Best High Interest Savings Accounts Australia 2026: Top 5 Rates for April
The RBA raised the cash rate to 4.10% in April 2026 — the second consecutive hike. When that happens, savings account rates move fast. The best accounts on the market are now paying up to 5.65% for new customers.
Here are the top 5 high interest savings accounts right now, with the real conditions you need to know about. No fluff.
Quick comparison table
| Account | Max Rate | Balance Cap | Ongoing / After Intro | Conditions |
|---|---|---|---|---|
| Rabobank High Interest Savings | 5.65% (4 months) | $250,000 | 3.95% | External deposit $1,000+/month |
| UBank Save | 5.60% (4 months) | $1,000,000 | Varies | Deposit + grow conditions |
| ING Savings Maximiser | 5.65% (4 months) | $100k–$500k | 5.25% ongoing | Orange Everyday card + monthly criteria |
| Bankwest Easy Saver | 5.50% (4 months) | $250,000 | 4.50% | Grow balance each month |
| Up Bank Grow Saver ★ | 4.85% flat, no intro period | $250,000 | 4.85% (always) | 5 card purchases/month, no withdrawals from Saver |
Rates sourced from Canstar, Finder, and Money.com.au — April 2026. Rates subject to change.
1. Rabobank High Interest Savings — 5.65% (4 months)
Max rate: 5.65% p.a. for the first 4 months
After intro: 3.95% p.a. standard variable
Balance cap: $250,000
Key conditions: Deposit at least $1,000 per month from an external bank account. Grow your balance each month.
Rabobank — the Dutch giant that actually runs like a real bank, not a tech startup dressed as one — has been consistently near the top of the savings rate tables for over a year. The 5.65% introductory rate is one of the highest on the market right now.
The catch: after 4 months it drops to 3.95%, which is below many competitors' ongoing rates. If you pick Rabobank, set a calendar reminder to switch again at month 3.
Rabobank is an Australian-authorised bank, ADI-regulated by APRA, with deposits covered under the Financial Claims Scheme up to $250,000.
2. UBank Save — 5.60% (4 months)
Max rate: 5.60% p.a. for the first 4 months
Balance cap: $1,000,000 (highest on this list)
Key conditions: Deposit and grow conditions apply.
UBank is the digital arm of National Australia Bank, and the Save account has been a consistent performer. The $1 million balance cap makes it stand out — it's the only account on this list that lets you earn the high rate on a genuinely large balance.
Like Rabobank, the intro rate drops after 4 months. Check the ongoing standard rate before committing — it varies.
3. ING Savings Maximiser — 5.25% ongoing (no intro period)
Max rate: 5.65% p.a. for first 4 months on $150k–$500k balances
Ongoing rate: 5.25% p.a. (one of the best ongoing rates available)
Balance cap: $100,000 for the ongoing 5.25% rate
Key conditions: Must hold an ING Orange Everyday transaction account. Must meet monthly eligibility criteria and grow your nominated Saver balance each month. Cannot withdraw from the Saver during the month.
ING is the strongest all-rounder on this list for ongoing savings. The 5.25% ongoing rate — not an intro rate, but what you earn every month if you meet conditions — is one of the best genuine ongoing rates in the market. After 4 months you don't drop to a low rate; you just earn 5.25% instead of 5.65%.
The catch is the Orange Everyday requirement and the restriction on withdrawals. You can't touch the money during the month and expect to keep the rate. For savers who can lock it away, ING is hard to beat.
4. Bankwest Easy Saver — 5.50% (4 months)
Max rate: 5.50% p.a. for the first 4 months
After intro: 4.50% p.a.
Balance cap: $250,000
Key conditions: Grow your balance each month. No withdrawal allowed if you want to earn the bonus rate.
Bankwest's Easy Saver is a solid option, though not quite the leader. The 5.50% intro is competitive, and 4.50% after is a reasonable ongoing rate — better than most major bank savings accounts. The deposit requirement is lighter than some competitors, but you still need to grow the balance monthly.
5. Up Bank Grow Saver — 4.85% flat, always
Rate: 4.85% p.a. (flat — no intro period, no expiry)
Balance cap: $250,000
Grow Rate conditions: Make 5 or more card purchases using your Up card each month. Do not withdraw from or transfer out of that Saver during the month.
Flow Rate: 1.50% p.a. on Savers you actively use (withdraw or spend from)
Up Bank is the most different account on this list, and in many ways the most interesting.
Most savings accounts pay a high rate as a loss-leader intro offer, then drop you to a mediocre rate. Up Bank's Grow & Flow system works differently: you earn 4.85% on money you leave untouched, and 1.50% on money you spend from. It's a dual-rate structure that rewards not touching your savings.
