When the Reserve Bank of Australia made its first cut to the cash rate in more than four years in February 2025, people paying home loans could be forgiven for raising a glass.
But for those savers enjoying handsome interest rates on savings accounts and deposit products, the 2025 cash rate cuts aren't quite so welcome.
While interest rates above 5% are becoming increasingly scarce, there are still some to be found on the market.
Compare savings accounts offering 5% or more
Base and bonus interest rate
Before we get to the nitty-gritty of which banks are offering what and how to achieve the best rates, let's be clear on a couple of terms that you'll see on many savings account products.
A base interest rate is the default interest rate on your savings account that you earn without having to meet specified conditions. This typically ranges from 0.00% to 0.55% depending on the bank.
A bonus interest rate is an additional interest rate on top of the base rate - but only if the saver meets certain conditions. These can pertain to the amount deposited, number of withdrawals, and/or types of transactions made.
An introductory rate, also known as a honeymoon or welcome rate, is an interest rate that applies for a set amount of time after an account is opened. After that time has lapsed, the account will generally revert to a base rate or other specified ongoing variable rate.
Unlike term deposits, base, bonus, and introductory interest rates offered by banks on savings accounts are variable, meaning they can change at any time. However, many significant rate changes generally occur in line with RBA cash rate changes.
[Note: Many accounts for children and young people may offer rates of 5% and above, albeit on relatively low deposit amounts. The accounts below offer more general access.]
Banks offering savings accounts of 5% or greater
All rate information correct at the time of writing (3 June 2025)
ING Savings Maximiser
Top rate: 5.00% p.a. (on balances up to $100,000)
Standard variable rate: 0.05% p.a.
Bonus rate: 4.95% p.a.
To achieve the bonus rate, customers must:
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deposit at least $1,000 a month from an external source
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make five or more settled card purchases using an ING debit or credit card
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ensure the balance of the account is higher than it was at the previous month (excluding interest payments)
Rabobank High Interest Savings Account
Introductory rate: 5.15% p.a. for four months (up to $250,000)
Ongoing rate: 3.70% p.a.
Bankwest Easy Saver
Introductory rate: 5.15% p.a. for four months on balances up to $250,000.99; 4.30% p.a. on $250,001 and over
Standard variable rate: 3.60% p.a. up to $250,000.99; 1.60% p.a. on $250,001 and over
Bank of Queensland Future Saver Account
Top rate: 5.25% p.a. on balances up to $50,000
Base rate: 0.05% p.a.
Bonus rate: 5.20% p.a. on balances up to $50,000; 2.70% p.a. on balances $50,000-$250,000; 0.00% on balances $250,000 and over
To achieve the bonus rate, customers must:
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be aged between 14-35 years old (eligibility ends on the customer's 36th birthday)
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deposit $1,000 or more into a linked Everyday Account from an external bank account
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and make five eligible payments, withdrawals, or purchases
P&N Savvy Saver Account
Top rate: 5.00% p.a.
Standard rate: 0.45% p.a.
Bonus rate: 4.55% p.a. on balances up to $100,000
To achieve the bonus rate, customers must:
- must have a & Transaction Account (in their name only)
- put at least $500 into the & Transaction Account each month (salary, a transfer from an external bank account, or transfer from a P&N account not in the customer's name)
- make five or more card purchases from the & Transaction Account each month
Move Bank Growth Saver
Top rate: 5.00% p.a. on balances up to $25,000
Base rate: 0.10% p.a.
To achieve the bonus rate, customers must:
- deposit a minimum of $200 within a calendar month
- make no withdrawals within a calendar month.
Virgin Money Boost Saver Account
Top rate: 5.00% p.a. on combined balances up to $250,000
Bonus and base rate: 4.70% p.a.
Notice interest rate: 0.30% p.a.
To achieve the bonus rate, customers must:
- deposit $1,000 or more into a Go Account monthly
- make at least 5 settled (not pending) Visa Debit card purchases per month on a linked Go Account (includes direct debits and BPAY payments).
To get the additional 0.30% p.a. Notice Saver interest, customers must:
- enable the Lock Saver Feature in the Virgin Money app (available to customers over 18 years old)
- give 32 days' notice to unlock account or withdraw money
Note: Boost Saver base and bonus interest rate will drop to 4.45% p.a. effective 2 July 2025. With the Lock Saver feature, the new highest rate on the Boost Saver account will be 4.75% p.a.
First published on March 2023
Image by Miguel A. Padrinan via Pexels
Harrison Astbury
Denise Raward
Harry O'Sullivan
Brooke Cooper
