Best savings accounts without monthly deposit requirements
This guide focuses on savings accounts that do not require a monthly deposit to get the better rate.
By Savings Planner · Guide updated 22 Sept 2026 · Rates checked
Top rates for savings accounts without monthly deposit requirements at a glance
As of 2 Oct 2026, the highest advertised savings rate for savings accounts without monthly deposit requirements in our dataset is 6.00% p.a. from ING Savings Booster (4-month intro, then 5.40% p.a.), which requires you to grow the balance by at least $100 by month end. The highest rate with no monthly conditions is 5.90% p.a. from Rabobank High Interest Savings Account (4-month intro, then up to 4.00% p.a.).
| Bank | Product | Max rate | Ongoing rate | Intro offer | Top rate applies to | Conditions |
|---|---|---|---|---|---|---|
| ING | Savings Booster | 6.00% p.a. | 5.40% p.a. | 4-month intro 6.00% p.a. | Any balance | Grow the balance by at least $100 by month end. |
| Rabobank | High Interest Savings Account | 5.90% p.a. | Up to 4.00% p.a. | 4-month intro Up to 5.90% p.a. | Any balance | No monthly conditions. |
| ING | Savings Accelerator | 5.85% p.a. | Up to 4.80% p.a. | 4-month intro Up to 5.85% p.a. | First $250,000 | No monthly conditions. |
| ubank | Save account | 5.85% p.a. | Up to 5.10% p.a. | 4-month intro Up to 5.85% p.a. | First $1,000,000 | Grow the balance by at least $1 by month end. |
| Bankwest | Bankwest Easy Saver | 5.75% p.a. | Up to 5.00% p.a. | 4-month intro Up to 5.75% p.a. | Any balance | No monthly conditions. |
| Newcastle Permanent | Smart Saver Account (under 25) | 5.75% p.a. | Up to 5.75% p.a. | — | First $50,000 | Finish the month with a higher balance than you started with. Make no more than 2 withdrawals each month. |
| Great Southern Bank | Youth eSaver | 5.50% p.a. | Up to 5.50% p.a. | — | First $5,000 | No monthly conditions. |
| Regional Australia Bank | Saving Account | 5.45% p.a. | 3.25% p.a. | 3-month intro 5.45% p.a. | Any balance | No monthly conditions. |
| Bank First | Strong Start Saver | 5.40% p.a. | Up to 5.40% p.a. | — | First $250,000 | No monthly conditions. |
| MyState | Hello Saver account | 5.40% p.a. | Up to 5.00% p.a. | 4-month intro Up to 5.40% p.a. | First $500,000 | No monthly conditions. |
What this shortlist removes
This shortlist removes every product whose bonus rate depends on a minimum monthly deposit. It does not remove other conditions: products here can still have balance-growth rules, card-spend rules or withdrawal limits, and several do. Read the conditions column before choosing.
If you want no conditions at all, use the No hoops filter on this list or in Savings Planner, which removes every monthly rule type at once.
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