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…