Savings account information
Choosing the right account for your savings is more important than ever now that interest rates are falling. Mozo is here to help you find the best interest rates for savings. Our database has the latest interest rates and fees and covers all the main financial institutions, including BankWest savings accounts, UBank accounts and more.
You can also read savings account reviews from real customers around Australia to get the inside story on everything from convenience to customer service.
Whether you're looking for online savings accounts, cash management accounts or simply the best high interest savings accounts on the Australian market, our nifty comparison tools let you quickly filter and compare accounts according to the features you want.
Popular savings accounts include:
You can shortlist accounts and compare your selection side-by-side to pick a winner.
Finding the right account
Before you compare savings accounts, it helps to think about whether you want instant access to your funds, how often you intend to make withdrawals and how much money you will keep in your account month to month.
Some accounts offer bonus, high interest rates if you meet certain conditions, like maintaining a minimum monthly balance or not making any withdrawals. If these sorts of conditions sound too restrictive for your needs, look for an account that offers a good rate without strings attached.
Work out a savings goal and think about setting up an automatic deduction from your bank account each month to go towards your savings. If you need help in figuring out how much you can save and how long it will take you, try Mozo's savings calculator. It will instantly show you what your balance will be and how long it will take to achieve your savings goal.
Savings interest rates
These days many banks advertise special introductory savings interest rates, but when you compare savings accounts be sure to check the regular interest rate that applies once the introductory rate expires.
Some accounts can tempt unwary savers with sky-high introductory rates but leave your savings languishing on a low rate once the introductory offer expires.
Savings account features
Not all accounts offer instant access to your cash. When comparing savings accounts, think about how and when you will want to make withdrawals or transfers.
Mozo lets you filter and compare savings accounts according to the type of features you want, including ATM and EFTPOS access, debit cards and internet banking.
This page is all about personal saving - information concerning accounts in our business banking section.