The highest ongoing savings rate has today climbed to 5.50%, after Westpac lifted select rates by 0.25 percentage points in the wake of last week’s cash rate hike.
This is the highest ongoing savings rate on the Canstar database since March 2025, however, it’s reserved for Australians aged 18-34.
For all adults, the highest ongoing savings rate is now 5.35% from Judo Bank, while the highest term deposit rate has risen to 5.60% from Great Southern Bank.
Market leading savings rates | ||
|---|---|---|
Type of account | Rate if conditions met | Lender |
Bonus saver - young adults | 5.50% | Westpac (ages 18-34) |
Bonus saver - all adults | 5.35% | Judo Bank |
‘No strings’ saver | 4.85% | AMP Bank |
Introductory saver | 5.65% for 4 mths, then 3.95% | Rabobank |
Term deposit | 5.60% | Great Southern Bank (ages 55+) |
Source: Canstar. Conditions apply for maximum rates as follows: Westpac Spend + Save conditions: 20+ purchases on bank acct, grow savings balance, up to $30k, base rate 0.10%, Westpac Life: Deposit $300/mth on balances up to $250k. Base rate of 0.05%, AMP is on balances up to $500k, Rabobank on balances up to $250k, Great Southern Bank is for 5 years for ages 55+.
Big four banks move select savings rates
All four big banks have passed on the RBA hike in full to the maximum rate on their bonus saver accounts. However, each one has left the base rate on these accounts unchanged, which customers get when they don’t meet the bank’s conditions each month.
The banks have also increased their introductory rate accounts, passing on the hike to the short-term rate, however, only CBA and ANZ have passed on the full hike to the ongoing rate (see table at end).
Big four banks’ bonus saver account changes | ||
|---|---|---|
Max rate (if monthly conditions met) | Base rate (if conditions not met) | |
CBA Goal Saver | +0.25 to 4.75% | No change - 0.25% |
Westpac Life | +0.25 to 4.75% | No change - 0.10% |
Westpac Spend&Save (18 - 34) | +0.25 to 5.50% | No change - 0.10% |
NAB Reward Saver | +0.25 to 4.65% | No change - 0.01% |
ANZ Plus Growth Saver | +0.25 to 4.75% | No change - 0.10% |
Source: Canstar. Note: monthly conditions apply for maximum rates along with other terms and conditions. ANZ also has a Progress Saver rate of 3.50% and a base rate of 0.01%.
Term deposit rates continue to climb
Term deposit rates have hit their highest level in years, with Great Southern Bank yesterday posting a rate of 5.60% for a 5-year term for those aged 55 and over. The highest rate for all ages is 5.50%, also from Great Southern for a 5-year term.
The Canstar database shows 52 banks have hiked at least one term deposit rate since the RBA cash rate decision last Tuesday, including hikes from CBA, Westpac, Macquarie and ING.
Number of banks that have changed at least one deposit rate
Highest term deposit rates on Canstar.com.au | ||
|---|---|---|
Term | Bank | Rate |
1-year | Australian Military | 5.40% |
2-year | Credit Union SA, G&C Mutual, Judo, Unity | 5.20% |
3-year | Great Southern Bank | 5.25% |
4-year | Great Southern Bank | 5.25% |
5-year | Great Southern Bank | 5.60% |
Source: Canstar. Note: interest frequency, age restrictions and deposit amounts apply.
Canstar’s data insights director, Sally Tindall, says, “Savings rates are well and truly back over 5 per cent as the market leaders pass on the March RBA hike in full to their headline rates.”
“What’s particularly encouraging to see is that we now have new market leaders among key savings categories. Judo Bank has bumped ING off its pedestal for the title of the highest ongoing savings rate for all adults.
“AMP is set to pip Macquarie at the post to offer the new highest ‘no strings attached’ savings rate. What this means is competition in the savings sector has dialled up a notch – fantastic news for proactive savers.
“However, while rates for savers are finally becoming more competitive, the devil is in the details.
“Rabobank’s market-leading rate has climbed to 5.65 per cent, but it’s reserved for new customers for just four months, before dropping to an ongoing rate of 3.95 per cent.
“Westpac’s market-leading ongoing savings rate of 5.50 per cent is only for young adults who meet the bank's somewhat complicated monthly conditions, while Great Southern Bank’s record-breaking 5.60 per cent term deposit rate is only for older Australians looking to lock up their cash for five years.
“All four big banks passed on the rate hike in full to their bonus saver headline rates, but not one of them lifted the base rates on these accounts. What this means is that anyone who doesn’t meet the fine print each month won’t be getting a hike at all.
“For those who prefer a simpler option, AMP Bank is leading the market with an ongoing rate of 4.85 per cent, offering one of the highest returns available without monthly hurdles.
“If you’re one of the millions of Australians with a savings account, it’s critical to read the fine print.
“Time and time again, we see banks pass on rate hikes to bonus rates and introductory rates, but the base rates largely miss out.”
Big four banks’ standard saver account changes | ||
|---|---|---|
Max introductory rate | Ongoing rate | |
CBA Netbank Saver | +0.25 to 4.95% for first 5 mths | +0.25 to 1.95% |
CBA Netbank Saver (18-35) | +0.25 to 5.10% for first 5 mths | +0.25 to 1.95% |
Westpac eSaver | +0.25 to 5.00% for first 5 mths | No change - 1.00% |
NAB iSaver | +0.25 to 4.95% for first 4 mths | +0.15 to 1.55% |
ANZ Plus Flex Saver | +0.25 to 4.75% for first $5K | +0.25 to 1.75% for bal over $5k |
ANZ Online Saver | N/A | +0.25 to 1.10% |
Source: Canstar. Notes: conditions apply for above rates.
