.
An average of around 41% of Progress Saver accounts with balances greater than $10 received bonus interest in the months from May to October 2025, according to ANZ figures.
ANZ Online Saver
The Online Saver is ANZ's only non-bonus rate savings account.
It saw its advertised interest rate increase from 0.85% p.a. to 1.10% p.a. - a 0.25% p.a. rise - on 27 March 2025.
Macquarie Bank savings account rate increase
Macquarie Bank is increasing the variable interest rate on its transaction and savings accounts by 0.25% p.a. from 2 April 2026.
Macquarie Savings Account customers will earn an ongoing variable rate of 4.75% p.a. (up from 4.50% p.a.) on balances up to $2 million.
The variable welcome rate for new customers will increase to 5.10% p.a. (up from 4.85% p.a.) for four months on balances up to $250,000.
There are no conditions attached to earning interest with a Macquarie Bank Savings Account.
Macquarie will also increase the interest paid on its Transaction Account to 2.50% p.a. (up from 2.25% p.a.) on all balance amounts, also from 2 April.
See also: Guide to Macquarie Bank Savings Account
Other banks (alphabetical order)
AMP GO Save savings account rate increase
AMP Bank's online bank AMP GO is lifting the rate on its AMP GO Save account by 0.25% from 23 March 2026.
This will take the rate to 4.85% p.a. (up from 4.60% p.a.) for personal Save account balances up to $500,000.
There are no conditions to earning the top rate on AMP GO Save account.
A new rate of 4.00% p.a. (up from 3.75% p.a.) applies to GO Save balances $500,000 to $5 million.
Other AMP savings accounts
AMP Saver, SuperEdge Saver Account, SuperEdge Cash Account, and SuperEdge Pension account will see a 0.25% p.a. lift to their standard variable rates, effective 1 April 2026.
Bank Australia savings account interest rate increase
Bank Australia will lift deposit rates across "the majority of savings products" by 0.25% from 1 April 2026.
The bank says customers will receive further information directly.
Bank of Melbourne, BankSA, St George savings account rate increase
The Westpac group's regional bank brands will lift deposit rates on their Incentive Saver accounts from 27 March 2026.
The top variable rate will increase by 0.25% to 4.90% p.a. (up from 4.65% p.a.) on balances up to $250,000 for those meeting bonus rate conditions.
This is made up of a base rate of 0.10% p.a. and a bonus variable rate of 4.80% p.a. (up from 4.55% p.a.)
For account balances of $250,000 or more, the top variable rate is 4.75% p.a. comprised of a base rate of 0.10% p.a. and a bonus variable rate of 4.65% (up from 4.40% p.a.) for those meeting bonus conditions.
The rates apply to the total account balance.
To earn bonus interest on Incentive Saver accounts, account balances must be above $0 at all times and monthly deposits must be made, apart from interest payments.
The balance of the account must grow in the month to be eligible for bonus interest (monthly interest payments are not counted).
Bank of Sydney
Bank of Sydney will be increasing interest rates by 0.25% on the following savings accounts from 1 April 2026.
- BOS Saver Account
- Business Saver Account
- Controlled Money Trust Accounts
Bank of Queensland
Bank of Queensland (BoQ) lifted its savings account interest rates by 0.25% p.a. - and some by more! - on 27 March 2026.
Simple Saver Account
The bank upped the standard rate on the Simple Saver Account by 0.25% p.a., from 4.30% p.a. to 4.55% p.a., for balances of $5 million or less.
At the same time, it increased the introductory promotional rate applying for the first four months to new account holders from 0.45% p.a. to 0.60% p.a.
That brought the total rate available on the account to 5.15% p.a. for the first four months - up 0.40% p.a. from the previous 4.75% p.a.
Balances of $5 million or more still attract a standard rate of just 0.05% p.a. with the product.
Smart Saver Account
The bank's Smart Saver Account also saw an above-RBA rate hike, with the highest rate available on the product rising from 4.85% p.a. to 5.15% p.a. - a 0.30% p.a. increase.
Though, the entirety of that bump was applied to the product's bonus rate, which now stands at 5.10% p.a. and is only available on deposits of up to $250,000, while its base rate is just 0.05% p.a.
The bonus rate conditions include depositing at least $1,000 each month into a linked BoQ Everyday Account and making at least five eligible direct debit transactions from said Everyday Account.
Future Saver Account
Bonus rates on the Future Saver Account saw the RBA's 0.25% p.a. increase, and no more, for balances of up to $250,000. Rates on the product vary by balance and are as follows:
- $0-$50,000: 0.05% p.a. base rate, 5.30% p.a. bonus rate, 5.35% p.a. total potential rate
- $50,000-$250,000: 0.05% p.a. base rate, 2.80% p.a. bonus rate, 2.85% p.a. total potential rate
- $250,000+: 0.05% p.a. base rate, 0.00% p.a. bonus rate, 0.05% p.a. total potential rate
Like the bank's Smart Saver Account, the Future Saver Account demands holders deposit at least $1,000 into a linked transaction account and make at least five eligible purchases per calendar month to receive bonus interest.
