Live offers across tracked providers in Australia — updated daily from the Giraffy database.
30 live offers compared from 18 providers, from 5% AER. Updated daily.
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6% AER
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A savings account is a deposit account that pays interest on your balance while keeping your money accessible. In Australia, most competitive savings accounts pay a base rate plus a bonus rate that you earn only if you meet monthly conditions, such as depositing a set amount, growing your balance and making no withdrawals. They are a low-risk home for an emergency fund, a house deposit or any short-term savings goal where you cannot afford to lose capital.
Savings rates broadly track the RBA cash rate, rising and falling with monetary policy. Banks compete hard on headline bonus rates to attract deposits, but those rates usually apply only when strict conditions are met, and often only up to a capped balance beyond which you earn the low base rate. Some digital banks offer a simpler flat rate with no hoops. Introductory rates for new customers are common and revert to a lower ongoing rate after a few months, so the advertised figure can be misleading.
Capital security — Your balance does not fall in value, unlike shares or property, making it ideal for money you may need at short notice.
Government-guaranteed — Deposits with an Australian bank are protected up to A$250,000 per person, per institution under the Financial Claims Scheme.
Compounding interest — Interest is typically paid monthly and compounds, growing your balance faster if you leave it untouched and keep meeting the bonus conditions.
Look past the headline rate to the ongoing bonus rate and the conditions required to earn it, since a slightly lower unconditional rate can beat a high bonus rate you keep missing. Check the balance cap on the bonus, whether the top rate is only introductory, and any account fees. Confirm the provider is an APRA-authorised deposit-taking institution so your money qualifies for the deposit guarantee, and consider how easily the account links to your everyday banking.
The comparison features CommBank, ING, Macquarie Bank, BOQ, Great Southern Bank, Rabobank, Westpac and AMP Bank. ING and Macquarie are known for competitive digital savings, Rabobank and AMP often lead on rate or offer high introductory bonuses, and the big banks bundle savers with everyday accounts for convenience. The right choice balances the rate you can realistically earn each month against how easy the conditions are to meet consistently.
Savings accounts generally have no monthly fee, so the figures in this comparison, ranging from around A$5 to A$400, reflect indicative interest earned rather than a cost. The value you capture depends on your balance, the ongoing rate and whether you meet the bonus conditions every month. Watch for balance caps that limit the top rate to only a portion of large balances, which can quietly reduce your effective return, and consider splitting larger sums across accounts to keep more of your balance earning the bonus rate.
Deposits with APRA-authorised institutions are guaranteed up to A$250,000 per account holder, per licensed bank under the Financial Claims Scheme, so spreading large sums across separate banking licences preserves full cover. Banks are regulated by APRA for prudential soundness and ASIC for conduct, and must belong to AFCA for disputes. Interest earned is taxable income you must declare in your tax return.
Why did my rate drop? — Often because an introductory bonus period ended, or you missed a monthly condition such as the required deposit, balance growth or a no-withdrawal rule.
Is my money safe? — Yes, up to A$250,000 per person, per licensed Australian bank under the government's Financial Claims Scheme.
Giraffy tracks 5 savings accounts across Macquarie Bank,CommBank,AMP Bank,ubank,Heritage Bank AU providers in Australia. Sort by highest rate and filter by account type (easy access vs. fixed) to find the best deal for your timeline.
Yes — the Financial Claims Scheme (FCS) protects up to A$250,000 per account holder, per bank. Always confirm your institution is APRA-regulated before depositing. If your balance exceeds the protection limit, spread funds across multiple separately-licensed banks.
p.a. (per annum) is the standardised rate that accounts for how often interest is compounded over a year. It's the fairest number to compare across accounts — always compare like-for-like using p.a. rather than the gross or monthly rate.
Easy access accounts let you withdraw your money at any time — rates are variable and may change. Fixed-rate bonds or term deposits lock your money away for a set period (usually 1–5 years) at a guaranteed rate, which is typically higher. Choose fixed if you don't need the funds before the term ends.
Tax on savings interest varies by country and income level. Check your country's tax authority guidance or speak to a financial adviser if your interest income is significant.
Yes — and it can be a smart strategy. Spreading savings across banks maximises your deposit protection (A$250,000 under the FCS per institution) and lets you earn the best rate at each bank. Just keep track of all accounts to avoid losing money to dormancy fees.
Most easy access accounts transfer funds to a linked current account within one working day, and many process withdrawals the same day. Some accounts restrict the number of free withdrawals per month — check the terms before you open one if flexibility matters to you.