Bank Australia savings account and term deposit rates

Bank Australia Limited · Customer-owned bank

Bank Australia's best ongoing savings rate is 5.35% p.a. on Bonus Saver, in months when you meet its bonus conditions. Its best term deposit pays 5.60% p.a. for 12 months on $500 or more.

Verified 2 Nov 2026

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Key facts

Top savings rate: 5.35% p.a.
Introductory rate: 5.85% p.a. for 3 months
Best term deposit: 5.60% p.a. for 12 months
Minimum term deposit: $500
Deposit protection: $250,000 per account holder
Credit cards: 3 cards from Bank Australia

What would your money earn at Bank Australia?

Type any amount and pick an account. Estimates are before tax and assume the rate stays the same.

Amount

Try

Account

Fixed for the term. From $500.

Interest over 12 months

$1,400

5.60% p.a., interest paid at maturity.

Bank Australia 12-month Term Deposit$1,400

Bank Australia Term Deposit, 5.60% p.a.$1,400

That matches or beats the best 12-month term deposit in Australia.

See what your own balance actually earned

Bank Australia rates

Every rate is variable. Bonus rates show as the total you earn, with the base and bonus parts underneath.

Bonus Saver

Bonus savings account

Any age

5.85%p.a.

Intro rate for 3 months, then 5.35% p.a.

To earn the bonus each month

Bonus interest when you deposit at least $100 each month.
Bonus interest when you make no withdrawals in a calendar month

Online Saver

Savings account, no monthly conditions

Any age

4.60%p.a.

No monthly conditions

A flexible online savings accounts which allows you to bucket your savings goals.

Christmas Saver

Savings account, no monthly conditions

13 or older

2.25%p.a.

No monthly conditions

A savings account which allows unlimited withdrawals between 1 November - 31 January and pays interest on the money you deposit during the year.

mySaver

Bonus savings account

Under 25

5.35%p.a.

0.10% base + 5.25% bonus

To earn the bonus each month

Bonus interest when you deposit at least $10 each month.
Bonus interest when you make no withdrawals in a calendar month

Pension Access

For retirees and pensioners

18 or older

1.90%p.a.

No monthly conditions

A flexible transaction account for those on an aged, veterans or disability pension.

Term Deposit

Term Deposit rates, interest paid at maturity
Term	$500 to $3,000,000
3 months	5.10%
6 months	5.30%
9 months	5.30%
12 monthsBest rate	5.60%
18 months	3.55%
2 years	5.40%
3 years	5.40%

Interest paid at maturity. Terms longer than 12 months pay interest once a year. New term deposits start at $500.

Impact Term Deposit

Impact Term Deposit rates, interest paid at maturity
Term	$500 to $3,000,000
6 monthsBest rate	5.30%

Interest paid at maturity. New term deposits start at $500.

Compare 12-month term deposits at every bank in Australia

How Bank Australia compares with other banks in Australia

Every bank we track in Australia, ranked by its best ongoing savings rate, with its 12-month term deposit. Verified 2 Nov 2026.

Savings and 12-month term deposit rates at every bank in Australia, 2 Nov 2026
#	Bank	Top savings rate	12-month term deposit
1	ING	5.75% p.a.Savings Maximiser, monthly conditions	5.30% p.a.Personal Term Deposits
2	St.George	5.40% p.a.Incentive Saver, monthly conditions	4.75% p.a.Term Deposit
3	Bank Australia	5.35% p.a.Bonus Saver, monthly conditions	5.60% p.a.Term Deposit
4	Teachers Mutual Bank	5.35% p.a.Momentum Saver, monthly conditions	5.35% p.a.Term Deposit
5	ANZ	5.35% p.a.ANZ Plus Growth Saver, monthly conditions	5.30% p.a.ANZ Advance Notice Term Deposit
6	Bankwest	5.35% p.a.Hero Saver, monthly conditions	5.30% p.a.Bankwest Term Deposit
7	Virgin Money	5.30% p.a.Virgin Money Boost Saver, monthly conditions	Not published
8	Macquarie	5.25% p.a.Macquarie Savings Account	5.40% p.a.Macquarie Term Deposit
9	CommBank	5.25% p.a.GoalSaver, monthly conditions	5.30% p.a.Standard Term Deposit
10	NAB	5.25% p.a.NAB Reward Saver, monthly conditions	5.30% p.a.NAB Term Deposit
11	Westpac	5.25% p.a.Westpac Life, monthly conditions	5.30% p.a.Term Deposit
12	BOQ	5.00% p.a.Simple Saver Account	5.40% p.a.myBOQ Term Deposit
13	Bendigo Bank	5.00% p.a.Bendigo Reward Saver, monthly conditions	4.90% p.a.Standard Term Deposit
14	Beyond Bank	4.90% p.a.Purple Bonus Saver, monthly conditions	4.90% p.a.Term Deposit

Who can open them, and how safe is the money?

Who can open each account

Bonus Saver: Any age
Online Saver: Any age
Christmas Saver: 13 or older
mySaver: Under 25
Pension Access: 18 or older
Term Deposit: Any age, from $500
Impact Term Deposit: Any age, from $500

Is my money protected?

The Australian Government's Financial Claims Scheme covers deposits at Bank Australia up to $250,000 per account holder.

Questions about Bank Australia savings and term deposits

What is Bank Australia's highest savings rate?

Bonus Saver, at 5.35% p.a. on 2 Nov 2026: a 0.10% p.a. base rate plus a 5.25% p.a. bonus. Bonus interest when you deposit at least $100 each month. A month that misses the conditions earns 0.10% p.a.

What is the Bank Australia 12-month term deposit rate?

5.60% p.a. on new deposits of $500 or more, with interest paid at maturity. Taking the interest monthly lowers it to 5.50% p.a.

Which Bank Australia term deposit term pays the most?

12 months, at 5.60% p.a. with interest paid at maturity, on 2 Nov 2026.

Does Bonus Saver have an introductory rate?

Yes. Bonus Saver earns 5.85% p.a. for the first 3 months, made up of the 5.35% p.a. ongoing rate plus a 0.50% p.a. introductory margin. After that it earns 5.35% p.a.

Is my money safe with Bank Australia?

Deposits at Bank Australia are covered by the Australian Government's Financial Claims Scheme up to $250,000 per account holder.

Where do these rates come from?

From the product details Bank Australia publishes under the Consumer Data Right, which Woodo checks every day. We last verified them on 2 Nov 2026. Bank Australia does not pay Woodo, and no payment can change the order of any list.

Community

Bank Australia savers will soon be able to report whether their bonus rate paid out each month, and ask other savers questions.

Cards issued by Bank Australia

Other banks in Australia

INGSavings 5.75% p.a.12-month 5.30% p.a.
St.GeorgeSavings 5.40% p.a.12-month 4.75% p.a.
BankwestSavings 5.35% p.a.12-month 5.30% p.a.
Teachers Mutual BankSavings 5.35% p.a.12-month 5.35% p.a.
ANZSavings 5.35% p.a.12-month 5.30% p.a.
Virgin MoneySavings 5.30% p.a.12-month Not published

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