Banks offering 5% p.a. interest on savings accounts

With the cash rate currently standing at 4.35%, some savings account providers have brought rates on offer up to and even over 5.00% p.a. This means that, while rates remain high, savers can see their cash earn them a fair amount if they get the highest rates possible. 

Mozo’s comparison database tracks 204 savings accounts, so we combed through providers to find the accounts that offer 5% p.a. or more in interest.

Bonus rate savings accounts at or above 5% p.a.

Bonus rate savings accounts require that certain conditions be met to get the full interest rate. Currently, there are 41 bonus rate accounts in the Mozo database with special interest rates of 5.00% p.a. or higher. 

The current top 3 highest rate accounts for bonus savings rates are: 

  • HomeME Savings Account: ME’s HomeME Savings Account narrowly comes with the highest bonus rate at 5.55% p.a. for balances up to $100,000, only 5 basis points higher than ING and Move’s bonus savings accounts. To get the full rate, you’ll need to deposit at least $2000 into a connected SpendME account and have a higher closer balance than the previous month, excluding interest paid by ME. If conditions aren’t met, then a base rate of 0.55% p.a. applies.
  • ING Savings Maximiser: ING's Savings Maximiser account offers an ongoing bonus rate of 5.50% p.a. on balances up to $100,000. To qualify, customers must deposit $1,000 from an external source, make 5 eligible transactions, open an Orange everyday transaction account, and grow their nominated Savings Maximiser account balance each month, excluding any interest earned in the month. If you don’t meet the conditions, then a standard base rate of 0.55% p.a. will apply
  • MOVE Bank Growth Saver: MOVE Bank’s Growth Saver has a bonus rate of ​​5.50% p.a for balances up to $25,000. You need to deposit a minimum of $200 and make no withdrawals within the month. If you don’t meet these conditions, you’ll get a base rate of 0.10% p.a.

It's important to note that many of these high-interest savings accounts come with specific terms and conditions, such as minimum deposit requirements or transaction restrictions, to earn the bonus rates. Keep the account's requirements in mind and make sure it aligns with your saving habits.

Introductory rate savings accounts at or above 5%

Introductory rate savings accounts offer high interest rates for a short period of time after signing up, usually ranging between 3 to 6 months. There are 23 Introductory rate savings accounts at or above 5% p.a. interest rate we recorded on the Mozo database.

The 3 highest rate accounts are:

  • Rabobank High Interest Savings Account: Rabobank’s High Interest Savings Account offers the highest interest rate record on the Mozo database at 5.75% p.a. for 4 months on balances up to $250,000. After the intro rate period, the account reverts to a 4.40% p.a. interest rate.
  • Macquarie Bank Savings Account: Macquarie Bank’s Savings Account comes with an intro rate of 5.35% p.a. first 4 months on balances up to $250,000. Must be linked with a connected Macquarie bank transaction account. After the 4 months is up, you’ll revert to a 4.75% p.a. interest rate. 
  • St George, Bank of Melbourne, & BankSA Maxi Saver:  Maxi Saver comes with a 5.35% p.a. rate for the first 3 months when you open a new account online. You’ll also need an eligible transaction account with the same provider in your name. After the introductory term expires, you’ll revert to a 1.10% p.a. Base rate. 

Make sure you check out the base rate associated with the account too, as you’ll revert to that after the period is over. Alternatively, some savers may want to shop around for other savings accounts after their term is up to make sure their cash is consistently earning a higher rate. 

Base rate savings accounts at or above 5% p.a.

There are currently only 2 base rate accounts with savings account interest rates in the 5% p.a. area. However, it’s important to keep in mind that their account balances are fairly low.

These accounts are:

  • Police Bank U30 Super Charge Account: Police Bank’s U30 Super Charge Account comes with a 5.25% p.a. interest rate for users aged 18-29. There are some other restrictions: you’ll need to credit your salary with Police Bank and you’ll only get a maximum account balance of $10,000 per account (3 maximum). Once your balance exceeds this, you’ll receive no interest on the portion of your balance that’s above $10,000. 
  • Australian Unity Australian Unity Freedom Saver:  Australian Unity’s Freedom Saver comes with a 5.20% p.a. interest rate for balances up to $50,000. You’ll need to make sure that you have a linked Australian Unity transaction account too. Keep in mind that this is only available to new customers.

How to compare savings accounts

Comparison is a helpful way to better understand whether a savings account is offering you the best rates and conditions for your financial situation. That’s where Mozo’s comparison database comes in. You can check out high interest savings accounts on our main hub pages, our best savings account page, or have a look at the providers in the table below…

Savings account comparisons on Mozo - last updated 20 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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^See information about the Mozo Experts Choice Savings Account Awards

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