Our three savings account picks
Before opening an account: compare the ongoing rate, the conditions you must meet and the rate on your full balance. All rates below are variable. These are general comparisons, not personal financial advice; read the bank’s terms and target market determination before deciding.
Macquarie Savings Account
Our preferred starting point for savers who need flexibility and dislike monthly checklists. Its appeal is a straightforward ongoing rate, particularly when savings may need to cover an unexpected expense.
The highest advertised savings rate is only useful if it applies to your money and you can keep meeting its rules. A withdrawal, an expired welcome offer or a balance above the interest cap can change the result.
Start with Macquarie for simplicity, compare ING Savings Booster for the highest introductory rate among these three, and consider Ubank Save for a smaller monthly growth requirement. This is a focused Australian shortlist, not a claim to cover every bank or identify a permanent market leader.
Compare the accounts
| Account | Introductory rate | Ongoing rate | Key condition / balance limit |
|---|---|---|---|
| Macquarie Savings Account | No welcome offer for newly opened accounts | 5.00% p.a. on the first $2 million; 2.75% above | No monthly deposit, spending or growth test; linked Transaction Account |
| ING Savings Booster | Up to 6.00% p.a. for four months | Up to 5.40% p.a. | Grow balance by $100 monthly, excluding interest; active Orange Everyday; boosted rates up to $500,000 |
| Ubank Save | Up to 5.85% p.a. for eligible new customers, up to four months | 5.10% p.a. when eligible | Have a Spend account; grow combined eligible Save balance by $1 monthly, excluding interest; up to $1 million |
An interest cap is not a government-protection limit. The Financial Claims Scheme generally covers eligible deposits up to $250,000 per account holder per authorised deposit-taking institution (ADI). Ubank operates under NAB; see the protection section below before comparing large balances.
How we chose
We reviewed official account pages, published rate information and eligibility rules, concentrating on the return after a welcome offer ends, withdrawal consequences and how manageable the conditions are. We have not opened and hands-on tested all three accounts, assessed their customer service or ranked their apps.
This rebuild focuses the main comparison on three distinct options. Rabobank and BOQ are outside this focused shortlist; their omission does not mean their accounts are discontinued or unsuitable. The buttons go directly to the banks, where you can check the latest rates and documents.
Macquarie Savings Account
A straightforward account when access matters as much as the headline rate.
Macquarie currently pays 5.00% p.a. across the first $2 million in two balance brackets and 2.75% on the portion above. Opening requires a Macquarie Transaction Account. There are no monthly account-keeping fees or monthly deposit, spending or balance-growth tests.
The previous welcome offer is no longer available for savings accounts opened after 11:59pm AEST on 14 September 2026. Do not budget on the old 5.35% offer if opening now. Existing eligible welcome-rate customers should check their own expiry date and rate.
Macquarie has announced new balance brackets from 1 November 2026. Its published example uses the current rates, but those rates remain variable. Recheck the schedule when the new brackets start.
Our judgement: avoiding a missed bonus month can matter more than a small rate advantage. Simplicity is particularly useful when you cannot predict when you will need your savings.
Strengths
- No monthly eligibility checklist.
- Withdrawals do not trigger a missed-growth penalty.
- Useful starting point for an emergency fund.
Drawbacks
- Lower headline return than qualifying bonus accounts here.
- No new-customer welcome rate now.
- Future rate or bracket changes still need attention.
Consider it if: you value flexibility more than chasing the highest conditional rate.
ING Savings Booster
The strongest introductory percentage in this three-account comparison.
The checked maximum is 6.00% p.a. for four months, then 5.40% ongoing when eligible. The components are a 2.25% base, 3.15% Boost and temporary 0.60% Welcome addition. Boost and Welcome apply up to $500,000; the base applies up to $2 million, with no interest on the portion above.
Boost requires the month-end balance to rise by at least $100, excluding interest. You also need an active, unrestricted Orange Everyday in the same name or names. Welcome eligibility requires that neither you nor a joint holder previously held an ING personal savings account.
If you miss Boost, you still receive the base and, during an eligible welcome period, the Welcome component. At the checked rates, that means 2.85% during the welcome period or 2.25% afterwards on balances within the relevant limits.
