The big four Australian banks (CBA, ANZ, Westpac, NAB) still dominate the mortgage and business banking market — but for day-to-day banking and savings, several smaller institutions and neobanks consistently offer better rates and lower fees.
Best Australian savings accounts 2026
| Bank | Savings rate (AER) | Conditions | Notes |
|---|---|---|---|
| Macquarie Bank | 5.0-5.35% | Conditions apply | Strong rate, established bank |
| ING Savings Maximiser | 5.5%+ | Monthly deposit + 5 transactions | Bonus rate with conditions |
| ubank | 5.1-5.5% | Monthly deposit required | NAB-backed neobank |
| Up Bank | 4.5-5% | No conditions | Best app, Saver feature |
| CBA, ANZ, Westpac, NAB | 0.01-2% | Varies | Transaction accounts — move your savings |
Up Bank: the best everyday experience
Up Bank has the best budgeting app experience in the Australian market — instant notifications, spending categories, automatic saving "covers," and Round Ups (rounding purchases to the nearest dollar and saving the difference). It's Bendigo Bank-backed and APRA regulated. The 2Up account is excellent for couples.
The two-account strategy for Australians
- Big four bank: For mortgage, home loan, business banking, and situations requiring a branch visit
- Up or ING or Macquarie: For everyday banking, emergency fund, and savings — significantly better rates and user experience
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About the author
Enrique 'Kike' Faúndez is an Information Systems and Management Control Engineer from Universidad de Chile, with master’s degrees in Finance from Universidad de Chile and Industrial Engineering from Pontificia Universidad Católica de Chile. He has 15+ years of experience in regulated financial services across finance, operations, and digital product development. He founded CashControlly in Santiago, Chile, with the conviction that personal financial control should not be a privilege, but an accessible and well-designed tool.
- Master's in Finance, Universidad de Chile
- Master's in Industrial Engineering, Pontificia Universidad Católica de Chile
- Information Systems and Management Control Engineer, Universidad de Chile
- AI and ITIL certifications
- 15+ years in regulated financial services
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