Best High-Interest Savings Accounts in Australia (2026)

Macquarie Bank is universally praised by Australian finance communities because it eliminates the "bonus rate trap." While other banks slash your savings interest to 0.10% if you forget to make 5 debit card purchases or withdraw $50, Macquarie pays a strong 4.75% p.a. ongoing variable rate on both your Savings AND everyday Transaction accounts (up to $1,000,000 AUD) with zero monthly conditions, plus a 5.00%+ 4-month welcome boost and 0% international transaction fees.

Operating as the digital division of Big-Four giant National Australia Bank (NAB), Ubank offers the best risk-to-effort high-interest savings account in Australia. You earn 5.50% p.a. on balances up to $100,000 AUD (and 5.00% p.a. on balances from $100,000 to $250,000 AUD) across up to 10 Save accounts by meeting a single condition: deposit $500/month from an external account. Crucially, Ubank does NOT require any debit card taps and does NOT penalize you for making withdrawals.

Made famous by The Barefoot Investor, the ING Savings Maximiser paired with an Orange Everyday transaction account remains one of Australia’s highest-yielding bank accounts at 5.50% p.a. variable interest on balances up to $100,000 AUD. To unlock the 5.50% p.a. bonus rate each calendar month, account holders must complete three monthly conditions: deposit $1,000+ from an external source, make 5+ settled debit card purchases, and grow their closing Savings Maximiser balance by at least $0.01 above the previous month’s closing balance (excluding interest).