Which banks are lifting savings rates after the RBA May rate rise?
- The Reserve Bank of Australia has lifted the official cash rate by 25 basis points to 4.35%
- It follows two previous 25-basis point increases in February and March
- 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 4.35%, the third consecutive rate hike in 2026.
The rise follows two previous 25-basis point rate increases in February and March 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 5 May.
SAVE SMARTER - Sign up to our Monthly Money newsletter
DON’T MISS A DEAL -Sign up for key rate change alerts and offers across savings accounts, term deposits and home loans
Which banks are passing on the May rate rise to savings accounts?
Rate rise announcements are current as at the date noted below.
Article last updated: 5 June 2026
Want to tip us off about savings account rate rise we've missed? Email us: enquiries@savings.com.au
AMP Bank GO savings account rate hike
Australian Military Bank savings account rate hike
Australian Mutual Bank savings account rate hike
Auswide Bank savings account rate hike (unchanged)
Bank Australia savings account rate hike
Bank First savings account rate hike
Bank of Melbourne savings account rate hike
Bank of Queensland (BOQ) savings account rate hike
Bank of Sydney savings account rate hike
Bank of Us savings account rate hike
BankSA savings account rate hike
BankVic savings account rate hike (unchanged)
Bankwest savings account rate hike
Bendigo Bank savings account rate hike
Beyond Bank savings account rate hike
Commonwealth Bank savings account rate hike
Community First Bank savings account rate hike
Credit Union SA savings account rate hike
Defence Bank savings account rate hike
Easy Street savings account rate hike
G&C Mutual Bank/Unity Bank savings account rate hike
Gateway Bank savings account rate hike
Goulburn Murray Credit Union savings account rate hike
Great Southern Bank savings account rate hike
Greater Bank savings account rate hike
Heartland Bank savings account rate hike (unchanged)
Heritage Bank savings account rate hike
Horizon Bank savings account rate hike
HSBC savings account rate hike
Hume Bank savings account rate hike (unchanged)
IMB Bank savings account rate hike
Judo Bank savings account rate hike (unchanged)
Macquarie Bank savings account rate hike
ME Bank savings account rate hike
MOVE Bank savings account rate hike
MyState Bank savings account rate hike
Newcastle Permanent savings account rate hike
P&N Bank savings account rate hike
People First Bank savings account rate hike
Police Credit Union savings account rate hike (unchanged)
QBank savings account rate hike
Qudos Bank savings account rate hike
RACQ Bank savings account rate hike
Rabobank savings account rate hike
St George Bank savings account rate hike
Summerland Bank savings account rate hike (unchanged)
Suncorp Bank savings account rate hike
Teachers Mutual savings account rate hike
The Mutual Bank savings account rate hike
Ubank savings account rate hike
UniBank savings account rate hike
Virgin Money savings account rate hike
Westpac savings account rate hike
The Big Five
Westpac
Westpac will make interest adjustments to select savings products from 15 May, as follows:
- Westpac Life
The total variable rate with bonus interest will increase by 0.25% to 5.00% p.a.
It's not clear whether Westpac will be lifting its 0.10% standard variable base rate or its 4.65% p.a. bonus rate which is achieved when monthly bonus conditions are met.
- Westpac eSaver
The standard variable rate will increase by 0.25% to 1.25% p.a. (up from 1.00% p.a.).
The five-month introductory rate will remain unchanged at 3.55% p.a. while the 0.45% p.a. online bonus rate will also remain unchanged.
The total rate for new eSaver customers will be 5.25%p.a. for the first five months.
See also: Quick Guide to Westpac Savings Accounts
Commonwealth Bank
CommBank is lifting interest rates across select savings products, effective 15 May 2026, including:
NetBank Saver
The NetBank Saver introductory rate for new customers will increase by 0.25% to 5.20% p.a. This is comprised of:
- Standard variable interest rate increase of 0.15% p.a. to 2.10% p.a.
- Fixed bonus margin increase of 0.10% p.a. to 3.10% p.a.
NetBank Saver standard variable rate for existing customers will increase by 0.15% p.a. to 2.10% p.a.
GoalSaver
GoalSaver with bonus interest rate will increase by 0.25% p.a. to 5.00% p.a., comprised of:
- Standard variable rate unchanged at 0.25% p.a.
- Bonus variable interest rate increase of 0.25% p.a. to 4.75% p.a.
