Unity Bank launches Australian-first unconditional 5% savings account

While there are upwards of 30 banks offering savings account rates beginning with a 5, Unity Bank's is the first and only to offer an unconditional rate of 5.00% p.a. according to Savings.com.au market research.

The current highest savings account rate on offer is 5.65% p.a. from ME Bank - it's available through its 'ME Go' app only, and requires a couple of conditions to meet the bonus criteria.

Other accounts such as ING's popular Savings Maximiser offer similar. 

This comes as RaboBank boosted its four-month intro account by 20 basis points to 5.60% p.a. in a non-RBA rate hiking month, and the Teachers Mutual Bank group boosted its ongoing rate to 5.50% p.a.

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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

3 months

Deposit amount

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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
Revolut	Revolut Instant Access Savings Account ($0 - $50,000)	3.00% p.a.	6.25% p.a. Intro rate for 3 months then 3.00% p.a.	$314	3 months	$0	$49,999		$0	$0	$0				Intro rate for 3 months up to $50k, then 5.30% p.a. on paid Ultra plan up to $250k No deposit or withdrawal conditions. New to Revolut customers for a limited time. Open savings account within 1 month of joining. Total Interest Earned shown is for illustrative purposes and is based on monthly compounding. Actual Interest Earned will be higher from interest compounding daily instead of monthly.	Go to site	Compare	Promoted	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.	$269	–	$0	$249,999		$0	$0	$0				Government backed protection. $0 monthly account keeping fees. 100% Australian-based support.	Go to site	Compare	Promoted	Disclosure
Easy Street Financial Services	Easy Street Financial Services Flex Saver	5.05% p.a.	5.05% p.a.	$254	–	$0	$99,999,999		$0	$0	$0				No account keeping fees There’s no interest or fee penalties when you need to withdraw your money Keep track of your savings goals with alerts and our mobile app	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.	$302	4 months	$0	$499,999		$0	$0	$0					Go to site	Compare		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.	$296	4 months	$0	$249,999		$0	$1	$0					Go to site	Compare		Disclosure