The real advantage: 4.85% is the ongoing rate, not a 4-month intro. You don't need to switch accounts every quarter. The rate is reviewed — it can go up or down with the RBA — but there's no cliff where it suddenly drops from 5.60% to 3.95% overnight.
Conditions are also lighter than most competitors. No minimum deposit. No $1,000 monthly transfer requirement. Just five card purchases and leave the Saver alone. For people who want a set-and-forget system, Up is the easiest to actually maintain.
Up Bank also has up to 50 individual Savers, which is genuinely unique in Australia. You can split your savings across multiple goals — holiday, emergency fund, house deposit — each earning 4.85%, each isolated so spending from one doesn't affect another. Combined with Pay Splitting (automatic distribution of your pay into Savers the moment it lands), it's the best automation system of any bank in Australia.
Up Bank is an Australian ADI regulated by APRA. Deposits are covered under the Financial Claims Scheme up to $250,000.
uojOpen an account in minutes, earn 4.85% p.a. on savings you leave untouched, and use 50 Savers to organise every financial goal at once. New users and referrers both receive a bonus. Sign up with Up Bank →
What to watch out for
The intro rate trap
Most of the highest " headline" rates on this list — Rabobank 5.65%, UBank 5.60%, Bankwest 5.50% — are introductory rates. After 4 months, they revert to standard variable rates between 3.95% and 4.50%. That's still better than the major banks, but it's a meaningful drop.
If you go with an intro rate account, set a reminder in your calendar for month 3 to reassess. Either the bank will have improved their ongoing rate (they often do for customers they want to keep), or you switch again.
Balance caps matter
The advertised rate often only applies up to a certain balance. Rabobank caps bonus-rate earnings at $250,000. ING's 5.65% intro only applies between $150,000 and $500,000 — below $150k you may get a lower rate. If you're saving $500,000+, UBank's $1 million cap might be your only option at a competitive rate.
Withdrawal restrictions
Most of these accounts only pay the bonus rate if you don't withdraw during the month. If you need flexible access to your savings, Up Bank's Flow Rate (1.50%) gives you that option — at a cost — rather than losing the bonus entirely.
What's the right account for you?
Choose based on your savings behaviour, not just the headline rate:
- Short-term saver, want the highest possible rate: Rabobank 5.65% — lock in for 4 months, then reassess
- Large balance ($500k+): UBank Save has the highest cap at $1 million
- Want the best ongoing rate without switching: ING Savings Maximiser at 5.25% ongoing, with Orange Everyday
- Want automation and no-hassle management: Up Bank Grow Saver at 4.85% flat — no need to switch, no monthly deposit minimums, 50 Savers with automatic Pay Splitting
- Want a major bank brand: Bankwest Easy Saver at 5.50% intro (Bankwest is a subsidiary of CBA)
Use our Compound Interest Calculator to see how much your savings could grow at these rates over 1, 3, or 5 years.
Frequently asked questions
What is the highest savings account rate in Australia right now?
As of April 2026, the highest introductory rate is 5.65% p.a. from Rabobank and ING (introductory periods of 4 months). The highest ongoing flat rate without conditions is 4.85% p.a. from Up Bank, with no intro period and minimal requirements (5 card purchases per month).
Do savings account bonus rates expire?
Yes — most bonus rates are either introductory (lasting 3-6 months) or conditional (requiring ongoing criteria like monthly deposits or no withdrawals). Once the intro period ends, the rate typically drops to the standard variable rate, which can be 1-3% lower. Always check what the ongoing rate is before signing up.
What conditions do high-interest savings accounts usually have?
Common conditions include: depositing a set amount each month (typically $1,000-$2,000 from an external account), growing your balance month-to-month, making a minimum number of card transactions, and not making withdrawals. Up Bank is the notable exception — it requires just 5 card purchases per month with no deposit requirement.
Is Up Bank safe?
Up Bank is an Australian authorised deposit-taking institution (ADI) regulated by APRA. Deposits are protected under the Australian Government's Financial Claims Scheme (FCS) up to $250,000, the same as the major banks.
What's the difference between a bonus rate and an ongoing rate?
A bonus rate (also called introductory or promotional) is a higher rate offered for a limited time or under specific conditions. An ongoing rate is what you earn for as long as you hold the account, provided you continue meeting conditions. ING's Savings Maximiser is notable for having both: 5.65% for 4 months, then 5.25% ongoing — both requiring the same monthly conditions.
Should I switch savings accounts every 4 months?
It depends on how much effort it is versus how much you're saving. On a $50,000 balance at a 1.5% difference, switching saves you about $750 over 4 months — worth doing if your bank makes it easy. If the process is complex or you're saving a smaller amount, the ING 5.25% ongoing rate means you never need to switch.