Youthsaver
Youthsaver with bonus interest will increase by 0.25% p.a. to 5.05% p.a., comprised of:
- Standard variable rate increase of 0.15% p.a. to 2.15% p.a.
- Bonus variable rate increase of 0.10% p.a. to 2.90% p.a.
All CommBank savings products above require depositors to meet bonus conditions to receive the top rates.
See also: Quick Guide to Commonwealth Bank savings accounts
National Australia Bank
NAB is increasing select personal savings rates, effective 15 May 2026, as follows:
NAB Reward Saver
The total rate will increase by 0.35% to 5.00% p.a. (up from 4.65% p.a.) when bonus conditions are met.
The rate is made up of an unchanged 0.01% variable base rate and a variable bonus rate of 4.99% p.a. (up from 4.64% p.a.).
NAB iSaver
The total introductory rate will increase by 0.25% to 5.25% p.a. (up from 5.00% p.a.), which will apply for the first four months to those who haven't held a NAB iSaver account in the past 12 months.
The rate is made up of standard variable rate which will increase by 0.10% to 1.65% p.a. and a fixed bonus margin rate which will increase by 0.15% to 3.60% p.a. (on balances up to $20 million).
See also: Quick Guide to NAB Savings Accounts
ANZ
ANZ has lifted deposit rates effective 15 May 2026, as follows:
ANZ Plus Growth Saver
The top rate on ANZ Plus's high interest product offering has increased by 0.35% to 5.10% p.a. (up from 4.75% p.a.).
It's made up of a standard rate of 0.10% plus a bonus rate of 5.00% p.a. when monthly bonus conditions are met.
ANZ Online Saver
The standard variable rate will lift 0.25% to 1.35% p.a. (up from 1.10% p.a.).
ANZ Progress Saver
The total rate will increase by 0.25% to 3.75% p.a. (up from 3.50% p.a.) when monthly bonus conditions are met.
This is made up of a base rate of 0.01% and a bonus rate of 3.74% p.a. when bonus conditions are met.
See also: Quick Guide to ANZ Savings Accounts
Macquarie Bank
Macquarie Bank will lift the ongoing variable interest rates paid on its transaction and savings accounts by 0.25% p.a., effective from 22 May 2026.
The changes will see Savings Account customers receive an ongoing variable rate of 5.00% p.a. (up from 4.75% p.a.) on balances up to $2 million.
A new rate of 2.75% p.a. (up from 2.50% p.a.) will apply to balance portions over $2 million.
There are no monthly conditions attached to earning Macquarie's ongoing Savings Account rates.
The variable welcome rate for first-time Savings Account customers will also increase to 5.35% p.a. (up from 5.10% p.a.) from 22 May. It will apply for four months on balances up to $250,000.
See also: Quick Guide to Macquarie Savings Accounts
Macquarie Transaction Account customers will receive an ongoing variable rate of 2.75% p.a. (up from 2.50%) on all balances.
Other banks
(Alphabetical order)
AMP Bank GO
AMP Bank GO Save will see its interest rates increase 0.25% from 11 May 2026.
The new rate for Personal Save accounts is 5.10% p.a. (up from 4.85% p.a.) for balances up to $500,000.
Balances between $500,000 and $5 million will earn 4.25% p.a. (up from 4.00% p.a.).
AMP Bank GO Save has no monthly conditions attached to achieving the rates.
See also: Guide to AMP's savings accounts
Other AMP accounts
AMP Saver Account will see a 0.25% increase to the bonus variable interest rate, effective 1 June 2026.
The standard rate will remain unchanged at 0.25% with the new bonus rate increasing to 4.70% p.a. (up from 4.45% p.a.) on balances up to $500,000.
This will take the top rate to 4.95% p.a.
There will also be 0.25% increases on the standard variable rates of the:
- SuperEdge Saver Account
- SuperEdge Cash Account
- SuperEdge Pension Account
also from 1 June 2026.
