Compare High-interest Savings Accounts up to 6.00%

Best High-Interest Savings Account Deals for August

One of the highest savings account rates in our database is currently 6% p.a from ING with its Savings Booster (balance up to $500k) with a maximum rate of 6%.

Just bear in mind that most of the highest rates on the market for savings accounts consist of either introductory (a.k.a 'honeymoon') rates or bonus (a.k.a. conditional) rates. On such products, the top rate will only be available to you for either a limited time (the introductory/honeymoon period - typically four months) or if you meet certain conditions each month (e.g. deposit $x, ensure the balance grows, etc.). 

That's why it's important to consider a savings account's 'base rate' - as in, the ongoing rate the bank is offering to pay regardless of you meeting any bonus criteria. Due to the challenges of meeting bonus conditions on some savings accounts these days, many savers are now drawn to products with high base rates, such as those on offer from Macquarie Bank or AMP Bank Go.  

Which banks are offering the highest savings account rates on Savings.com.au?

Account	Max Rate p.a.	Base Rate p.a.	Bonus Rate p.a	Introductory Rate p.a
ING - Savings Booster (balance up to $500k)	6%	2.25%	3.15%	0.60%
Rabobank - High Interest Savings Account (<$250k)	5.90%	4%		1.90%
Ubank - Save Account	5.85%		5.10%	0.75%
Bank of Queensland - Future Saver	5.80%	0.05%	5.75%
Bankwest - Bankwest Easy Saver	5.75%	5%		0.75%

More savings accounts:

• Savings Accounts with High Bonus Interest Rates
• High-interest savings accounts for kids and youth
• High introductory savings accounts rates
• Pensioner savings accounts

Until next month 🫡

Dominic Beattie - Savings.com.au Editor

For more information on how we’ve selected these products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of 25 August 2026 . View disclaimer

What is a high-interest savings account?

A high-interest savings account is a bank account that allows you to earn interest on your deposited funds. These low-risk products are provided by authorised deposit-taking institutions (ADIs), which means all deposits are covered by the Federal Government’s guarantee of up to $250,000. So, up to $250,000 of your money in a savings account with any ADI is covered by the Government in case the bank collapses.

Check out the Australian Prudential Regulation Authority’s comprehensive list of ADIs in Australia.

As well as earning you interest and keeping your money safe, savings accounts can help you build positive savings habits. In today’s savings account space, most banks have mobile apps that come with a number of features including the ability to set up automatic transfers to your savings account, sending reminders when you’ve spent too much or track and manage your expenses.

Some high-interest savings accounts come with conditions in order to earn a higher interest rate - these are known as bonus savings accounts. For example, you may be required to deposit a minimum amount each month or limit your withdrawals from the account to earn the bonus interest. A regular online savings account will offer a ‘base’ interest rate on your balance each month, usually without account conditions.

How to compare savings accounts

High-interest savings accounts are quite simple products, with the interest rate often the first thing to catch your eyes. However, it shouldn’t be the only factor to consider when choosing an account that meets your savings goals.

Other things to keep in mind are:

• The bonus rate conditions: Can you withdraw money from the account? Do you need a linked transaction account? Do you have to meet a minimum deposit every month? Failing to meet these requirements could see you miss out on bonus interest for the month. 

• The introductory rate (if it exists): A high-interest rate can look deceptively good. Some savings account rates  are higher but only for a limited time. Check the T’s and C’s first. 

• The maximum account balance: Some accounts have a reduced or nullified interest rate on balances over a certain threshold

• Account-keeping fees: Some bank accounts don’t charge fees, but others do. It may only be a few dollars a month, but why pay for something when you don’t have to? 

• Ease of use: Nowadays, many savings accounts can be managed on the go through an app. Some of these apps come with useful features for managing budgeting and spending. A savings account with such features can provide a lot of value, as long as you’re satisfied with its rates and fees. 

It’s important to do your own research before opening a high-interest savings account, keeping in mind each of the points above as well as accounting for your personal financial position and whether account requirements can be met with ease.

What are the interest rates on savings accounts?

There are three types of interest rates on savings accounts:

• The base interest rate: the standard interest rate on the account that you qualify for no matter how many withdrawals, transactions or deposits you make

• Conditional bonus rate: an extra interest rate you earn for meeting certain conditions, such as not making any withdrawals or depositing a certain amount in your account each month.

• Introductory rate: a higher interest rate that applies for the first few months of the account before reverting to a base rate. 

Not every bank account has a bonus rate or introductory rate. For example, one bank might have a base interest rate of 1.50% p.a. and a bonus rate of 1.00% p.a. (total rate of 2.50% p.a.), while another might simply have a base interest rate of 2.50% p.a. and no bonus interest rate.

The pros and cons of high-interest savings accounts

Pros

• Interest is compounding. This means your interest can work for you over time with some minor effort on your behalf.

• Savings are guaranteed under the Financial Claims Scheme up to $250,000.

• Savings accounts are at-call, meaning you can withdraw your funds at any time.

• You can use these funds however you please, be it for spending or for building up savings over time.

• They’re easy to open, manage and offer features to enhance your ability to save money. 

Cons

• Other assets such as shares, bonds or property may generate higher returns for your cash than what interest on a savings account can offer. However, these assets come with added risk.  

• Not meeting bonus interest conditions will see you miss out on bigger interest earnings.

• They’re quite inflexible without a linked transaction account.

• There are fees you can be charged, like a monthly account-keeping fee.

Why consider a high-interest savings account?

There are some great benefits to taking advantage of a high-interest savings account, and if used correctly these benefits outweigh the negatives.

Once each paycheck hits your bank account, set up an automatic transfer using your bank’s online or mobile banking platform to shift money from your transaction account to your high-interest savings account. This can be any amount, but try to make it at least 10%. Don’t touch this money unless there’s an emergency, and watch how quickly it piles up! For quicker growth, try setting up daily transfers of $10.

Importantly, ensure you’ve weighed up the pros and cons of using a bonus savings account, including whether or not you can meet conditions to achieve a higher interest rate than a regular savings account.

Fees on savings accounts

Although there are a number of high-interest savings accounts available, they aren’t always free. Depending on the high-interest savings account provider, you could end up paying:

• Monthly account-keeping (service) fees: The fee charged for keeping the account open and active.

• ATM withdrawal fees: When using an ATM, you can be charged a small fee either by your bank or other banks.

• Monthly statement fees: Online statements on your spending tend to be free, but paper statements mailed to you might come with a fee.

• Electronic transaction fees: savings accounts aren’t meant for transferring money, and doing so can carry a small fee.

• Branch deposit fees: depositing money through a teller in a branch instead of online.

A lot of these fees are quite minor, often no more than a few dollars at most, but can be irritating if you’re trying to save money with your savings account. Ensure you check whether a high-interest savings account charges fees before signing on the dotted line to avoid any unnecessary expenses.