What is the best savings account rate in Australia?

Australian savings account rates vary by provider and change frequently. As of 2026, competitive high-interest savings accounts offer between 4.5% and 5.5% p.a. for balances up to certain limits, often with conditions like depositing a minimum amount each month. Compare rates regularly and consider whether bonus conditions suit your saving habits. Term deposits may offer higher rates if you can lock your money away.

Savings Goal Calculator

Q: How much should I save each month?

The amount you should save each month depends on your goal, timeframe, and current savings. A common rule of thumb is the 50/30/20 rule — save at least 20% of your after-tax income. For specific goals like a house deposit, holiday, or emergency fund, use a savings goal calculator to work out the exact monthly amount needed based on your target and timeline.

Q: How long will it take to save $100,000?

The time to save $100,000 depends on your monthly savings and interest rate. Saving $1,500 per month at 5% interest, starting from zero, it would take approximately 4 years and 10 months. Saving $2,000 per month at the same rate would take about 3 years and 10 months. Starting with existing savings significantly reduces the timeframe.

Enter your savings goal, current savings, and interest rate. Calculate how much you need to save per month, fortnight, or week — or find out how long it will take to reach your target with a fixed monthly contribution.

Last verified: 1 July 2025

How long will it take to save $100,000?

At a competitive high-interest savings rate of 5% p.a., starting from zero, saving $1,500/month gets you to $100,000 in about 4 years 10 months. $2,000/month gets there in 3 years 10 months. Add an existing $20,000 head start and the timeline drops by roughly 11-14 months. Source: ASIC MoneySmart; RBA retail deposit and lending rates.

Common goals. Emergency fund $15,000 at $500/month @ 5% → 2 years 5 months. House deposit $80,000 (20% of $400k) at $1,500/month → 4 years 0 months. Car upgrade $30,000 at $800/month → 3 years 1 month. Drop the target or raise the monthly — those are your only two levers. Keep savings in a high-interest savings account (4.5-5.5% p.a. typical in 2026).

General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

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How long will it take to save $100,000?

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