The best savings accounts in Australia for 2025 offer interest rates up to around 5.00%, often with conditions such as promotional introductory rates or monthly deposit and transaction requirements to earn bonus interest.

Top Savings Accounts by Interest Rate Categories

• Highest Promotional Rates (Introductory offers up to about 5.00%) often for 3-4 months:
  • Westpac Life (18-29) offers 5.00% with conditions like growing the balance monthly and making 5 debit transactions.
  • BOQ Future Saver (Ages 14-35) offers 4.85% with deposit and transaction requirements.
  • ING Savings Maximiser and MOVE Bank Growth Saver both near 4.75%-4.8% with monthly activities required.
• Highest Ongoing Base Rates (No bonus conditions)
  • Police Bank U30 Super Charge at 4.50%.
  • Australian Unity Freedom Saver at 4.35%, no monthly deposit or withdrawal rules.
  • AMP Bank GO and Heartland MySavings around 4.25%.
• Best Bonus Savings Accounts (with monthly conditions)
  • Westpac Life (18-29) reaches a total of 5.00%.
  • BOQ Future Saver 4.85% total.
  • MOVE Bank Growth Saver 4.75% total with moderate conditions like $200 deposit minimum and no withdrawals.

Other Notable Accounts

• Bankwest Easy Saver: 4.8% for first 4 months, then 4% ongoing.
• Macquarie Savings Account: 4.6% for first 4 months, then 4.25% ongoing.
• NAB iSaver: 4.4% introductory, 1.25% ongoing.
• Wise Account offers a variable rate on balances held in AUD or USD, around 2.98% AUD and 3.63% USD.

Summary Table of Interest Rates

Provider| Account Name| Current Max Rate (p.a.)| Notes on Conditions
---|---|---|---
Westpac| Life (18-29)| 5.00%| Must grow balance & 5 linked transactions/month
BOQ| Future Saver 14-35| 4.85%| Deposit $1,000 & 5 purchases linked account/month
ING| Savings Maximiser| 4.80%-5.00%| Deposit + 5 card purchases/month
MOVE Bank| Growth Saver| 4.75%-5.00%| Deposit $200 & no withdrawals/month
Police Bank| U30 Super Charge| 4.50%| No bonus conditions
Australian Unity| Freedom Saver| 4.35%| No monthly deposit/withdrawal conditions
Bankwest| Easy Saver| 4.8% first 4 months, 4% ongoing| Promotional rate
Macquarie| Savings Account| 4.6% first 4 months, 4.25% ongoing| Promotional rate
NAB| iSaver| 4.4% first 4 months, 1.25% ongoing| New customers only

Choosing the best one depends on personal banking habits, whether willing to meet deposit/spending conditions for bonus interest, and the desired deposit amount.