Best Australian High Interest Savings Account for 2024


What is the best Australian Savings Accounts for 2024?

Making your own money is hard, so why not put your money to work for you instead?

We got some interesting results from last year's poll, and the OzBargain community's choice back then were ubank High Interest Savings Account, ING Savings Maximiser and BOQ's Future Saver.

However it seems the continual interest rate rises have pretty much stopped with the RBA deciding that 4.35 percent is the way to go for the future. Let's see which bank account takes the top spot this year.

What is a Savings account?

Savings accounts, as opposed to Transaction accounts, are high-interest bearing accounts that give you more money in return for the amount of money you put in. Savings accounts differ from Transaction accounts in one major way; they specifically discourage you to spend money by reducing the interest paid to you if you withdraw from it, but might reward you if you regularly deposit money into it.

Some Key factors to look out for when deciding on a Savings Account:

  • The Interest rate, and how frequently you receive the interest
  • Honeymoon periods - also known as introductory interest rates, these are short periods of time that you'll receive a higher interest than normal before it reverts to a standard interest rate.
  • Minimum and Maximum account balances. Some Accounts don't pay interest if you keep too little in the account, and some won't pay you interest on balances over a certain amount.
  • Account keeping fees
  • What rewards you reap when you deposit in money regularly and what penalties you'll get for withdrawing money
  • There may be certain requirements to fulfil before you can apply for the account (such as having a linked account)

Bank Interest Rates Spreadsheet

This spreadsheet is maintained by users on Whirlpool forums, please note the figures are not updated in real time. All credits go to the maintainers of this document. Please note that it is your own responsibility to do your own product research before opening any bank account, no-one else can be held responsible for any adverse events (or financial loss) that you may encounter through the use of this list.

How do I suggest products/providers to What Should I Buy polls?

If you have a product that you would like to suggest for the poll (that is currently not in the Poll Options), you'll need to make a top-level comment (i.e. not replying someone else's comment) and type in the “Suggestions” text box just above your comment:

Do try to make a sensible suggestion and include a brief argument as to why you made this recommendation.

Poll Options Wed, 01/01/2025 - 00:00

This is part of What Should I Buy poll for 2024. Check out other recommendations from the OzBargain community.


  • Suggested Westpac Life

    Westpac Life

  • -5

    What is the best Australian Savings Accounts for 2024?

    Won't know for approx another 9 months

    • +1

      Won't know for approx another 9 months

      If you wait 9 months then it'll be too late to make any interest at all in 2024.

  • Suggested Bank Australia Bonus Saver

    I'm really liking Bank Aus

    • Why?

      • It's got Australia in the name!

        Good interest rates, and they're an ethical bank with a responsible banking policy, customer owned.

        They invest in:

        • Green and sustainable investments

        • Not-for-profits

        • Clean energy transition

        • Inclusive and community housing

        They don't invest in:

        • Fossil fuels

        • Live animal export

        • Arms industry

        • Gambling

        • Tobacco

        • and they're an ethical bank with a responsible banking policy, customer owned.

          and they are based in Collingwood

        • +3

          CBA, NAB and ANZ also have Australia in their name.

          • @st1ng: Yo, you've listed banks that were embroiled in the Banking Royal Commission. Bank Aus wasn't.

        • A shame their interest rates are so trash

          • -1

            @dongltron: I'm getting 4.75% currently which is good enough for me; I'd prefer an ethical bank than any of the banks caught up in the banking RC.

            Bank Aus doesn't pay Executive Bonuses, either.

            • +2

              @ThithLord: Eh, fair enough. I prefer to maintain maximum interest. Too much shitty non-ethical companies out there for it to matter to me.

        • and they're an ethical bank

          You mean they subscribe to the ESG ideology which is about unethical as you can get…

          They don't invest in: Fossil fuels

          Yet I guarantee every single one of their employees benefits greatly from Fossil Fuels. This is called hypocrisy.

          • @1st-Amendment:

            You mean they subscribe to the ESG ideology which is about unethical as you can get…

            [citation sorely needed]

            They don't invest in: Fossil fuels

            Yet I guarantee every single one of their employees benefits greatly from Fossil Fuels. This is called hypocrisy.

            [dictionary application of the definition of hypocrisy sorely needed]

            Go away, JV-lite

            • @ThithLord:

              [citation sorely needed]

              You just said that in your post… Imagine not reading your own post…

              [dictionary application of the definition of hypocrisy sorely needed]

              I thought this was well understood, but here you are.
              Again, you said it, they don't invest in Fossil fuel, but since almost everyone in the world relies on relying on fossil fuels to survive, it is clearly just virtue signalling hypocrisy.

              I'd love to hear why you think it's 'ethical' to not invest in what keeps most people alive and prosperous?
              Or have the media not told you what to think on that subject yet?

              Go away

              No-one is forcing you to participate here…

              • +1

                @1st-Amendment: Sorry, didn't realise I'd have to spoon feed it to you.

                You stated:

                ESG ideology [which] is about unethical as you can get

                CITATION NEEDED

                Again, you said it, they don't invest in Fossil fuel, but since almost everyone in the world relies on relying on fossil fuels to survive, it is clearly just virtue signalling hypocrisy.

                Tu Quoque (or look who's talking) Fallacy. Try again.

                • -1


                  didn't realise I'd have to spoon feed it to you.