Our judgement: this suits planned accumulation better than money you expect to spend soon. Put the monthly target and welcome expiry in your calendar before choosing it for the advertised maximum.
Strengths
- Highest introductory rate among these picks.
- Higher conditional ongoing rate here.
- A fallback rate if you miss Boost.
Drawbacks
- Withdrawals can defeat the growth test.
- Previous ING savings ownership can exclude Welcome.
- Requires another account in matching names.
Consider it if: you meet the welcome rules and expect to add money consistently.
Ubank Save
A lower monthly growth target, with a significant penalty if you miss it.
Ubank lists a 5.10% p.a. Everyday Bonus Rate and a 5.85% Welcome Bonus Rate for eligible new customers. Bonus interest applies to combined eligible Save balances up to $1 million. The portion above that does not earn interest.
You must have a Spend account and grow combined eligible Save balances by at least $1, excluding interest. Ubank checks at 11:30pm Sydney time on the last day of the month. Save balances used as home-loan offsets are excluded. A $1 deposit alone is insufficient if withdrawals leave the total below the required closing balance.
New-customer eligibility requires no Ubank-branded products in the preceding 24 months. The welcome period runs from joining Ubank, not from opening each additional Save account. Shared-account welcome timing depends on the holders’ eligibility and joining dates. Missing the bonus criteria means no interest, including during Welcome.
Our judgement: the smaller growth target is convenient, but the zero-interest fallback deserves more attention than the $1 headline. Do not treat the large interest ceiling as a reason to exceed your desired deposit-protection coverage.
Strengths
- Small required monthly increase.
- Several savings goals can share the combined test.
- Welcome offer for eligible new customers.
Drawbacks
- No interest if the criteria are missed.
- Withdrawals affect the combined total.
- Deposits share NAB’s protection limit.
Consider it if: you can maintain monthly growth and will monitor the combined balance.
Work out what you will actually earn
Compare rates over the time you expect to keep the account. An introductory rate lasts for only part of a year, and a bonus rate depends on qualifying each month. Include any linked-account fees and the interest earned on money above the top-rate cap.
For perspective, the following figures are simple annual illustrations. They are not forecasts for any account.
| Unchanged balance | At 4.00% p.a. | At 5.00% p.a. | At 5.50% p.a. |
|---|---|---|---|
| $10,000 | $400 | $500 | $550 |
| $50,000 | $2,000 | $2,500 | $2,750 |
| $100,000 | $4,000 | $5,000 | $5,500 |
Assumes a constant balance and rate for one year, before tax, without compounding. Actual interest depends on daily balances, payment timing, deposits, withdrawals, tiers and rate changes.
One missed month can outweigh a small rate advantage
On a constant $50,000, 5.10% would produce approximately $2,550 over a year before tax and compounding. If one equal-length month earned zero, the simplified total would fall to $2,337.50. At an unconditional 5.00%, the corresponding illustration is $2,500.
This is a comparison of assumed rates, not a prediction of account returns. It shows why a bonus rule you occasionally miss can matter more than a 0.10 percentage-point advantage.
Monthly growth is different from a monthly deposit
Suppose a growth-test account starts the relevant comparison period with $10,000. You deposit $500 but withdraw $800. A rule based on increasing the closing balance is not met merely because a deposit occurred.
Interest credits also need special care. Both ING’s Boost test and Ubank’s bonus test exclude interest. Use the bank’s displayed eligibility target where available and allow time for transfers to arrive before its cut-off. Moving money between your own Ubank Save accounts does not increase their combined balance.
Keep emergency access practical
Write down the likely reason for the money before choosing the account. A holiday fund with a known payment date, an emergency reserve and money you are steadily accumulating can have different needs.
- Unpredictable withdrawals: prioritise access and the absence of a bonus penalty.
- Regular accumulation: a growth condition may fit your normal savings habit.
- A temporary lump sum: compare the welcome period with the date you expect to use the money.
- A large balance: check both interest tiers and the legal institution holding the deposits.
Before moving a substantial amount, check daily transfer limits, how a new payee is added and whether you can access support when needed. A competitive rate does not establish that the account’s operating limits suit your plans.
