Best high-interest savings account in Australia: 2025 Comparison

If you’re looking to save for future plans - either for a specific short-term goal or a bigger target like a property purchase - you may be looking for the best high-interest savings accounts in Australia to give your money a boost.

So, which banks have a high interest rate for savings accounts, and how does a high-interest savings account work? This guide walks through some great options. Plus, we’ll touch on another option - the Wise Account. Wise isn't a bank, but it does offer interest-earning opportunities on balances held in both AUD and USD. More on that later.

What is a high-interest savings account?

A high-interest savings account typically offers better interest payments on the balance you hold, compared to standard savings accounts. Interest-bearing accounts pay a percentage return on the amount you hold in your balance. This amount is often calculated monthly and paid into the account, so your balance grows over time.

High-interest savings accounts often have specific terms that require you to meet eligibility rules to get the higher interest amounts. You may find your account offers a promotional or bonus interest level and a base interest level. To unlock the bonus interest, you might need to save monthly, deposit a certain amount, transact with your card, or meet other requirements. Some accounts offer the bonus level without conditions, but only for a short period and only for new customers. This means that shopping around to find the best account for your specific circumstances can get you a better deal.

Key factors to consider when choosing an account

This guide walks through some high-interest savings accounts that have varied conditions and interest amounts so you can choose which may suit your needs. When deciding, you may want to think about the following pointers:

• What are the conditions you must meet to qualify for promotional interest amounts?
• What deposit amount qualifies for the promotional interest?
• What is the base interest if you do not meet the conditions for the higher-tier payments?
• What fees or minimum balances apply to the account?

Best high-interest savings accounts in Australia (2025)

Here’s our introduction to the best high-interest savings accounts in Australia, including 5 major banks, and Wise - an alternative provider which offers interest on balances held in both AUD and USD.

Wise is not a bank, but it has powerful multi-currency accounts you can use to manage your money across 40+ currencies, with the option to earn variable interest on your Australian and US dollar balances. We’ll look at that - and each of our bank selections - right after the comparison.

*Details correct at time of research - 8th September 2025

Bankwest Easy Saver

• Best for: Strong interest up to 250,000 AUD, even after the opening period ends
• Eligibility: You must be over 16 and hold a Bankwest transaction account
• Interest: 4.8% for first 4 months up to 250,000 AUD, then 4% up to 250,000 AUD
• Limits: No minimum balance, interest drops steeply on balances over 250,000 AUD

The Bankwest Easy Saver account has no minimum balance and an impressive introductory interest rate of 4.8% up to a balance of 250,000 AUD. This interest remains strong even after the promotional period, sitting at 4% at the time of writing. However, this account is best for people who will save under the 250,000 AUD limit, as the account pays only 1.35% base interest on any balance over 250,001 AUD.

Macquarie Savings Account

• Best for: Stepped interest which remains high up to a balance of 2 million AUD
• Eligibility: You must hold a Macquarie Transaction Account
• Interest: 4.6% for first 4 months up to 250,000 AUD, then 4.25% up to 2 million AUD
• Limits: No minimum balance, no stated maximum balance

The Macquarie Savings Account has an opening interest offer for new customers, which pays 4.6% for the first 4 months up to a balance of 250,000 AUD. After the promotion ends, the interest remains competitive, paying 4.25% up to a balance of 2 million AUD at the time of writing. If you hold a very high balance, this account may be less favourable, paying only 2% base interest over 2 million AUD, but the fact that it has no minimum balance makes it a good option for newer savers and people with larger balances alike.

NAB iSaver

• Best for: New, short term savers willing to move their money after a few months
• Eligibility: To get the higher interest, you must not have held an NAB savings account in the past 12 months
• Interest: 4.4% for first 4 months up to 20 million AUD - promotion for new customers only. Interest of 1.25% after the 4-month mark
• Limits: No minimum balance

The NAB iSaver has 4.4% interest on balances of up to 20 million AUD for 4 months from the point of opening a new account. This may make this a good account if you are going to have a large amount of money to set aside for a short period, and can then move the balance to an alternative account with NAB or another provider to avoid the base interest dropping off to 1.25%.

ING Savings Maximiser

• Best for: Regular savers depositing at least 1,000 AUD a month
• Eligibility: Australian residents, age 18 or over
• Interest: 4.8% up to 100,000 AUD, subject to meeting deposit and spending requirements - base rate of 0.05%
• Limits: No minimum balance - deposit 1,000 AUD/month to earn highest interest

If you can meet the eligibility requirements for the highest rates of interest on the ING Savings Maximiser account, you’ll earn an impressive 4.8% interest. However, if you miss a month’s deposit or spending goals, you’ll see that rate drop off to just 0.05%. Earn the higher amount by depositing 1,000 AUD or more to any eligible ING account monthly, making 5 transactions with your card, and ending the month with a higher balance than you started (excluding interest payments).

Westpac Life Goals Savings Account

• Best for: Regular savers looking for a flexible account with no fixed minimum deposit amount to earn higher interest
• Eligibility: You must hold a Westpac Everyday account to apply
• Interest: 4.25% subject to meeting deposit and spending requirements, base rate of 0.4%
• Limits: Not specified

The Westpac Life Goals Savings Account can be an attractive choice if you know you will be able to save month on month, but you’re not sure exactly how much you can set aside to grow your balance. This account pays the higher amount of 4.25% interest as long as your account remains in credit, and your balance at the end of the month is higher than it was in the beginning. If you don’t meet this requirement, your interest drops to 0.4%.

Wise Account

• Best for: Interest on AUD and USD balances, with multi-currency and international features
• Eligibility: Open to Australian residents and non-residents, aged over 18
• Interest: 2.98% on AUD, 3.63% on USD
• Limits: No minimum balance

Wise is not a bank, but a digital provider that specialises in multi-currency and international accounts. You can hold 40+ currencies in a Wise account, and earn interest on the balance you hold in Australian and US dollars. This can be handy if you get paid in USD or want to diversify your assets beyond AUD. Plus, accounts come with an optional linked debit card you can use for day-to-day spending, and everything you might need to manage your money across currencies, including ways to send and receive payments, convert in your account, and make cash withdrawals.

🚀 Open your Wise account

Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.