Australian Military Bank
Australian Military Bank will increase the interest rate by 0.25% on the following savings accounts, from 1 June 2026:
- DIY Super Saver (new rate 3.75%)
- Online Saver (new rate up to 4.85% p.a. when bonus conditions are met)
Bank Australia
Bank Australia will increase deposit rates across the majority of its savings products by 0.25%, effective 20 May 2026, including:
- Online Saver (new rate of 4.35% p.a. for balances under $500,000; 4.45% p.a. for balances between $500,000 and under $2m; 2.75% p.a. for balances over $2m)
- Bonus Saver Account (bonus interest rates will lift by 0.25% with a new top rate of 5.10% p.a. when bonus conditions are met on balances up to $100,000)
- mySaver Account (bonus interest rates will increase for balance amounts up to $250,000)
- Freedom Saver (all interest rate tiers will increase by 0.25% with a new top rate of 5.10% p.a. for balances up to $50,000)
Bankfirst
The variable interest rates on a range of at-call savings products including:
- Online Saver
- Pension Account
- First Saver
will increase by 0.25%, effective 22 May 2026.
The bonus interest rates on Bonus Saver and First Home Bonus Saver accounts will increase by 0.25%, effective 1 June 2026.
Bank of Melbourne, BankSA, St George
The Westpac-owned brands will lift savings accounts rates from 15 May, as follows:
- Incentive Saver
The bonus variable rate will increase 0.25% to 5.05% p.a. (from 4.80% p.a.) while the standard rate will remain at 0.10%.
This will lift the top rate to 5.15% p.a. when bonus conditions are met.
- Maxi Saver
The standard variable rate will lift to 1.25% p.a.(up 0.25% from 1.00% p.a.).
The six-month introductory fixed rate remains at 3.65% p.a. as does the six-month only bonus rate of 0.45% p.a.
The new total variable rate (with online bonus for new customers) will increase to 5.35% p.a. (up 0.25% from 5.10% p.a.).
Bank of Queensland
All interest rates on BoQ savings products will increase by 0.25% p.a. for new and existing customers from 4 June 2026.
Bank of Sydney
Bank of Sydney will increase interest rates by 0.25% on its savings accounts including:
- BOS Saver Account
- Business Saver Account
- Controlled Money Trust Accounts
from 15 May 2026.
Bank of Us
Bank of us is lifting interest rates by up to 0.25% on a range of its savings account products from 1 June 2026, including:
- Save up
- Spring Load
- Stash 'n' Splash
- Pension Advantage
- Super Advantage
- Business iCash
Bankwest
Interest rates will increase for the following products from 15 May 2026
Easy Saver
For balances under $250,000.99, the introductory rate will increase by 0.25% p.a. to 5.75% p.a. (first four months), and the standard variable rate will increase by 0.25% p.a. to 5.00% p.a.
Hero Saver
The Hero Saver bonus rate will increase by 0.25% p.a., bringing the top Hero rate to 5.10% p.a. for balances up to $250,000.99. Bonus rate conditions apply to achieving the Total Hero rate.
BCU
BCU Bank will increase interest rates between 0.15-0.45% on select variable rate deposit products, effective 1 June 2026.
Key rate increases include:
- increase of 0.45% p.a. to the bonus interest rate of its Bonus Saver account (currently 4.75% p.a. for the first four months for new accounts)
- increase of 0.15% p.a. to the bonus interest rate of the Boss Saver (currently 4.90% p.a. on balances up to $100,000)
- increase of 0.25% p.a. to Power Saver, Golden Account, Business iSaver, and Scoot Super Saver
Bendigo Bank
Bendigo Bank will lift select at-call deposit rates from 22 May 2026, including on the following products:
- EasySaver
- PiggySaver
- Reward Saver (under 30) - 0.25% p.a. change to bonus rate only
- Reward Saver (over 30) - 0.25% p.a. change to bonus rate only
- Easy Retirement - 0.25% increase to balance tiers of $10,000, $50,000, $250,000
Beyond Bank
Beyond Bank is lifting savings account interest rates from 19 May 2026, including the following changes:
- 0.20% p.a. increase to monEsaver rates across all balance tiers
- 0.25% p.a. increase to Purple Bonus Saver for account balances up to $199,999; no change to rate for balances $200,000 and over
- 0.50% p.a. increase to Community Reward Account across all balance tiers
- 0.20% p.a. increase to Retirement Account
- 0.20% p.a. increase to BU Account
- 0.15% p.a. increase to Community Account on balance tiers for amounts over $5,000
- 0.25% p.a. increase to Bank Guarantee Facility Account
Community First Bank
Interest rates will increase by 0.25% on a range of personal savings accounts, effective 15 May, with new rates as follows:
- Online Saver: $0-$100,000 - 3.10% p.a.; (unchanged 0.00% for amounts over $100,000)
- Everyday Plus: $10,000-$99,999 - 1.50% p.a.; $100,000+ - 2.50% p.a. (unchanged 0.10% for balance amounts $0-$9,999
- Santa Saver: $0-$30,000 - 4.85% p.a. (unchanged 0.00% for balance amounts over $30,000)
- Wildlife Saver: $0-$1,000 - 3.25% p.a.