Understand the $250,000 deposit-protection limit
APRA says eligible Australian-dollar deposits are protected under the Financial Claims Scheme up to $250,000 per account holder per ADI. The cap applies across eligible accounts with that institution, rather than separately to each savings account or trading brand.
Ubank is part of National Australia Bank Limited. Eligible NAB and Ubank deposits held by the same account holder therefore count together. A $1 million interest ceiling does not mean $1 million is protected for a single account holder.
Use APRA’s Financial Claims Scheme guidance to check coverage. If protecting a larger balance is important, compare separately licensed institutions and allow for other deposits and interest credits when checking the limit.
Should you use a mortgage offset instead?
An offset reduces the home-loan balance used to calculate interest. It can be worth comparing if you already have a suitable mortgage, but the account and loan may carry additional fees or a higher loan rate.
Check whether the offset is full or partial, that it is linked correctly and what access rules apply. An offset and a redraw facility are different arrangements. Compare the complete loan cost and your tax circumstances with qualified advice where needed; do not choose solely by comparing two advertised percentages.
Before opening or switching
- Check the live rate and the part of your balance to which it applies.
- Read the welcome eligibility rules, including previous and joint account ownership.
- Confirm the ongoing and fallback rates.
- Check age, residency, identification and linked-account requirements.
- Read the terms and target market determination on the bank’s official website.
- Check transfer limits and the monthly eligibility cut-off.
- Set reminders for any growth test and welcome expiry.
- Review the first interest payment against the bank’s rate and eligibility information.
Frequently asked questions
Which account is best for an emergency fund?
Macquarie is our simplicity pick among these three. A higher bonus rate may still suit, but consider how an urgent withdrawal would affect eligibility. The money’s purpose should guide the choice.
Does a four-month introductory rate stay fixed?
Not necessarily. These advertised totals are variable. A fixed welcome margin, where offered, does not make the underlying variable rate fixed. Read the offer wording carefully.
Does opening another savings account restart the welcome period?
Do not assume so. Ubank’s period is tied to joining the bank, while ING’s eligibility considers previous personal savings ownership. Opening extra accounts is not a general way to repeat an offer.
Are withdrawals prohibited from bonus accounts?
Withdrawals can be allowed while still affecting the rate. For a growth test, what matters is whether you meet the required closing balance after withdrawals. Being able to access funds and keeping bonus eligibility are separate questions.
Is interest included in the monthly growth target?
Not for the ING and Ubank tests discussed here. Plan for the required increase from money you add, rather than relying on interest credits to qualify.
Are large balances fully government guaranteed?
Not merely because a bank pays interest on them. Check the per-holder, per-ADI limit above, including deposits held with other brands under the same licence.
When should I compare the account again?
Review it before a welcome period expires, whenever the bank changes its rate or conditions, and when your savings purpose changes. Set a regular reminder so the account does not become an overlooked default.
Our verdict
Macquarie Savings Account is our first comparison point for simplicity and flexible savings. ING Savings Booster is worth considering when its welcome eligibility and monthly growth rule suit you. Ubank Save offers a smaller growth target, but its missed-month penalty needs careful attention.
Choose the account whose conditions fit your actual behaviour, then check the return on your balance and the applicable deposit protection. A manageable account can be better value than a larger percentage you rarely earn.
Sources and rate checks
- Macquarie: account rates, linked account and withdrawal of the welcome offer
- Macquarie: balance bracket changes from 1 November 2026
- ING: Savings Booster features and eligibility
- ING: current savings interest rates and rate components
- Ubank: Save rates and balance limits
- Ubank: bonus criteria, interest exclusion and monthly cut-off
- Ubank: welcome eligibility, duration and shared accounts
- APRA: Financial Claims Scheme coverage
- ASIC Moneysmart: comparing savings accounts
- ASIC Moneysmart: offset accounts, fees and access
Rates, fees and account availability checked: 18 September 2026. Rates are per annum and variable; welcome periods, eligibility and balance limits apply. Recheck the official bank pages before opening an account or transferring money. The figures above are a dated comparison, not a rate guarantee.
Need a second opinion?
Ask Adrian before making the decision.
Tell us what you are choosing between, what matters most to you and what you have already checked.