How to earn up to 5.90% on your savings right now

Reserve Bank moves rarely benefit everyone. A win for savers usually comes at the same time as a hit for homeowners with a mortgage.

That's the situation that's played out so far this year, thanks to three hikes from the RBA which has pushed the cash rate up 75 basis points to 4.35%.

Richard Whitten, senior money editor at Finder, says that these increases - which banks have largely passed on - have left savers in one of their strongest positions in years.

"The cash rate is now back to where it was two years ago, and that's as high as it's been since 2011.

"We haven't cracked the 6.00% p.a. interest rate mark for savings accounts just yet - but we're getting pretty close."

Where can you get the best savings rates in 2026?

For savers looking for the best return on their cash, accounts with short-term introductory rates are the most competitive at present.

"These accounts tend to offer your classic four-month introductory rate which reverts to a lower rate after that," Whitten explains.

"The top right now is the High Interest Savings Account from Rabobank which will give savers 5.90% p.a. for four months. Then Ubank and ING are both offering 5.85% p.a. for four months as well."

Not far behind these are savings accounts with high, ongoing bonus rates.

Unlike intro rates, savers will earn the bonus rate each month if they meet any conditions attached to the account.

That could be depositing a certain amount, making a minimum number of transactions with a linked card or refraining from withdrawing money.

"Ongoing rates are a touch lower than introductory rates at the moment, with Move Bank offering the highest rate of 5.65% p.a. on its Growth Saver account," says Whitten.

Are the big four banks falling behind on savings rates?

While the top end of savings account rate leaderboard is congested with banks jostling for position and customers, are ANZ, Commonwealth Bank, NAB and Westpac are notable absentees.

"The big four are a fair bit lower, which is interesting," Whitten says.

"ANZ is the best among them, offering 5.10% p.a. with its Plus Flex Saver and Plus Growth Saver accounts."

Westpac's Life account is an outlier, offering a rate of 5.75% on balances up to $150,000. However, it's only for people aged between 18 and 40.

Bonus rate trap: are you earning less than you should?

Even if their money is parked in a savings account with a competitive interest rate, the reality is that many savers will only be earning a fraction of the interest they could be.

How is that possible? They're not activating their bonus rate. More than two in three savings accounts with a bonus rate didn't receive it each month according to a 2023 ACCC report.

Whitten says that the situation has been made trickier for savers in recent years by the number of conditions banks have attached to bonus rates.

"A good example is ING's Savings Maximizer which is a popular account with one of the best ongoing rates on the market at 5.50% p.a.

"But to get that top rate, you have to deposit $1000 each month, make five transactions with a linked debit card and grow your balance. If you don't meet those, the base rate is only 0.01%."

One strategy that may help savers meet their deposit requirement is automating the process. But in some situations, Whitten says that people may be better suited to account with no strings attached.

"Try setting up an automatic transfer each month between the account your pay goes into and your savings account. That way the money will be in your savings before you have a chance to spend it.

"But if you're consistently not meeting the requirements for the bonus rate and only getting a rate closer to zero, moving to an account with a base rate of 3% or 4% could be worthwhile."

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