If you are an Australian citizen or resident, you have a wealth of banking options catering to a wide range of financial needs. Australia’s best bank accounts offer competitive interest rates, robust digital platforms, and low or no account maintenance fees, often waived when you meet certain criteria.
However, sorting through these numerous options can be daunting. From the dominant ‘Big Four’ banks to innovative online banks and fintech startups, the Australian banking landscape is both robust and diverse.
This page aims to simplify your decision-making process by providing an in-depth look at the top banking options available in 2025.
We Are a Surprisingly Loyal Bunch
When it comes to banking, we Aussies sure are a loyal bunch:
- 40% of Australians are still with the bank they signed up with as a child;
- 50% of young Australians opt to simply use the same bank as their parents; and
- 18% of Australians said they chose the first bank they came across.
If you want to break free from the mould and see what else is out there, we’ve pulled together a detailed comparison of the features of the top mobile banking apps in Australia. This guide focuses on the app features that can help you take control of your finances and achieve your savings goals.
Best Australian Banks in 2025
The Australian banking landscape is robust, offering a variety of options to meet different needs. We have identified the top banks and fintechs in Australia, representing both traditional institutions and modern digital banks.
| Bank/Fintech | Base Interest Rate | Max Interest Rate | Total Interest Earned | Savings Account | Mobile App Rating | Branches | Key Features |
|---|---|---|---|---|---|---|---|
| Macquarie Bank | 4.75% p.a. | 5.35% p.a. (Intro rate for 4 months, then 4.75% p.a.) |
$1,001 | Yes | 4.2/5 | Online Only | High-interest savings, no monthly fees |
| Rabobank | 4.35% p.a. | 5.75% p.a. (Intro rate for 4 months, then 4.40% p.a.) |
$980 | Yes | 4.5/5 | Online Only | No account fees, online-only banking |
| ING | 4.70% p.a. | 5.40% p.a. (Intro rate for 4 months, then 4.70% p.a.) |
$998 | Yes | 4.6/5 | Online Only | No account fees, high-interest savings |
| ubank | N/A | 5.50% p.a. | $1,128 | Yes | 4.5/5 | Online Only | High-interest savings, automatic savings tools |
| Commonwealth Bank | 2.35% p.a. | 5.10% p.a. (Intro rate for 5 months, then 2.35% p.a.) |
$704 | Yes | 4.2/5 | 1,000+ | Extensive ATM network, award-winning app |
| Westpac | 4.85% p.a. | 5.35% p.a. | $992 | Yes | 4.1/5 | 800+ | Global ATM alliance, strong online banking |
| NAB | 4.75% p.a. | 5.00% p.a. | $980 | Yes | 3.1/5 | 600+ | No monthly fees, excellent customer service |
| ANZ | 4.75% p.a. | 5.10% p.a. | $1,034 | Yes | 3.9/5 | 700+ | Comprehensive services, strong global presence |
| Bankwest | 4.00% p.a. | 5.35% p.a. (Intro rate for 4 months, then 4.00% p.a.) |
$899 | Yes | 2.6/5 | 200+ | Flexible accounts, strong customer service |
| ME Bank | 0.55% p.a. | 5.55% p.a. | $1,128 | Yes | 4.2/5 | Online Only | No account fees, good savings options |
*Some rates shown are exclusive preferential ratesCompare Live Bank Savings Rates
**Rates displayed are for illustration only. Click any button above to view current live rates
Related: Best Australian Banks for Expats
Best Savings Bank Account for Internationals
HSBC Expat Offshore Savings
Higher returns across 19 currencies
- Asset diversification outside Australia
- Global HSBC network access
- Multi-currency flexibility
- Competitive international rates
- Online account management
- Established banking relationship
Best Overall Bank Account: ING Savings Maximiser
ING offers one of the most competitive savings accounts in Australia with its Savings Maximiser account. It provides a high interest rate of up to 5.50% p.a., no monthly account fees, and a user-friendly mobile app rated highly by customers.
To qualify for the maximum interest rate, you need to:
- Deposit at least $1,000 from an external source each month.
- Make five or more eligible card transactions monthly.
- Grow your savings balance (excluding interest earned).
Additionally, ING’s Everyday account complements the Savings Maximiser, allowing seamless transfers and no ATM fees globally when you meet certain criteria. Their customer service is renowned for being helpful and accessible.
With a focus on digital banking, ING provides all the tools needed for efficient money management, including budgeting features and spending insights.
Disclaimer: Bonus interest rate applies when you meet specific deposit and transaction requirements.
Top 6 Bank Accounts in Australia
When considering a bank account in Australia, it’s important to weigh factors like fees, interest rates, accessibility, and digital features. Here are the top 6 bank accounts for Australians in 2025, covering both traditional banks and innovative online options.