Bankwest savings account rate increase
Bankwest will increase select savings accounts rates from 27 March 2026 as follows:
Easy Saver
The variable introductory rate will increase by 0.30% to 5.50% p.a. (up from 5.20% p.a.) for balances under $250,000.
The introductory rate will apply for the first four months for new accounts.
No changes have been announced to Easy Saver's ongoing rates of 4.25% p.a. (on amounts up to $250,000.99) and 1.60% p.a. (on amounts $250,001 and over).
Hero Saver
The Hero Saver variable bonus rate will increase by 0.35%, bringing the top rate available to 4.60% p.a. for balances under $250,000 when bonus conditions are met.
That will be made up of a base rate of 0.65% p.a. and a bonus rate of 3.95% p.a.
The base rate will apply on the full balance when bonus conditions aren't met and will also apply to balance amounts over $250,000.
Defence Bank
Defence Bank is lifting savings rates from 1 April 2026 as follows:
- The Max eSaver bonus interest rate will increase by 0.20% p.a. to 4.75% p.a., boosting the top rate to 4.85% p.a.
- The iSaver bonus interest rate will increase by 0.20% p.a. to 4.35% p.a., giving a top rate of 4.85% p.a.
- The Salute base rate will increase by 0.25% p.a. to 3.50% p.a., providing an all up rate of 5.25% p.a. for accounts opened within the last 12 months
- All junior account standard variable rates will increase by 0.25% p.a. to 4.75% p.a.
Easy Street savings account rate increase
Easy Street's Flex Saver account has lifted its standard variable interest rate by 0.25% to 4.80% p.a. (up from 4.55% p.a.) on balance amounts up to $3 million.
There are no bonus conditions attached to earning the account's variable rate of 4.80% p.a.
Great Southern Bank savings account rate increase
Great Southern Bank has announced its deposit rates will change from 2 April 2026.
No details of the changes have been released at this stage.
ING savings account rate increase
Savings Maximiser
ING will raise the variable interest rate by 0.25% to 5.25% p.a. on its Savings Maximiser account from 27 March 2026.
The new rate is made up of a 0.01% base rate and an additional variable rate of 5.24% p.a. (up from 4.99% p.a.) for account holders meeting bonus rate conditions, as follows:
- Have an Orange Everyday bank account
- Deposit at least $1,000 from an external source to any personal ING account in their own name (excluding Living Super and Orange One)
- Make five or more settled (not pending) eligible ING card purchases
- Grow their nominated Savings Maximiser balance (excluding interest earned for the current month)
When the criteria is met in a calendar month, the additional variable rate will apply in the next calendar month. (Available on one account for balances up to $100,000.)
Savings Accelerator
The Kickstarter variable rate offers for the first four months for new to ING customers are increasing from 27 March 2026, as follows:
- 3.80% p.a. (up from 3.55% p.a.) for balances $0 - $49,999.99
- 4.70% p.a. (up from 4.45% p.a.) for balances $50,000 - $149,999.99
- 5.65% p.a. (up from 5.40% p.a.) for balances $150,000 - $500,000
(Rates include a Kickstarter variable rate of 1.05% p.a. on top of the variable rate for balances up to $500,000 for four months from the account opening date.)
Ongoing variable interest rates apply as follows:
- 2.75% p.a. (up from 2.50% p.a.) for balances $0 - $49,999.99
- 3.65% p.a. (up from 3.40% p.a.) for balances $50,000 - $149,999.99
- 4.60% p.a. (up from 4.35% p.a.) for balances $150,000 - $500,000
Combined total deposits in all Savings Accelerator accounts shouldn't exceed $5 million.
See also: Guide to ING savings accounts
Judo Bank savings account rate increase
Judo Bank is lifting the variable rate on its new Personal Savings Account product by 0.25% to 5.35% p.a. (up from 5.10% p.a.) from 23 March 2026.
The rate will apply to all new and existing Judo Savings Account customers meeting bonus rate conditions on balances up to $250,000.
To earn the top rate on a Judo Savings Account, customers must deposit $300 a month into their account.
There are no withdrawal limits.
My State Bank savings account rate increase
My State Bank is increasing savings account rates as follows:
Hello Saver
The welcome rate will increase by 0.30% to 5.15% p.a. (up from 4.85% p.a.) for new customers for the first four months on balances up to $100,000.
The ongoing rate will increase by 0.25% to 4.75% p.a. (up from 4.50% p.a.) on balances up to $100,00.
