What’s the difference between the base rate and the bonus rate?

The base rate is paid regardless of conditions; the bonus rate is extra interest you only earn when you meet the account’s monthly rules. The advertised rate usually assumes you earn the full bonus.

How is interest calculated on a savings account?

Interest is typically calculated daily on your balance and paid monthly, so it compounds. A higher balance and consistent bonus conditions mean more interest over time.

Are my savings guaranteed?

Deposits with an Australian authorised deposit-taking institution are protected by the government’s Financial Claims Scheme up to $250,000 per account-holder, per institution.

Can the bank change my savings rate?

Yes. Savings rates are variable, so the bank can change them at its discretion. A rate that was competitive when the account opened may not be now.

Is there a limit on how much earns the high rate?

Some accounts cap the balance that earns the bonus rate (for example, the bonus only applies up to a set amount). The cap is in the account terms.

Compare High Interest Savings Accounts

The rate at the top of this table is almost always conditional. High interest accounts either pay an introductory rate for the first few months, or a bonus rate that depends on monthly deposit and transaction rules, and the base rate underneath is what you earn in any month you miss them. Rates here reach up to 6.15% with Rabobank's High Interest Savings Account.

Rates checked against every provider’s own published data on 19 Oct 2026

			Actions
Rabobank	Max rate6.15%	Base rate4.15%	Interest earnings$633	Compare Rabobank High Interest Savings Account		Give your savings a boost with our award winning High Interest Savings Account which offers flexibility and easy access to your money.
ING	Max rate5.74%	Base rate0.01%	Interest earnings$589	Compare ING Savings Maximiser	High variable interest rate. And no fees or penalties on withdrawals.
MyState Bank	Max rate5.65%	Base rate5.25%	Interest earnings$580	Compare MyState Bank Hello Saver account		A savings account that doesn't require a linked transaction account or for you to grow your account balance or deposit a defined amount of money each month or penalise you for making a withdrawal…
Judo Bank	Max rate5.55%	Base rate0.05%	Interest earnings$569	Compare Judo Bank Personal Savings Account	A High Interest at-call savings account with bonus interest rates if monthly criteria is met.
Greater Bank	Max rate5.50%	Base rate5.50%	Interest earnings$564	Compare Greater Bank Life Saver	For under-30s	Conditional savings account for under 25 year olds
Macquarie Bank	Max rate5.25%	Base rate5.25%	Interest earnings$538	Compare Macquarie Bank Macquarie Savings Account	A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking.
MyState Bank	Max rate5.25%	Base rate0.00%	Interest earnings$538	Compare MyState Bank Bonus Saver	Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month. Take your money out as…
NAB	Max rate5.24%	Base rate0.01%	Interest earnings$537	Compare NAB NAB Reward Saver	Grow your savings faster with bonus interest for regular deposits and no withdrawals.

What is a high interest savings account?

A high interest savings account is an at-call deposit account that pays a competitive variable rate while keeping your money accessible. Unlike a term deposit, you can withdraw at any time. The catch is that the headline rate is often made up of a base rate plus a bonus rate you only earn by meeting monthly conditions.

Base rate vs bonus rate

The base rate applies no matter what; the bonus rate is conditional, typically requiring a minimum deposit each month, a set number of transactions, or no withdrawals. A missed condition drops the account to the base rate, which can be a fraction of the advertised figure, so the rate realistically earned matters more than the headline.

How interest is calculated and paid

Interest is usually calculated daily on your balance and paid monthly, so it compounds over time. Some accounts cap the balance that earns the bonus rate. Your deposits are protected by the government’s Financial Claims Scheme up to $250,000 per account-holder, per institution.

How high interest savings accounts compare

Beyond the headline sit the base rate, the bonus conditions, any balance cap and whether an introductory rate reverts. Accounts can be compared side by side, and the full market is on the savings accounts hub. Bonus saver accounts pay more for savers who meet the monthly rules reliably.

Glossary

The key terms you’ll meet when comparing these products, reading product disclosures or talking to a provider.

Term	What it means
At-call	A savings account you can withdraw from at any time, with no fixed term.
Balance cap	A maximum balance above which the bonus or high rate no longer applies.
Base rate	The standard ongoing interest rate that applies regardless of whether you meet any conditions.
Bonus rate	Extra interest paid on top of the base rate when you meet the account’s monthly conditions.
Compound interest	Interest calculated on your balance plus previously earned interest, so savings grow faster over time.
Financial Claims Scheme (FCS)	A government guarantee protecting deposits up to $250,000 per account-holder per authorised deposit-taking institution.
Introductory rate	A higher rate offered for a limited period, often three to five months, before reverting to a lower ongoing rate.
Variable rate	An interest rate the bank can change at its discretion, up or down, over time.

Term

What it means

At-call

A savings account you can withdraw from at any time, with no fixed term.

Balance cap

A maximum balance above which the bonus or high rate no longer applies.

Base rate

The standard ongoing interest rate that applies regardless of whether you meet any conditions.

Bonus rate

Extra interest paid on top of the base rate when you meet the account’s monthly conditions.

Compound interest

Interest calculated on your balance plus previously earned interest, so savings grow faster over time.

Financial Claims Scheme (FCS)

A government guarantee protecting deposits up to $250,000 per account-holder per authorised deposit-taking institution.

Introductory rate

A higher rate offered for a limited period, often three to five months, before reverting to a lower ongoing rate.

Variable rate

An interest rate the bank can change at its discretion, up or down, over time.

Common questions

Rates and fees are sourced from each provider’s CDR Product Reference Data as of the date shown. This page is general advice only, not personal advice. CompareThat is not a bank. Payment can change where a product appears, never which products we show.