Savings accounts with no monthly conditions in Australia

Every bank and credit union we track in Australia, side by side. Filter by bank and account type, sort by rate, then upload a bank statement to see what your own balance could earn.

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RBA cash rate vs savings rates at Australian banks

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RBA cash rate now
4.60%
Previous RBA cash rate
4.35%
Last change
+0.25
on 30 Sep 2026
Data as of
2 Nov 2026
Today3.00%3.50%4.00%4.50%5.00%5.50%6.00%202420252026RBA cash rate 4.10% from 2025-02-19RBA cash rate 3.85% from 2025-05-21RBA cash rate 3.60% from 2025-08-13RBA cash rate 3.85% from 2026-02-04RBA cash rate 4.10% from 2026-03-18RBA cash rate 4.35% from 2026-05-06RBA cash rate 4.60% from 2026-09-30woodofinance.com
RBA cash rateEach bank's top savings rateBank rates recorded daily from 1 Nov 2026.

Top savings rate today

  1. ING5.75%+1.15
  2. St.George5.40%+0.80
  3. ANZ5.35%+0.75
  4. Bank Australia5.35%+0.75
  5. Bankwest5.35%+0.75
  6. Teachers Mutual Bank5.35%+0.75
  7. Virgin Money5.30%+0.70
  8. CommBank5.25%+0.65
  9. Macquarie5.25%+0.65
  10. NAB5.25%+0.65
  11. Westpac5.25%+0.65
  12. Bendigo Bank5.00%+0.40
  13. BOQ5.00%+0.40
  14. Beyond Bank4.90%+0.30

Points above or below the RBA cash rate.

Australia14AustriasoonCanadasoonDenmarksoonFinlandsoonGermanysoonHong KongsoonIrelandsoonJapansoonNew ZealandsoonNorwaysoonSingaporesoonSwedensoonSwitzerlandsoonUnited Arab EmiratessoonUnited KingdomsoonUnited Statessoon
All bank typesBig fourOnline and digitalRegionalCustomer-owned
All savings accountsBonus savings accounts13Savings with no monthly conditions13Kids savings accounts5Accounts for retirees and pensioners10
All banksANZBank AustraliaBankwestBendigo BankBeyond BankBOQCommBankINGMacquarieNABSt.GeorgeTeachers Mutual BankVirgin MoneyWestpac
Highest savings rateHighest 12-month term depositName, A to Z
Clear

13 banks offer savings with no monthly conditions in Australia

Showing 1 to 5 of 13

Sorted by the rate you can earn. No bank can pay to move up this list.

Is your savings account keeping up?

Upload a bank statement and Woodo finds the interest your bank actually paid, then shows what the same balance would earn at the best savings rate in Australia today. No bank login needed.

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Guides for savers in Australia

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Community

Savers in Australia will soon be able to share whether their bonus rate paid out each month, and flag a rate change the moment they spot it.

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Tell us what you would like to feature and we will send back what is available. Placements are labelled as sponsored and sit outside the ranked list, which no bank can pay into.

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Common questions about savings in Australia

Which bank has the highest savings rate in Australia right now?

On 2 Nov 2026 the highest ongoing savings rate we found was 5.75% p.a. on ING Savings Maximiser, paid in months when you meet its conditions. Among the big four, ANZ ANZ Plus Growth Saver paid 5.35% p.a.

Is a term deposit better than a savings account?

A term deposit fixes your rate for the term, so it suits money you will not need to touch. A savings account rate can change at any time, and bonus rates usually depend on monthly deposits or a growing balance. On 2 Nov 2026 the best 12-month term deposit we found was 5.60% p.a. at Bank Australia.

Are my savings protected if an Australian bank fails?

Yes, up to $250,000 per account holder at each bank, under the Australian Government's Financial Claims Scheme. Brands that share one banking licence share one limit, so money at CommBank and Bankwest counts together.

How often are these rates checked?

Every day. Australian banks publish their product details in a standard format under the Consumer Data Right, and Woodo reads them once a day. Rates a new customer cannot get, such as existing-customer or SMSF-only rates, are left out.

Do banks pay Woodo to appear here?

No bank can pay to change the order of this list, which is sorted by rate. Banks can buy placements that are labelled as sponsored and sit outside the ranked list.

Woodo tracks 14 banks in Australia. Every rate is checked against the bank's own published product data each day, most recently on 2 Nov 2026.