Credit Union SA
The four-month introductory fixed rate on Credit Union SA's Netsave Account increased 0.25% to 4.25% p.a. (up from 4.00% p.a.) from 18 May 2026.
The variable base rate remained unchanged at 1.25% p.a., giving a total opening rate of 5.50% p.a. for the first four months (if the base rate remains unchanged).
Defence Bank
Rates on savings accounts will increase by 0.25%, effective 20 May 2026, as follows:
- Max eSaver bonus interest rate will increase by 0.25% p.a. to 5.00% p.a. for a top rate of 5.10% p.a. when bonus conditions are met. (Unchanged 0.10% p.a. base rate.)
- iSaver introductory interest rate will increase by 0.25% to 4.60% p.a. (applies for the first six months) for a top rate of 5.10% p.a. on balances up to $250,000. (Unchanged 0.50% p.a. base rate)
- Salute account (for military personnel who have been deployed in Australia or overseas) base rate will increase by 0.25% p.a. to 3.75% p.a.. An additional 1.75% p.a. fixed bonus rate applies for the first 12 months on new accounts on balances up to $250,000. This will see a top rate of 5.50% p.a. for new accounts for 12 months.
- All junior accounts will see standard variable rates increase by 0.25% p.a. to 5.00% p.a.
Easy Street
The interest rate on Easy Street's Flex Saver will increase 0.25% to 5.00% p.a. (up from 4.80% p.a.) from 13 May 2026.
The rate applies to new and existing Flex Saver accounts on balances up to $3 million with no conditions attached to achieving the rate.
G&C Mutual/Unity Bank
G&C Mutual and Unity Bank will lift interest rates by up to 0.25% on select savings account from 1 June 2026, as follows:
- Bonus Saver: top rate of 4.60% p.a. when bonus conditions are met
- Moneymax: ongoing rate of 4.50% p.a.
- Pensioner Plus: (for 55+ customers) 2.25% p.a. on balance amounts from $0 to $48,600; 3.65% p.a. for balance amounts $48,601 and above
Gateway Bank
Gateway Bank will lift interest rates select savings account products by 0.25% from 19 May 2026, including:
- eMax
- Chirstmas Club
- Dollaroo
- Edge Account (bonus rate up by 0.25%)
- Community Transaction Account
- SMSF Transaction Account
Goulburn Murray Credit Union
GMCU will increase the interest rate on its Advantage Saver Account by 0.25% p.a., effective 1 June 2026.
This takes the top rate to 4.55% p.a. when bonus conditions are met.
Great Southern Bank
Great Southern Bank has lifted its savings account rates, effective 22 May 2026, including:
- Home Saver (customers aged 18+)
The top interest rate (with bonus) has increased by 0.25% to 5.25% p.a. (from 5.00% p.a.) on balances up to $100,000.
This is made up of an unchanged base rate of 0.50% p.a. and a bonus rate of 4.75% p.a. The top rate is payable when monthly bonus conditions are met.
- Everyday Saver (all ages)
The ongoing interest rate has lifted by 0.25% to 4.80% p.a. (up from 4.55% p.a.) on balance portions up to $750,000. There are no monthly bonus conditions.
- Future Saver (customers aged 18+)
The top rate (with bonus) has been lifted by 0.25% to 4.85% p.a., made up of a 0.10% base rate and a 4.75% p.a. bonus rate.
The top rate is payable on balance portions under $500,000 when bonus conditions are met.
The top rate for balance portions above $500,000 is 3.50% p.a. when bonus conditions are met.
- Accounts for younger savers
Interest rates have also been lifted 0.25% on the Goal Saver account (18-24 years old) and Youth eSaver account (up to 17 years old).
Greater Bank
Greater will raise rates on the following accounts, effective 26 May 2026:
- Bonus Saver
0.25% increase on the variable rate, taking it 4.00% p.a. when bonus conditions are met.
