Is your savings rate in the top 10 best interest rates?
While rates are still high, making sure your savings account's interest rate is good can be helpful to your financial goals. It’s important to make sure your savings are not just idling but actively growing. One way to check how you’re going is by looking at how your account stacks up.
What’s considered an ‘average’ savings rate
The average interest rates for various types of savings accounts can help frame where your current rate sits. If you’re above the average, but below the top 10, then you’ve still likely got a good rate. The Mozo data team looked through the 199 accounts we compare to figure out the average rates across a number of categories.
These average savings interest rates are as follows:
Account Type | Average Rate |
All Ongoing Accounts | 3.45% |
Only Bonus Accounts | 4.59% |
Only Introductory Accounts | 4.84% |
Only Base Rate Accounts | 1.40% |
*correct as of 10 April, 2024
Choosing the right account
The type of savings account you opt for should align with your current financial goals. For short-term aims, introductory rate accounts might be preferable, offering high rates for an initial period before settling on a base rate. On the other hand, if your sights are set on the long-term, a high-interest savings account, particularly those offering bonus rates, could be more beneficial. These accounts often come with conditions like no withdrawals or balance growth requirements, making them suited for deposits that you can set aside without regular access.
The Top 5 Bonus rates
The top 10 list has been split into two savings categories; bonus and introductory.
Bank | Account Name | Bonus Rate |
ME | HomeME Savings Account | 5.55% p.a. on balances up to $100,000 |
1. Bank of Queensland 2. ING 3. MOVE Bank | 1. Future Saver Account (14-35 years) 2. Savings Maximiser 3. Growth Saver | 1. 5.50% p.a. on balances up to $50,000 2. 5.50% p.a. on balances up to $100,000 3. 5.50% p.a. on balances up to $25,000 |
AMP Bank | AMP Saver Account | 5.40% p.a. on balances up to $250,000 |
Virgin Money | Boost Saver with Go Account - Lock Saver Feature | 5.35% p.a. on balances up to $250,000 |
1. Bendigo Bank 2. Great Southern Bank 3. IMB Bank 4. RACQ Bank | 1. Reward Saver 2. Home Saver 3. Reward Saver Account 4. Bonus Saver | 1. 5.25% p.a. on balances up to $100,000 2. 5.25% p.a. on balances up to $100,000 3. 5.25% p.a. on balances up to $1,000,000 4. 5.25% p.a. on balances up to $100,000 |
Bear in mind that, since these accounts are bonus rates, failing to meet the conditions will result in your interest being downgraded to a lower base rate. While a number of accounts share the same special interest rate at balance, keep in mind that the base rate may differ widely.
See the list of Top 10 Bonus Rate Savings Accounts
The Top 5 Intro rates
Introductory rates accounts are savings accounts that offer a higher rate for a set number of months, usually anywhere from 3 to 6 months. After this period is over, your rate will revert to a lower base rate, so it’s important to check what you’ll get after your intro rate is over.
Bank | Account Name | Intro Rate |
Rabobank | High Interest Savings Account | 5.75% p.a. for the first 4 months of balances up to $250,000 |
Credit Union SA | Netsave Account | 5.40% p.a. for the first 4 months |
1. Bank of Melbourne/BankSA/St George 2. Macquarie Bank | 1. Maxi Saver 2. Macquarie Savings Account | 1. 5.35% p.a. for the first 3 months 2. 5.35% p.a. for the first 4 months on balances up to $250,000 |
1. Bank of Melbourne/BankSA/St George 2. IMB Bank | 1. Incentive Saver Account 2. Reward Saver Account | 1. 5.25% p.a. for the first 4 months for balances between $0 and $249,999.99 2. 5.25% p.a. for the first 4 months for balances up to $1,000,000 |
ING | Savings Accelerator | 5.20% p.a. for the first 4 months on balances between $150,000-$500,000 |
See the full list of Australia's Best Savings Accounts.
The impact on your goals
Whether you're building an emergency fund or saving for a significant investment, the interest rate of your savings account can accelerate or delay your progress. Tools like savings account calculators can help you gauge how different rates affect your savings over time.
You can check out our savings calculator here and compare savings accounts on our high interest savings account page.
Savings account comparisons on Mozo - last updated 2 May 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
Your selected savings accounts
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