                  You mean make coherent sentences? It generally helps if you are interested in a genuine discussion…

                  CITATION NEEDED

                  All caps, you go son. All caps really makes you look mature.
                  What you're after is not a citation but a clarification, since ethics are personal, no citation can justify your personal set of ethics.
                  Here's something to get you started:,_social,_and_gov…

                  Tu Quoque Fallacy.

                  You might want to understand what words mean before you use them.
                  But feel feel to explain how you think that applies, since I'm not the one claiming that boycotting critical energy supplies is 'ethical'.

                  Go away

                  So you stayed and played. The mixed messages is all starting to form a pattern now.

  • you've linked to that spreadsheet, not really sure what else there is to say about it.
    pick as high an interest rate as you can, as well as one that you are happy to fulfill the requirements to get that interest rate.

    • Well, it is worth considering banking experience. For example, introductory rates at Rabo are the best available at the moment, but they're a very old school bank with old school processes. No fast transfers, you have to wait for a physical letter to actually use it (which took them about 2 weeks longer than they said it would in my case) and a very basic app.

      Granted, I do really appreciate the use of a physical security key for certain authorisations. Good security.

  • +1

    A dollar saved is a dollar made and it’s tax free which beats any offering from any bank

    • +3

      since hwhen is earned interest not subject to tax

      • -4

        It’s not earned, it’s simply not paid which means the savings goes to your pockets and it’s tax free.

  • +2
    Suggested ANZ Save

    This poll is for the best savings accounts with high interest. The problem I have with most of them is they have a very low standard rate and you only qualify for the bonus interest if you dance through their hoops like spending money on a certain number of transactions, depositing money on a certain number of occasions and increasing your balance.

    To me, a savings account shouldn't have these restrictions.

    I found that ANZ Plus has an interest rate of 4.9% without any of the hoops. Just set & forget. Of course if you want to deposit or withdraw you can

  • AMP savers is decent enough for what it does, however, their customer service, response times and app is woeful in my recent experience.

    Personally, I’ve yet to come across a better customer service experience/ response times and app better than Bankwest.

    • I found this on their website. If you hold an eligible super, pension or investment product, you may also be eligible for an additional Wealth Bonus Variable Interest Rate of 0.00% pa on balances up to $250,000.

      • Additional 0.00%???

        • exactly

    • @YoursTruly how long did it take to open an account with AMP?
      and is it fast to transfer money in/out?

      I am also considering Macquarie bank as an alternative because they offer 5.35% for 4 months.

      • Online signup of the account and verification was pretty much quick. Activation was approx 2days for me.

        Others have experienced longer or shorter timelines. I guess it depends if one signs up near a weekend or something.

        AMP allows a once-a-day instant transfer of anything below $5,000. Anything above that they state transfers take about 1-3 days. In my experience it has taken about a days time.

        Macquarie is decent too but that % you quote is limited to the first 4 months only. Whereas AMP is currently offering 5.4% for longer time - as long as 1k is deposited per month.

        See link below to AMP’s offering in an ozbargain deal post below:

        • Awesome, thanks heaps for the info!

  • Do we have something similar but for home loan rates.

  • Suggested Me Bank HomeME Savings Account

    5.55% p.a. interest up to $100,000
    Deposit $2,000 per month and grow savings balance

  • Suggested Hi Saver Account (P&N Bank)

    P&N bank

  • +1

    uBank is going to plummet down?
    raising required monthly deposit from 200 upto 500

    • +2

      I don't like these tweaks and changes they are bringing in.

    • +5

      I'm more disappointed with them stopping external payments from the save account. That was the stand out feature for me.
      Is that available anywhere else?

      • Macquarie might be the next best option for me…

        According to the spreadsheet "Optional transaction acct pays same int rate".

        • I'm also looking around due to the upcoming change. Huge deal breaker for me if I can find what I want elsewhere and Macquarie is currently up there on the list. Very dissapointing to see UBank do this, they've been great.

    • +1

      Yes more concerned about the tiered interest rates. Possibly going to have max rate on tier 1 only. We will see

  • +1
    Suggested AMP Saver account

    High interest, no withdrawal restrictions and straight forward requirements to get the bonus interest rate, just deposit $1000/month

  • +2

    Rabobank. 5.45% ongoing rate if you deposit $200 & no withdrawals

    Plus, they have just announced they’re getting rid of Digipass hardware token, moving to Authenticator.

    • I think this is the winner. Looking to move away from UBank.

  • Why is ubank's saver account is still ranking so high after recently announced change? Changing your vote here is much easier than moving your fund to another bank…

    • LOL the poll was done prior UBank's changes, I'm sure most would change their vote but probably don't remember about the poll or can't be bothered 🤣

      I've changed my vote and left UBank for good 👍

      • What did you change to?

        • +1

          Macquarie and AMP

          • @Bredo: How was the AMP sign up process, pretty straight forward and quick? Thought there was some reservations on being a bit painful in the past?

            • +2

              @shiprekt: Oh yeah super simple and quick

              • +1

                @Bredo: Great to know, thanks heaps. Will definitely look into it.

  • What do you think of the Rabo Bank Premium Saver Account?

    • I'm not a fan of accounts that take away the bonus interest rate if you didn't grow your balance for a certain amount.

      If you have an unexpected expense a given month and have to draw money from the savings account, you'll loose the interests. Not for me

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