Have you been thinking about getting a better savings account? If you haven’t, now might be the time to look.

The Reserve Bank of Australia announced it was increasing the Australian cash rate to a record 15-year high of 4.6%. It's the fourth rate rise in 2026, taking the cash rate to its highest level since 2011.

An increase to the cash rate means that many banks and financial institutions will increase their interest rates. Most often, we know this can translate to an increase in interest payments on loans and deposits. While another rate rise is unwelcome news for those with a mortgage, there is another more positive side to the equation: savers could benefit from higher deposit interest rates.

As the cash rate has climbed this year, banks and financial institutions have lifted the rates available on some savings accounts, with some of the most competitive accounts now offering interest rates close to or at six per cent. These rates are high enough that they could be similar to the return percentage seen on the Australian stock market in 2026. Commsec has noted that the returns for the ASX 200 in 2026 are sitting around 5.9 per cent. Amid a year of global economic uncertainty, a high-interest savings account could be a reliable option to ensure the money you save is growing.

If your savings are currently sitting in an account paying very little interest, now could be the time to switch to a higher interest savings account.

Should you switch savings accounts?

If your money is sitting in savings account paying little interest, it may be worth comparing what's available now.

But you shouldn't rush into a new account based solely on today’s RBA announcement. We won’t know exactly what the rate hike means for savers until individual banks announce their own changes. That can take several days after the RBA makes its decision.

For more information and to compare which high-interest savings accounts are currently on offer, online resources like savings.com.au are available. It shows there are currently several savings accounts paying in the high 5 per cents – and these rates could go higher after September's change.

It’s also worth looking beyond savings accounts. High-interest term deposits are a separate option, where you agree to leave your money with a bank for a set period in exchange for a fixed interest rate. Unlike a savings account, you generally can’t access the money whenever you like without restrictions or potentially losing some of the interest. But this means that during times where the cash rate is high, you could have the opportunity to lock your money in at a high interest rate. You can currently find term deposit rates over 5 per cent.

What is a high-interest savings account?

In short, a high-interest savings account means that you earn a competitive rate of interest on the money you keep there.

They do, however, typically come with some conditions. Depending on which bank you use, you might need to deposit a certain amount each month, increase your balance by a certain amount, or avoid withdrawing money from the account at all. This means that a high-interest savings account won't be the right choice for every saver.

Interest rates can also change over time –  for example, some banks might offer a higher introductory rate for a limited period, and then revert to a lower ongoing rate.

Why does the RBA's cash rate affect your savings?

The RBA reviews and sets the cash rate eight times per year. That rate influences how much it costs to borrow money and in turn, how much banks are willing to pay you to keep your money with them. So, when the RBA raises the cash rate, it could push up the interest you pay on loans — but it could also mean banks offer more interest on your savings, to encourage deposits.

Before today's decision, the RBA's cash rate sat at 4.35 per cent, after three increases earlier in 2026. Some savings rates have followed, with competitive accounts now offering rates well above five per cent and some reaching close to six per cent, depending on the account and its conditions.

Of course, a higher cash rate doesn't automatically mean every bank will immediately pass the full increase on to savers. You'll need to check the rate on your own account rather than assuming it has moved with the RBA.

Moral of the story? Check your rate, and see if you can find a better one.