Why high-interest savings accounts matter in 2025
After several years of rapid rate hikes then pauses, savings account rates in Australia remain one of the few areas where everyday savers can still earn a meaningful return on cash. Comparison sites show that while the average savings rate sits around the low 3 percent range, a small group of products still offer headline rates near or above 5 percent p.a. for eligible customers on certain balances.
This guide looks at some of the higher-rate savings accounts available in Australia as at late November 2025. It focuses on key features such as:
- Maximum advertised interest rate
- Whether the rate is a welcome bonus or ongoing bonus
- Balance caps where the top rate applies
- Monthly conditions such as deposit and spending rules
Important: All rates in this article are accurate as of late November 2025 based on publicly available information from banks and reputable comparison sites. Rates, balance tiers and eligibility criteria can change at any time and this article is general information only, not financial advice. Always check the current product disclosure statement (PDS) and interest rate tables on the provider’s website before making decisions.
Snapshot: stand-out high-interest savings accounts (Nov 2025)
The table below summarises several products that are regularly listed among the highest-rate savings accounts in Australia at the time of writing. This is not a complete market list and inclusion here does not mean the account is suitable for you.
| Provider & Account | Headline rate (p.a.) | Type | Balance cap (top rate) | Key conditions |
|---|---|---|---|---|
| UBank Save Account (Welcome) | Up to 5.10% p.a. | Welcome bonus for 4 months | Up to $1,000,000 | New customers only, bonus for first 4 months then reverts to ongoing rate |
| Rabobank High Interest Savings | Up to 5.00% p.a. | Intro bonus for 4 months | Up to $250,000 | Introductory rate then reverts to lower ongoing variable rate |
| Westpac Life (18–34) | Up to 5.00% p.a. | Ongoing bonus (youth) | Typically up to $30,000 | Must grow balance and make card transactions on linked account |
| BOQ Future Saver (14–35) | Up to 4.85% p.a. | Ongoing bonus (young adults) | Up to $50,000 | Deposit at least $1,000 each month and make a small number of eligible transactions |
| ING Savings Maximiser | Up to 4.75% p.a. | Ongoing bonus | Commonly up to $100,000 | Deposit requirement, monthly balance growth and card transaction targets |
These products often appear near the top of independent “best savings account” rankings that compare bonus and introductory rates across dozens of providers. But the headline number is just the starting point. The real value depends on whether you can meet the rules, how long you plan to hold the account and whether the rate is ongoing or temporary.
1. UBank Save account – market-leading welcome rate
UBank’s Save account is one of the more prominent high-interest products in late 2025. For eligible new customers, the bank offers a welcome bonus rate of around 5.10 percent p.a. for the first four months on balances up to a high cap, then the account reverts to an ongoing variable rate for customers who meet bonus conditions.
To earn the ongoing bonus rate after the welcome period, customers generally need:
- A linked Spend account
- To grow the combined Save balance by at least a small amount each month (interest does not count)
- To stay within the eligible balance ranges
This structure means the Save account can be attractive for people who:
- Have a clear savings goal over the next 6–12 months
- Are comfortable moving their main savings into a new provider
- Understand that the headline rate is not guaranteed forever
2. Rabobank High Interest Savings – strong intro offer
Rabobank’s High Interest Savings account typically combines a promotional rate for the first few months with a lower ongoing variable rate after that period. Comparison tables usually show this account close to the top of the market for short-term bonus rates, particularly for balances up to $250,000.
Conditions often include:
- Intro rate paid for a limited time to new customers
- No card access (online transfers only)
- Reversion to a lower ongoing rate after the bonus period
This kind of account may suit savers who are comfortable chasing short term intro promotions then reviewing options again once the bonus period ends.
3. Westpac Life (18–34) – youth-focused saver
Westpac’s youth tier of its Life savings account for customers roughly aged 18–34 is frequently listed among the higher ongoing rates. The maximum rate is typically available only on balances under a set threshold (for example up to $30,000) and when customers both grow their savings and use a linked transaction account for card purchases.
To earn the top rate, customers usually need to:
- Grow the account balance each month
- Make a minimum number of card transactions using a linked Westpac account
- Stay within the eligible balance range for the bonus
These conditions are designed to encourage regular saving habits rather than once off deposits.
4. BOQ Future Saver – high rate for younger savers
The Bank of Queensland (BOQ) Future Saver account targets customers aged roughly 14–35 and can offer a maximum ongoing rate of around 4.85 percent p.a. on balances up to $50,000 for those who meet the criteria.
Typical rules include:
- Deposit at least $1,000 each month into a linked everyday account
- Make a minimum number of eligible card transactions
- Maintain the balance within the eligible tier
This account can be competitive for younger savers who receive regular income and plan to grow their savings steadily over time.
5. ING Savings Maximiser – well-known ongoing bonus product
ING’s Savings Maximiser has been a prominent high-interest savings account for many years. In November 2025 independent rate trackers report a top ongoing rate of about 4.75 percent p.a. for eligible customers, following a small cut earlier in the month.
To receive the bonus rate rather than the much lower base rate, customers generally must:
- Have an ING transaction account
- Deposit a minimum monthly amount from an external source
- Grow the balance over the month
- Make a small number of card purchases
Savings Maximiser tends to reward customers who treat ING as their main banking relationship rather than a secondary savings account.
How to compare high-interest savings accounts properly
Looking only at the headline rate is risky. A more complete comparison should consider:
- Introductory vs ongoing rate – is the high rate only for the first few months
- Balance caps – does the top rate only apply up to $30,000 or $50,000
- Eligibility rules – age limits, minimum deposits and monthly transaction requirements
- Linked account conditions – do you need to use the bank for everyday spending
- Reversion rate – what does the rate fall to once the intro period ends or conditions are not met
In some cases a slightly lower but simpler ongoing rate with fewer conditions may be more realistic than chasing the absolute highest advertised number.
Risks and common traps to watch
High-interest savings accounts are generally low risk compared with market investments, but there are still traps that can reduce your actual return:
- Not meeting the monthly conditions and earning only the base rate
- Holding more than the eligible balance but assuming the top rate applies to every dollar
- Forgetting when an introductory period ends
- Paying unnecessary fees on linked transaction accounts
All deposits in authorised deposit taking institutions (ADIs) are covered by the Australian Government’s Financial Claims Scheme up to $250,000 per account holder, per institution. This protects eligible savings balances if the bank itself fails, but it does not protect against interest rate cuts or inflation risk.
Important disclaimer
All rates and product features discussed in this article are accurate as of late November 2025 based on publicly available information from Australian banks and reputable comparison services. They may change without notice. This article is general information only and does not take into account your objectives, financial situation or needs. It is not financial advice and should not be the only factor you consider when choosing a savings product. Always check current details on the provider’s website or seek professional advice before making decisions.
Bottom line
There are still genuine high-interest savings options available in Australia in 2025, particularly for younger savers and new customers willing to meet monthly conditions. However the combination of introductory offers, balance caps and behavioural requirements means the best account on paper may not deliver the best result in practice.
If you are comparing accounts, focus on the rate you are likely to earn over a full year, how realistic the conditions are for your situation and whether the provider fits with your broader banking needs.
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This article is general information only and does not constitute financial, investment, legal, or tax advice. It does not consider your objectives, financial situation, or needs. You may wish to seek personalised advice from a licensed professional before making financial decisions.