Best High-Interest Savings Accounts in Australia for 2025

With the cost of living on the rise, making your money work harder is more important than ever. One of the simplest and safest ways to grow your savings is with a high-interest savings account (HISA).

But with so many banks offering tempting introductory rates and bonus conditions, how do you choose the right one? We’ve done the research for you. Here’s our roundup of the best high-interest savings accounts in Australia for 2024.

What is a High-Interest Savings Account (HISA)?

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A HISA is a type of savings account that offers a higher rate of interest than a standard transaction account. The catch? Many of the best rates come with specific conditions you need to meet each month, such as making a minimum deposit, making no withdrawals, or linking another account.

Our Top Picks for the Best Savings Accounts in Australia

Disclaimer: Rates are subject to change. Please always check the provider's website for the most current information.

1. ING Savings Maximiser

• Current Rate: [Check ING website for latest rate] p.a. (when you meet conditions)

• The Deal: To get the maximum bonus rate, you’ll need to deposit at least $1,000 from an external source into your linked ING Orange Everyday account each month, make 5+ settled card purchases, and grow your nominated savings balance each month (excluding interest).

• Best For: Those who don’t mind jumping through a few hoops for a consistently top-tier rate.

2. UBank Save Account

• Current Rate: [Check UBank website for latest rate] p.a. (total variable rate when conditions are met)

• The Deal: You just need to deposit at least $200 per month into any UBank account (like your USpend transaction account). No tricky spending requirements.

• Best For: Savers looking for a great rate with simpler, easier-to-meet conditions.

3. Macquarie Bank Savings Account

• Current Rate: [Check Macquarie website for latest rate] p.a. for the first 4 months (introductory rate), then a competitive ongoing rate.

• The Deal: No monthly conditions to get the introductory bonus rate. It’s a straightforward, high-rate offer for new customers.

• Best For: Anyone looking for a strong short-term boost to their savings without ongoing hassle.

How to Choose the Right Account for You

Don’t just pick the account with the highest number. Ask yourself these questions:

1. Can I meet the bonus conditions? Be honest. If you’re unlikely to make five card purchases a month, the ING account isn’t for you. Choose an account with conditions you can reliably meet.

2. Am I saving for the short or long term? If it’s a short-term goal, an account with a great introductory rate might be perfect. For long-term savings, focus on the ongoing rate after any introductory period ends.

3. Do I want an all-in-one bank? Many prefer having their savings and everyday spending accounts with the same institution for simplicity.

Final Thoughts

The best high-interest savings account is the one that you can use effectively to grow your savings. Whether you pick a bank with conditions or one with a simple introductory offer, the most important step is to start.

Ready to find the perfect account? Compare the options above and click through to their websites to get started today!

What’s your strategy for growing your savings? Let us know in the comments below!