The market-leading ongoing savings rate has today hit 5.75% – the highest on the Canstar database in over a decade – as banks start to pass on last week’s cash rate hike to their savers.
The rate is from big bank Westpac, however, it’s reserved for Australians aged 18-34, on balances up to $30,000, and only if they meet set monthly conditions.
Canstar records show the last time a bank on its database posted an ongoing rate over this level was in 2012 (excluding kids accounts).
NAB, ANZ up the ante, hiking rates by more than the RBA
In a surprise move, NAB and ANZ have today increased the maximum ongoing rates on their bonus saver accounts by 0.35%, that’s 0.10% more than the RBA’s 0.25% cash rate hike.
CBA and Westpac both hiked the maximum rate on their bonus saver accounts by 0.25%.
None of the majors applied the hike to their base rates, which confirms what we know from the previous two hikes – it’s largely proactive customers that are getting the benefit from a higher cash rate.
Big four banks’ bonus | ||
|---|---|---|
Max rate | Base rate | |
CBA | +0.25 to | No change - |
Westpac | +0.25 to | No change - |
Westpac | +0.25 to | No change - |
NAB | +0.35 to | No change - |
ANZ Plus | +0.35 to | No change - |
Source: Canstar. Note: monthly conditions apply for maximum rates along with other terms and conditions. ANZ also has a Progress Saver rate of 3.75% and a base rate of 0.01%.
Competition in the savings sector alive and kicking
Rate tracking by Canstar shows 11 banks have, to date, increased their rates by more than the RBA following at least one of the three cash rate hikes, including NAB, ANZ, AMP, Bankwest, Teachers Mutual, and Virgin Money.
Banks are fighting hard for savers as household deposits continue to break records, with competition driving some of the highest ongoing savings rates seen in more than a decade.
Canstar analysis of APRA Monthly Authorised Deposit-taking Institution (ADI) Statistics for March, released 30 April, shows household savings rose by 0.4% in the month, and are now 8% higher than the same time last year.
APRA total deposits | ||
|---|---|---|
Amount | Monthly | Year-on-year |
$1.73 trillion | +$7.5 billion +0.4% | +$133.7 billion +8% |
Source: APRA Monthly Authorised Deposit-taking Institution Statistics, released 30 April 2026, prepared by Canstar. Deposits from households include term deposits, transaction accounts, mortgage offsets, and savings accounts.
OK, show me the money! What are the highest rates right now?
A total of 22 banks have moved their savings rates following last week’s RBA cash rate hike.
Westpac is in the lead with its young adult rate of 5.75% and is expected to remain on top.
The highest ongoing savings rate for all adults is now 5.50% from ING, however, this could rise to 5.65% if its competitors pass on the full hike.
Police Bank currently has the highest ongoing savings rate that doesn’t have monthly conditions to qualify at 5.25%, while AMP has the highest no strings attached account for all adults.
Market leading | ||
|---|---|---|
Type of | Rate if | Bank |
Bonus | 5.75% | Westpac |
‘No strings’ | 5.25% | Police Bank |
Introductory | 5.90% for 4 mths, | Rabobank |
Term | 5.70% | Rabobank |
Source: Canstar. Note: monthly conditions for bonus interest vary between accounts.
Competition in the savings sector is coming back to life
Canstar’s Data Insights Director, Sally Tindall, says, “It is officially ‘game on’ for Australian savers.”
“We haven't seen ongoing savings rates at this level in over a decade, and certainly not led by a big four bank.
“NAB and ANZ have also upped the ante this time around for their savers, passing on super-sized hikes of 0.35 percentage points.
“As a result of today’s moves, ANZ has the highest ongoing savings rate for all adults among the big four at 5.10 per cent, while for young adults, Westpac is leading the charge at 5.75 per cent, not just among the majors but across the entire market.
“This is a clear sign competition in the savings sector is coming back to life. Deposits from households might be at a record high but banks are still fighting for their slice of the pie.
“The latest APRA data shows ANZ’s share of household deposits has been slipping slightly. It still holds around 11 per cent of these deposits but it’s clearly on the hunt for more.
“That said, the big banks are still playing a tactical game – freely hiking bonus rates, while leaving base rates in the dust.
“What this data tells us is that it's time for savers to be proactive by making sure they’re meeting any and all conditions their bank sets to qualify for the highest rate, or by shopping around to find an account that can deliver them a decent rate of return.”
Big four bank | |
|---|---|
CBA | 27% |
Westpac | 21% |
NAB | 14% |
ANZ | 11% |
Macquarie | 6% |
Source: APRA Monthly, March 2026 data. Share is based on household deposits among all ADIs.
