I've just looked through loads of banks and building societies for the best interest rates for term deposits and cash savings in Australia, there's a lot that shine out including Westpac, RaboDirect, St George, Rams, ING Direct, the highest of them all being the instant access at 4.76% after that it's not until you put your cash away in a 5 years term deposit that you get 4.7%, you can see all the best rates on these pages:

Update new best term deposit interest rate chart is listed here:
Compare the best term deposit interest rates | Money | Saver Scene Australia


I've changed to update it this way in the hope of making it quick and easy for you to see the top rates for cash savings. There's also links to the accounts directly below the interest rate chart, I hope it helps you find the information quickly, the top interest rates are updated every Thursday.

previous pages:
Best interest rate for instant access cash savings
Compared the best rate for 1 month term deposit
Comparing the best rate for 3 months term deposit
Comparing the best rate for 4 months term deposit
Comparing the best rate for 6 months term deposit
Best interest rate for 12 months - 1 year fixed term
Best interest rate for 24 months - 2 year fixed term
Best interest rate for 36 months - 3 year fixed term
Best interest rate for 60 months - 5 year fixed term