The Reserve Bank of Australia has raised the official cash rate by 25 basis points to 4.10%, the second consecutive rate hike in 2026.
The rise follows another 25-basis point rate increase in February which ended the downward run of three cuts to the cash rate in 2025.
While it’s not good news for mortgage holders, savers will welcome the boost to their savings account interest rates.
Savings.com.au will provide rolling updates on this page to savings account rate changes following the RBA rate hike on 17 March.
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Rates are current as at the date noted below.
Article last updated: 18 March 2026
Key notes:
p.a. = per annum (interest paid over the period of a year) basis points = (1 basis point = 0.01%)
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Macquarie Bank savings account rate increase
Macquarie Bank is increasing the variable interest rate on its transaction and savings accounts by 0.25% p.a. from 2 April 2026.
Macquarie Savings Account customers will earn an ongoing variable rate of 4.75% p.a. (up from 4.50% p.a.) on balances up to $2 million.
The variable welcome rate for new customers will increase to 5.10% p.a. (up from 4.85% p.a.) for four months on balances up to $250,000.
There are no conditions attached to earning interest with a Macquarie Bank Savings Account.
Macquarie will also increase the interest paid on its Transaction Account to 2.50% p.a. (up from 2.25% p.a.) on all balance amounts, also from 2 April.
AMP GO Save savings account rate increase
AMP Bank‘s online bank AMP GO is lifting the rate on its AMP GO Save account by 0.25% from 23 March 2026.
This will take the rate to 4.85% p.a. (up from 4.60% p.a.) for personal Save account balances up to $500,000.
There are no conditions to earning the top rate on AMP GO Save account.
A new rate of 4.00% p.a. (up from 3.75% p.a.) applies to GO Save balances $500,000 to $5 million.
ING savings account rate increaseSavings Maximiser
ING will raise the variable interest rate by 0.25% to 5.25% p.a. on its Savings Maximiser account from 27 March 2026.
The new rate is made up of a 0.01% base rate and an additional variable rate of 5.24% p.a. (up from 4.99% p.a.) for account holders meeting bonus rate conditions, as follows:
Have an Orange Everyday bank accountDeposit at least $1,000 from an external source to any personal ING account in their own name (excluding Living Super and Orange One)Make five or more settled (not pending) eligible ING card purchasesGrow their nominated Savings Maximiser balance (excluding interest earned for the current month)
When the criteria is met in a calendar month, the additional variable rate will apply in the next calendar month. (Available on one account for balances up to $100,000.)
Savings Accelerator
The Kickstarter variable rate offers for the first four months for new to ING customers are increasing from 27 March 2026, as follows:
3.80% p.a. (up from 3.55% p.a.) for balances $0 – $49,999.994.70% p.a. (up from 4.45% p.a.) for balances $50,000 – $149,999.995.65% p.a. (up from 5.40% p.a.) for balances $150,000 – $500,000
(Rates include a Kickstarter variable rate of 1.05% p.a. on top of the variable rate for balances up to $500,000 for four months from the account opening date.)
Ongoing variable interest rates apply as follows:
2.75% p.a. (up from 2.50% p.a.) for balances $0 – $49,999.99Â 3.65% p.a. (up from 3.40% p.a.) for balances $50,000 – $149,999.994.60% p.a. (up from 4.35% p.a.) for balances $150,000 – $500,000
Combined total deposits in all Savings Accelerator accounts shouldn’t exceed $5 million.
Bank of Melbourne, BankSA, St George savings account rate increase
The Westpac group’s regional bank brands will lift deposit rates on their Incentive Saver accounts from 27 March 2026.
The top variable rate will increase by 0.25% to 4.90% p.a. (up from 4.65% p.a.) on balances up to $250,000 for those meeting bonus rate conditions.
This is made up of a base rate of 0.10% p.a. and a bonus variable rate of 4.80% p.a. (up from 4.55% p.a.)
For account balances of $250,000 or more, the top variable rate is 4.75% p.a. comprised of a base rate of 0.10% p.a. and a bonus variable rate of 4.65% (up from 4.40% p.a.) for those meeting bonus conditions.
The rates apply to the total account balance.
To earn bonus interest on Incentive Saver accounts, account balances must be above $0 at all times and monthly deposits must be made, apart from interest payments.
The balance of the account must grow in the month to be eligible for bonus interest (monthly interest payments are not counted).Â
Judo Bank savings account rate increase
Judo Bank is lifting the variable rate on its new Personal Savings Account product by 0.25% to 5.35% p.a. (up from 5.10% p.a.) from 23 March 2026.
The rate will apply to all new and existing Judo Savings Account customers meeting bonus rate conditions on balances up to $250,000.
To earn the top rate on a Judo Savings Account, customers must deposit $300 a month into their account.
There are no withdrawal limits.
My State Bank savings account rate increase
My State Bank is increasing savings account rates as follows:
Hello Saver
The welcome rate will increase by 0.30% to 5.15% p.a. (up from 4.85% p.a.) for new customers for the first four months on balances up to $100,000.
The ongoing rate will increase by 0.25% to 4.75% p.a. (up from 4.50% p.a.) on balances up to $100,00.
The rate drops to a new rate of 2.50% p.a. (up from 2.25% p.a.) on balances $100,000 or more.
No conditions are attached to the Hello Saver account and no transaction account is required.
Changes are effective from 26 March 2026.
Bonus Saver
The Bonus Saver account maximum rate will increase by 0.25% p.a. to 4.75% p.a. (up from 4.50% p.a.) on account balances up to $500,000.
This will be made up of a base interest rate of 0.05% p.a. and a bonus interest rate of 4.70% p.a.
To earn the top interest rate, account holders must deposit at least $20 into their Bonus Saver account each month and make at least five eligible Visa Debit card transactions each month from their linked MyState Glide account.
Changes take effect from 26 March 2026.
Teachers Mutual group savings account rate increase
The Teachers Mutual Group includes Firefighters Mutual Bank, UniBank, and Health Professionals Bank brands.
The group will increase variable interest rates by 0.25% p.a. across its variable rate savings products, effective 26 March 2026.
Deposit products that operate with a monthly bonus interest feature will see the increase applied the following month.
The rate increase will see the group’s top-rate Starter Saver account interest rate lift to 5.00% p.a. (up from 4.75% p.a.) on balances up to $50,000 from 26 March 2026.
The Starter Saver account is available to members under 30 years old and university students of any age.
Ubank savings account rate increase
Ubank was the first bank to announce an increase to its savings account rates.
NAB-owned Ubank will increase its Everyday Bonus rate to 4.85% p.a. (up from 4.60% p.a.) on balances up to $1 million, effective 24 March 2026. [Subject to account holders meeting bonus conditions.]
The base rate, if bonus conditions are not met, remains at 0%.
The variable welcome rate will also increase to 5.60% p.a. (from 5.35% p.a.) for the first four months for new customers, also from 24 March.
New customers are those who have not held any Ubank branded products in the previous 24 months.
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