- Life Saver (for under 25s)
0.25% increase on the variable rate, taking it to 5.25% p.a. when bonus conditions are met.
- Retirement Plus
0.40% increase on the variable rate, taking it to 1.80% p.a. for balance portions above $100,000.
Heritage Bank
Heritage Bank has increased interest rates on its savings accounts products from 1 June 2026, including:
- Online Saver: flat rate of 3.20% p.a. plus additional bonus rate of 1.40% p.a. for a total rate of 4.60% p.a. when bonus conditions are met
- Target Bonus: flat rate of 0.01% p.a. with flat and bonus rate total of 4.25% p.a. when bonus conditions are met
Horizon Bank
Horizon Bank is increasing interest rates by 0.25% on selected deposit products, effective 22 May 2026, as follows:
- HorizonDirect (online savings account)
- RewardSaver (bonus conditions apply to receiving the top rate)
- Teen Saver (13-17 year olds)
- SMSF Saver
- Advantage55
- Christmas Club
- Cash Management
HSBC
HSBC is increasing the interest rate on its Bonus Savings Account and HSBC Everyday account by 0.25%, effective 4 June 2026.
IMB Bank
IMB Bank is changing interest rates on the following savings products, effective 29 May 2026:
Reward Saver
The bonus interest rate will increase 0.20% to 3.20% p.a. (up from 3.00% p.a.) while the fixed four-month introductory fixed rate of 2.15% p.a. will remain unchanged.
This takes the top rate to 5.35% p.a. (up from 5.15% p.a.) for the first four months for new accounts meeting bonus conditions on balances up to $1 million.
The standard variable rate remains unchanged at 0.00% while the interest rate on account balances over $1 million will also earn 0.00%.
Reward Saver Kick Start
The bonus interest rate will increase 0.20% to 3.30% p.a. (up from 3.00% p.a.) on account balances up to $1 million.
The Kickstart bonus interest will be cut by 0.10% p.a. to 2.05% p.a. (down from 2.15% p.a.) on account balances up to $100,000.
This will see a 0.10% p.a. rise in the top rate to 5.25% p.a. for balances up to $100,000 and a 0.20% rise in the top rate for balances up to $1 million.
The standard variable rate remains unchanged at 0.00% while the interest rate on account balances over $1 million will also earn 0.00%.
Everyday 50PLUS
There will be a 0.25% increase to the following balance tiers (new rates shown in brackets):
- $10,000 - $49,000 (1.75% p.a.)
- $50,000 - $249,000 (2.25% p.a.)
- $250,000 and more (2.50% p.a.)
There will also be 0.25% increases to interest rates for Zoo Account, Christmas Club, and Cash Management Account tiers for amounts above $10,000.
ING
ING Savings Maximiser and Savings Accelerator interest rates will change from 15 May 2026, as follows:
Savings Maximiser
- The top variable rate will lift to 5.50% p.a. (up 0.25% from 5.25% p.a.) for customers meeting monthly eligibility criteria
- The standard variable rate for new and existing customers will remain unchanged at 0.01% p.a.
- The additional variable rate for customers meeting the monthly criteria will lift to 5.49% p.a. (up 0.25% from 5.24% p.a.)
Savings Accelerator
Standard variable rates on balance tiers will rise as follows:
- $0-$250,000 - 4.80% p.a. (up 0.20% from 4.60% p.a.)
- $250,000-$500,000 - 4.80% p.a. (up 0.20% from 4.60% p.a.)
- $500,000-$2m - 4.80% p.a. (up 0.20% from 4.60% p.a.)
- $2m-$5m - 2.70% p.a. (up 0.20% from 2.50% p.a.)
Interest rates apply to the portion of account balances within each balance tier.
Savings Accelerator Kick Starter Offer
- The Kick Starter additional variable rate for new to ING Savings Accelerator customers will remain unchanged at 1.05% p.a.
- For account balances $0-$500,000, the rate will lift to 5.85% p.a. (up 0.20% from 5.65% p.a.
See also: Quick Guide to ING Savings Accounts
ME Bank
ME Bank will increase the rate on all savings products by 0.25% p.a. for new and existing customers from 4 June 2026.
