The highest-interest savings accounts in July 2021

TAMIKA SEETO
Who is offering the highest interest rates on savings accounts? We round up the top rates on our database.

The official cash rate is still sitting at a record low of 0.10%. While previous cuts have driven down rates for some homeowners, savers may need to work a little bit harder to find a savings account with healthy returns. With many of the big banks offering wafer-thin base interest rates on savings accounts, now might be a good time to compare your options among a broad selection of providers.

Highest ongoing savings account interest rates on Canstar’s database

If you’re looking for a competitive ongoing rate, then you might be interested in the top base interest rates on our database. The base interest rate (also known as the standard variable rate) is the ongoing rate you’ll be paid on your savings after any introductory bonus period ends or if you don’t meet certain conditions for earning bonus interest (such as depositing a certain amount into your account each month).

The comparison table below displays some of the highest ongoing base interest rates for savings accounts on Canstar’s database, based on a regular saver in NSW with $10,000 in personal savings. This table is sorted by highest to lowest base interest rate and then alphabetically. Canstar may earn a fee for referrals.

Highest savings interest rates on Canstar’s database (including those with some strings attached)

To help entice new customers, institutions often offer bonus introductory interest rates. These higher ‘honeymoon rates’ generally have an expiry date, typically lasting only a few months before reverting to a lower base rate.

Institutions may also offer bonus conditional rates. This is where you need to meet certain conditions to receive the bonus interest each month. For example, you may need to deposit a certain amount of money into your account each month, make no withdrawals during the month, or have a linked transaction account and make a specific number of card purchases each month. Be aware that for some of these accounts, if you fail to meet the bonus interest conditions, you will receive little or no base interest. Check with the provider to confirm what conditions may apply.

The comparison table below displays some of the highest total interest rates, including introductory and conditional bonus rates, for savings accounts on Canstar’s database. These results are based on a regular saver in NSW with $10,000 in personal savings. This is sorted by highest to lowest total interest rate and then alphabetically. Canstar may earn a fee for referrals.

You can compare a wider range of savings accounts using Canstar’s savings account comparison tables. Canstar researches and rates over 200 savings accounts. Find out which ones received an Award in 2021.

If you’re looking for ways to boost your savings, you might want to check out our list of 101 ways to save money and our guide to budgeting and savings apps.

The table below shows some of the savings accounts on Canstar’s database for a regular saver in NSW. The results shown are based on an investment of $10,000 in a personal savings account and are sorted by Star Rating (highest to lowest), then provider name (alphabetically). For more information and to confirm whether a particular product will be suitable for you, check upfront with your provider and read the Product Disclosure Statement or other terms and conditions before making a decision. Use Canstar’s savings accounts comparison selector to view a wider range of savings accounts. Canstar may earn a fee for referrals.

Cover image source: Tiko Aramyan/Shutterstock.com


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This content was reviewed by Sub Editor Tom Letts and Deputy Editor Sean Callery as part of our fact-checking process.


Tamika covers personal finance for Canstar, specialising in banking and general insurance. She joined the team after completing a Bachelor of Journalism and Bachelor of Laws (Honours) at QUT. She has previously written for a range of news, music and arts publications.

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