# Savings account interest rate trends in Australia and UK > Live situation record from CLSTR: https://clstr.news/situations/savings-account-interest-rate-trends-in-australia-and-uk > Updated: 2026-10-21T21:16:44.000Z. Sources: 4. Developments: 2. Savings account interest rates have shown significant shifts in Australia and the United Kingdom. In Australia, bonus savings rates reached approximately 4.8% p.a. by May 2026, exceeding the 2016–2025 average of 2.5% p.a. In the United Kingdom, building societies have outperformed major banks, with top-rate building society accounts offering significantly higher returns on a £10,000 balance compared to average big bank easy access accounts. Following these trends, specific financial institutions have implemented rate increases. The Bank of Ireland raised interest rates for its Advantage Fixed Term Deposits by between 0.25% and 0.50% for 6, 12, and 18-month terms. In Australia, AMP Bank increased its 6- and 12-month GO term deposit rates by 15 basis points, bringing the 6-month rate to 5.30% p.a. and the 12-month rate to 5.55% p.a., positioning its offerings above Australia’s four largest banks. ## Timeline ### 2026-10-21: Bank of Ireland and AMP Bank increase savings interest rates Bank of Ireland and Australia's AMP Bank are raising interest rates on fixed-term savings accounts to remain competitive and attract customer deposits. 2 sources. https://clstr.news/cluster/bank-of-ireland-and-amp-bank-increase-savings-interest-rates ### 2026-10-06: Savings account interest rates show significant shifts in Australia and the UK Savers in Australia and the UK are seeing competitive interest rates, with Australian bonus accounts near 4.8% and UK building societies significantly outperforming major banks. 2 sources. https://clstr.news/cluster/savings-account-interest-rates-show-significant-shifts-in-australia-and-the-uk --- Cite as: Savings account interest rate trends in Australia and UK. CLSTR, https://clstr.news/situations/savings-account-interest-rate-trends-in-australia-and-uk