MOVE Bank
Move Bank is lifting interest rates on its savings account products by up to 0.55% p.a. from 1 June 2026, as follows:
- Bonus Saver: new top rate of 5.35% p.a. on balances up to $250,000 when bonus conditions are met
- Growth Saver: new top rate of 5.65% p.a. on balances up to $25,000 when bonus conditions are met
- Online Saver: ongoing rate of 4.70% p.a.
MyState Bank
The Tasmanian-based bank will increase its Hello Saver rates from 14 May 2026.
MyState is lifting its welcome deposit rate by 0.25% to 5.40% p.a. for new customers for the first four months on balance amounts up to $100,000.
The rate reverts to 5.00% p.a. (up from 4.75% p.a.) for balances under $100,000.
There are no monthly conditions attached to receiving Hello Saver rates.
The maximum rate on the Bonus Saver account will increase to 5.00% p.a. (up 0.25% from 4.75% p.a.) on balance amounts up to $500,000 when bonus conditions are met.
Newcastle Permanent
Newcastle Permanent will be lifting variable interest rates by 0.25% on its savings products, effective 15 May 2026.
These include:
Smart Saver
Top rate of 4.50% p.a. on all balance amounts when bonus conditions are met. (Unchanged 0.05% base rate and bonus rate of 4.45% p.a.)
For Under 25s (Smart Saver Youth account):
Top rate of 5.75% p.a. on balance amounts up to $50,000 when bonus conditions are met. (Unchanged 0.05% base rate and bonus rate of 5.70% p.a.)
Top rate of 5.00% p.a. on balance amounts $50,000-$250,000 when bonus conditions are met. (Unchanged 0.05% base rate and bonus rate of 4.95% p.a.)
Top rate of 4.75% p.a. on balance amounts over $250,000 when bonus conditions are met. (Unchanged 0.05% base rate and bonus rate of 4.70% p.a.)
Online Savings Account
Fixed introductory bonus rate of 5.00% p.a. for three months on all balance amounts (including 4.00% p.a. introductory bonus). Rate reverts to and unchanged 1.00% p.a. after the introductory period.
P&N Bank
P&N Bank will increase interest rates between 0.15-0.45% on select variable rate deposit products, effective 1 June 2026.
Key rate increases include:
- increase of 0.45% p.a. to the bonus interest rate of its Hi Saver Account (currently 4.70% p.a.)
- increase of 0.15% p.a. to the bonus interest rate of the Savvy Saver Account (currently 4.90% p.a. on balances up to $100,000)
- increase of 0.25% p.a. to Smart Saver Account, Momentum Account, Business Saver Account, Way Cool Saver Account
People First Bank
People First Bank (formed from the merger of People's Choice Credit Union and Heritage Bank) has increased the top rate on its Dream Fund savings account by 0.30% to 5.15% p.a. (up from 4.75% p.a.), effective 1 June 2026.
The new Dream Fund rates are as follows:
- $0 - $100,000 account balance: 0.01% base rate with a total rate of 5.15% p.a. when bonus conditions are met
- balance of $100,000.01 and above: 0.01% base rate with a total rate of 4.15% p.a. when bonus conditions are met.
QBank
QBank is increasing interest rates by 0.25% on select savings account products, effective 22 May 2026, including:
- Pension Plus Account
- Junior Saver
- Christmas Club,
- Netlink Direct
- Teen Netlink Direct
Qudos Bank
Qudos Bank is lifting rates by 0.25% across the majority of its savings account products from 20 May, including:
- Qantas Points Saver (up 0.25% to 4.25% p.a. on all balances)
- Qsaver (rates will increase 0.25% to 4.35% p.a. for balances under $500,000; 4.45% p.a. for balances $500,000 to under $2m; 2.75% p.a. for balances $2m and over)
- Bonus Saver (top rate of 5.00% p.a. for balances up to $100,000 when bonus conditions are met)
- DIY Super Saver (new maximum rate of 4.70% p.a. with bonus for balances $10,000 and over)
- Allocated Pensions (new maximum rate of 4.95% p.a. for balances over $500,000)
RACQ Bank
RACQ Bank has lifted select savings account rates, effective 19 May 2026, featuring:
- Bonus Saver Account
Bonus rate of 5.25% p.a. on balances up to $99,999; bonus rate of 3.00% p.a. on balances over $99,999. Base rate remains at 0.00% p.a. (Monthly bonus conditions must be met to achieve the bonus rate. Single interest rate applies to the whole daily closing balance.)
