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
Track your budget in Australian dollars
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