Best AUD Savings Accounts in 2026 2026

Australia has some of the highest interest rates among developed economies. The RBA maintained elevated rates through 2024–2025, translating into savings accounts yielding 4.5%–5% APY. Australian banks offer competitive terms for AUD account holders, backed by the government guarantee (APRA) up to AU$250,000.

Products compared

5.25%

Best APY available

4.88%

Average APY

#	Entity	Product	APY	Score	Risk	Liquidity	View
1	ING Australia	ING — Savings Maximiser (AU)	5.25%	8.5	Low	Instant	View →
2	ANZ	ANZ Plus — Save (AU)	4.75%	8.4	Low	Instant	View →
3	Commonwealth Bank	CommBank — GoalSaver (AU)	4.75%	8.4	Low	Instant	View →
4	Macquarie Bank	Savings Account	4.75%	8.4	Low	Instant	View →

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Best AUD savings accounts in 2026

Australia has maintained elevated interest rates set by the Reserve Bank of Australia (RBA), resulting in savings accounts offering over 4% annual returns. Australia's major banks and some neobanks provide highly competitive products for residents, with government-backed protection up to AU$250,000 per person per institution.

Who can open an AUD savings account?

Australian savings accounts are designed for Australian residents. However, international investors with AUD exposure can access similar returns through global brokers offering multi-currency deposits. The AUD/EUR exchange rate is an additional risk and opportunity factor to consider.

Top AUD products compared

ING Savings Maximiser — up to 5.50% with conditions (minimum deposits, monthly transactions).
Macquarie Savings Account — 4.75% with no conditions, one of the best no-strings accounts.
ANZ Plus Save — 4.50%, app-only with minimum monthly deposit.
CommBank Goal Saver — 4.50% with progressive monthly savings requirement.

Types of savings accounts in Australia

Introductory rate accounts — high rate for 3–5 months for new customers, then drops to the base rate.
Conditional accounts — maximum rate only if you meet requirements (minimum income, purchase count, no withdrawals).
No-conditions accounts — fixed rate regardless of behaviour; typically slightly lower but more predictable.

Australian deposit guarantee

The Australian government guarantees deposits up to AU$250,000 per person per institution through the Financial Claims Scheme managed by APRA. This is one of the most generous guarantee limits in the world in absolute terms.

AUD/EUR currency risk

For European investors, AUD is a risk-sensitive currency correlated with commodities and the Chinese economic cycle. A falling AUD can erode euro-denominated returns. Consider whether you already have natural AUD exposure (travel, business, property) before adding currency risk to your savings.

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Frequently asked questions

Can I open an AUD savings account from outside Australia?

Generally not directly — the listed Australian banks require Australian residency. However, you can access AUD yield through Australian bond ETFs, structured products or brokers offering multi-currency balances. This comparison is primarily useful for Australian residents or investors with AUD exposure.

What is the deposit guarantee in Australia?

The Australian government guarantees deposits up to AU$250,000 per person per authorised deposit-taking institution, through the Financial Claims Scheme (FCS) managed by APRA — equivalent to the European DGS.

Why are Australian savings rates higher than in Europe?

The RBA raised rates aggressively in 2022–2023 to control inflation and kept them elevated longer than the ECB. This translates directly into higher rates on Australian savings accounts and deposits.