Savings account interest rates show significant shifts in Australia and the UK

Savings account interest rates are seeing significant shifts in both Australia and the United Kingdom, prompting financial analysts to advise consumers to review their holdings.

In Australia, bonus savings account rates reached approximately 4.8% p.a. as of May 2026. While this is higher than the 2016–2025 average of 2.5% p.a., historical data suggests these high rates may not be permanent. Long-term averages, such as the 2002–2025 period, sit at approximately 3.2% p.a.

In the United Kingdom, building societies are currently outperforming major banks in interest offerings. Analysis shows that a £10,000 balance could earn roughly £422 in a top-rate building society account, compared to only £116 in an average big bank easy access account. Recent industry awards highlighted this trend, with building societies such as Nottingham, Skipton, and Aldermore winning various savings categories, while no high street banks were named winners in the savings categories.