- eSave Account
Rate of 3.00% p.a. applies to all balances
- Advantage Plus Account
0.00% p.a. for amounts up to $4,999; 1.75% p.a. for balances over $4,999 to $49,999; 3.25% p.a. for balances over 3.25% p.a.
Rabobank
Rabobank will increase all variable interest rates on its personal and SMSF savings accounts by between 0.05% to 0.25% p.a., effective 13 May 2026.
High Interest Savings Account
The four-month introductory rate is up 0.25% to 5.90% p.a. on balance amounts up to $250,000. (Introductory rate does not apply to balance amounts of $250,001 and over.)
The standard variable rate is up 0.05% to 4.00% p.a. on balance amounts up to $250,000. It is also increased by 0.05% to 3.25% p.a. for balance amounts of $250,001 and above.
Premium Saver
The top rate on the Premium Saver account is up 0.25% to 5.40% p.a. on balance amounts up to $250,000 when bonus conditions are met.
For amounts $250,001 and over, the top rate is also up 0.25% to 3.75% p.a. when bonus conditions are met.
The base rate (when balance conditions aren't met) is up 0.05% to 0.65% p.a. for all balance amounts.
Notice Saver
All Notice Saver variable rates are up by 0.25%. The new rates are as follows:
- Up to $250,000 - 4.60% p.a. (31 days), 4.65% p.a. (60 days), 4.70% p.a. (90 days)
- $250,001 and over - 3.50% p.a. (31 days), 3.55% p.a. (60 days), 3.60% p.a. (90 days)
Suncorp Bank
Suncorp Bank will lift interest rates on select savings products from 15 May 2026, as follows:
- Growth Saver - the top rate (with bonus interest) will increase 0.25% to 5.10% p.a. (when bonus conditions are met)
- Kids Savings Account - the top rate (with bonus interest) will increase 0.25% to 4.30% p.a. (when bonus conditions are met)
Teachers Mutual Bank
(The Teacher Mutual Group incorporates Uni Bank, Firefighters Mutual Bank, Health Professionals Bank, and Australian Mutual Bank.)
The Teachers Mutual group will increase interest rates by 0.25% p.a. across its variable savings account products, effective 1 June 2026.
The Mutual Bank
The Mutual Bank is increasing the base interest rate on its Internet Saver account by 0.50%, effective 20 May 2026
This will see the rate increase to 3.25% p.a. (up 0.50% from 2.75% p.a.) on balance amounts up to $250,000.
The current additional bonus rate of 2.40% p.a. will apply for the first three months for new accounts opened between 13 April and 31 May 2026, taking the total interest rate to 5.65% p.a. for that period.
Interest rates on most deposit accounts will increase 0.25%, effective 20 May 2026.
Rate changes to Trust Accounts, Mighty Mutual, and Bonus Saver accounts will be effective 1 June 2026.
Ubank
Ubank's high-interest savings account will be increasing its Everyday Bonus Rate to 5.10% p.a. (up from 4.85% p.a.).
The four-month Welcome Rate will also increase to 5.85% p.a. (up from 5.60% p.a.).
Conditions apply to achieving both bonus rates, with the rate increases to take effect from 12 May 2026.
See also: Guide to Ubank Savings Account
Up
Up Saver's top rate (Grow rate) will increase 0.25% to 5.35% p.a. (up from 5.10% p.a.) on balance amounts to $250,000 from 22 May 2026, when bonus rate conditions are met.
The rate on balance amounts above $250,000 will also lift 0.25% to 2.00% p.a. (up from 1.75% p.a.).
The base rate for both balance tiers (payable when bonus conditions are not met) will increase 0.25% to 2.00% p.a. (up from 1.75% p.a.).
Virgin Money
Virgin Money will increase the rate on all savings products by 0.25% p.a. for new and existing customers from 4 June 2026.
Advertisement
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3.00% p.a. | 6.00% p.a. Intro rate for 3 months then 3.00% p.a. | $756 | 3 months | $0 | $99,999 | $0 | $0 | $0 |
| Promoted | Disclosure | ||||||||
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 |
| Promoted | Disclosure | ||||||||
5.05% p.a. | 5.05% p.a. | $1,034 | – | $0 | $99,999,999 | $0 | $0 | $0 |
| Promoted | 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 |