The rate drops to a new rate of 2.50% p.a. (up from 2.25% p.a.) on balances $100,000 or more.
No conditions are attached to the Hello Saver account and no transaction account is required.
Changes are effective from 26 March 2026.
Bonus Saver
The Bonus Saver account maximum rate will increase by 0.25% p.a. to 4.75% p.a. (up from 4.50% p.a.) on account balances up to $500,000.
This will be made up of a base interest rate of 0.05% p.a. and a bonus interest rate of 4.70% p.a.
To earn the top interest rate, account holders must deposit at least $20 into their Bonus Saver account each month and make at least five eligible Visa Debit card transactions each month from their linked MyState Glide account.
Changes take effect from 26 March 2026.
P&N Bank savings account rate increase
The West Australian-based bank will increase its savings account interest rates by between 0.25%-0.35% p.a. on select variable deposit products from 1 April 2026, as follows:
- The Savvy Saver bonus interest rate will increase by 0.35% p.a.
- Hi Saver and Smart Saver bonus interest rate will increase by 0.25% p.a.
- Way Cool Saver interest rate will increase by 0.25% p.a.
Rabobank savings account rate increase
High interest savings account
Dutch-owned online bank Rabobank lifted the introductory rate on its high interest savings account by 0.25% to 5.65% p.a. on 24 March 2026.
The intro rate applies to new personal banking customers for the first four months on balances up to $250,000.
An ongoing rate of 3.95% p.a. applies after the introductory period.
No introductory rate is offered on balances over $250,000 with an ongoing rate of 3.20% p.a. on balance amounts $250,001 and over.
Premium Saver
Rabobank has increased the top rate on its Premium Saver account to 5.15% p.a. on balances up to $250,000 when the balance grows by $200 or more a month.
A rate of 0.60% p.a. applies when the balance growth requirement is not met.
That rate also applies to higher amounts ($250,0001 or more) where the account balance is not increased by $200 a month.
A rate of 3.50% p.a. applies when the balance growth requirement is met on amounts $250,001 and over.
Notice Saver
Variable interest rates have also increased on Rabo's Notice Saver account for balances up to $250,000 as follows:
- 4.35% p.a. (31 days notice)
- 4.40% p.a. (60 days notice)
- 4.45% p.a. (90 days notice)
For balance amounts $250,001 and higher, the following rates apply:
- 3.25% p.a. (31 days notice)
- 3.30% p.a. (60 days notice)
- 3.35% p.a. (90 days notice)
All new rates apply from 24 March 2026.
Teachers Mutual group savings account rate increase
The Teachers Mutual Group includes Firefighters Mutual Bank, UniBank, and Health Professionals Bank brands.
The group will increase variable interest rates by 0.25% p.a. across its variable rate savings products, effective 26 March 2026.
Deposit products that operate with a monthly bonus interest feature will see the increase applied the following month.
The rate increase will see the group's top-rate Starter Saver account interest rate lift to 5.00% p.a. (up from 4.75% p.a.) on balances up to $50,000 from 26 March 2026.
The Starter Saver account is available to members under 30 years old and university students of any age.
Ubank savings account rate increase
Ubank was the first bank to announce an increase to its savings account rates.
NAB-owned Ubank will increase its Everyday Bonus rate to 4.85% p.a. (up from 4.60% p.a.) on balances up to $1 million, effective 24 March 2026. [Subject to account holders meeting bonus conditions.]
The base rate, if bonus conditions are not met, remains at 0%.
The variable welcome rate will also increase to 5.60% p.a. (from 5.35% p.a.) for the first four months for new customers, also from 24 March.
New customers are those who have not held any Ubank branded products in the previous 24 months.
See also: Guide to Ubank savings account
Virgin Money savings account rate increase
BoQ's Virgin Money lifted savings account interest rates by as much as 0.80% p.a. on 27 March, bringing its highest potential return to 5.00% p.a.
That total rate is offered on its Grow Saver account, which offers a base rate of 0.05% p.a., a bonus rate of 2.75% p.a. (seemingly up 0.80% p.a.), and an option extra 2.20% p.a. for depositors who use its 'lock saver feature', which stops them from accessing their savings without a 32 day notice period.
To receive the bonus rate, depositors must make at least one deposit into the account and no more than one withdrawal from the account each month.
The bank's Boost Saver now offers maximum rate of 4.25% p.a., made up of a 0.05% p.a. base rate, a 3.90% p.a. bonus rate, and a 0.30% p.a. notice interest rate for the use of the lock saver feature.
The Boost Saver bonus rate is available on balances of up to $250,000, with depositors required to deposit at least $1,000 into their Go Account and make at least five eligible transactions each month in order to receive it.
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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 |
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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 |