| Rank | Bank Name | Account Features | Best For | Key Features ⭐ |
|---|---|---|---|---|
| #1 | ING | High-interest savings, no account fees | Best Overall |
|
| #2 | ubank | Competitive savings, digital banking | Best Online Bank |
|
| #3 | Commonwealth Bank | Comprehensive services, extensive branches | Best Traditional Bank |
|
| #4 | Westpac | Global ATM access, solid savings options | Best for Global Access |
|
| #5 | Bankwest | Flexible accounts, competitive rates | Best for Flexibility |
|
| #6 | ME Bank | No account fees, good online tools | Best for No Fees |
|
Best Online Banks in Australia
Online banks offer convenience and often lower fees due to reduced overhead costs. Here is a comparison of the best online banking options in Australia:
| Bank | Interest Rates | Fees | Key Features |
|---|---|---|---|
| ubank | Up to 5.50% p.a. | No monthly fees |
|
| ING | Up to 5.50% p.a. | No monthly fees |
|
| Up Bank | Up to 5.35% p.a. | No monthly fees |
|
Best Savings Accounts in Australia
Maximizing your savings is important, and choosing the right account can make a significant difference. Here are the top savings accounts:
| Bank | Base Interest Rate | Max Interest Rate | Total Interest Earned | Conditions | Key Features |
|---|---|---|---|---|---|
| Rabobank High Interest Savings | 4.35% p.a. | 5.75% p.a. (Intro rate for 4 months, then 4.40% p.a.) |
$980 | No withdrawals, deposit $200/month |
|
| ME Bank’s Savings Account | 0.55% p.a. | 5.55% p.a. | $1,128 | Deposit $2,000 into linked transaction account, grow balance |
|
| ubank Savings Account | N/A | 5.50% p.a. | $1,128 | Deposit $200/month |
|
| Macquarie Savings Account | 4.75% p.a. | 5.35% p.a. (Intro rate for 4 months, then 4.75% p.a.) |
$1,001 | No monthly fees |
|
| ING Savings Maximiser | 0.55% p.a. | 5.50% p.a. | $1,128 |
|
|
All rates and product info correct as of October 2024.
October High-Interest Savings Account Deals
If your savings are just sitting in a transaction account earning 0.01% p.a., you might be missing out on significant earnings. There are a number of deposit products available to Australians at the moment offering 5% p.a. and above in interest, so it might be well worth your time to have a look.
Here are some of the highest rates and top deals for savings accounts this month:
- Rabobank’s High Interest Savings Account – Max. rate 5.75% p.a.
- Base rate: 4.40% p.a.
- The highest maximum rate on our database
- 5.75% p.a. intro rate applies for 4 months before reverting to 4.40% p.a.
- Maximum rate applies to balances up to $250,000
- ME’s HomeME Savings Account – Max. rate 5.55% p.a.
- Base rate: 0.55% p.a.
- Monthly bonus rate conditions: deposit $2,000 into linked transaction account, grow balance (excluding interest)
- Maximum rate applies to balances up to $100,000
- ubank Savings Account – Max. rate 5.50% p.a.
- Base rate: N/A
- Monthly bonus rate conditions: deposit $200/month
- Maximum rate applies to balances up to $250,000
- ING’s Savings Maximiser – Max. rate 5.50% p.a.
- Base rate: 0.55% p.a.
- Monthly bonus rate conditions: deposit $1,000 into linked transaction account, make 5+ transactions, grow balance
- Maximum rate applies to balances up to $100,000
- Australian Unity Freedom Saver – Max. rate 5.20% p.a.
- Highest unconditional rate in Australia
- Rate applies on balances up to $50,000
All rates and product info correct as of October 2024.
How to Compare Savings Rates
When choosing a high-interest savings account, consider the following factors:
- Interest Rates: Look at both the base rate and the maximum rate. Understand the conditions required to achieve the maximum rate.
- Account Conditions: Be aware of any requirements such as minimum monthly deposits, limited withdrawals, or specific transaction numbers.
- Fees: Check for any account-keeping fees or transaction fees that could erode your savings.
- Accessibility: Consider how easy it is to access your funds when needed and whether the bank offers convenient features like mobile banking apps.
- Account Balance Limits: Some accounts have maximum balance limits for earning the bonus interest rate.
It’s important to do your own research before opening a high-interest savings account, keeping in mind each of the points above as well as accounting for your personal financial position and whether account requirements can be met with ease.
Banking App Feature Comparison
As of October 2024, Up is our top-rated mobile banking app in Australia. The Up app has great customer reviews, plus heaps of features to help people better manage their day-to-day spending and achieve their savings goals sooner.
Banking apps are getting more competitive, though, with five apps receiving an overall rating of 4+ stars, including Up, ME Go, CommBank, Westpac, and ANZ Plus.
| Bank App | Overall App Rating | Max Savings Accounts1 | Set Savings Goals | Auto-Split Salary | Spending Insights | Budget Alerts | Round-Ups | Biometric Login |
|---|---|---|---|---|---|---|---|---|
| Up | 4.8 ★★★★★ | 99 | Yes | Yes | Yes | Yes | Yes | Yes |
| CommBank | 4.2 ★★★★☆ | 99 | Yes | Scheduled Only | Yes | No | Yes | Yes |
| ME Bank: ME Go | 4.2 ★★★★☆ | 9 | Yes | Scheduled Only | Yes | Yes | Yes | Yes |
1 99 actually means unlimited for all banking apps except ANZ Plus where 99 is the specific limit.
Conclusion
Navigating Australia’s banking options doesn’t have to be overwhelming. By understanding your financial needs and comparing the features, rates, and services of various banks, you can select an account that helps you manage your finances efficiently. Whether you prioritize high-interest savings, digital banking features, or extensive branch networks, there’s a banking solution out there for you.
Start maximizing your financial potential today by choosing the bank that best aligns with your goals.
Disclaimer: All interest rates and product details are accurate as of October 2024. Please consult the respective banks for the most current information.
