Your selected savings accounts
With everything costing more right now, saving money has never been so important. That's where a high interest savings account can make all the difference! You can compare the best ones on the market below and take the next step toward increasing how much money you have in the bank.
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.
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.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected savings accounts
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
Read our Mozo Review to learn more about the ubank High Interest Save Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
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.
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.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
Your selected savings accounts
^See information about the Mozo Experts Choice Savings accounts Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
High interest savings account is a term that encompasses a wide range of savings account types including bonus, introductory, and even some base rate accounts. They usually come with some added condition like regular minimum deposits or a number of eligible transactions.
These accounts have shown why they earned the title “high interest”, with some interest rates in the Mozo database sitting above 5%. Knowing various benchmarks and averages can be a helpful way of determining whether the savings account you’re looking at is above average or not. Currently, our data team has put the average bonus savings rate at 4.58% p.a., the average introductory rate at 4.84% p.a., and a 3.44% p.a. average for all ongoing rates.
A helpful way of visualising the power of higher rates is mapping out the effects of interest rates over long periods. Applying the average rates to an account balance of $2,000 would give you…
Year | 4.84% p.a. | 4.58% p.a. | 3.44% p.a. |
1 | $2,099 | $2,094 | $2,070 |
2 | $2,203 | $2,191 | $2,142 |
5 | $2,546 | $2,514 | $2,375 |
10 | $3,242 | $3,159 | $2,820 |
Of course, this calculation assumes that interest rates won’t fluctuate but since savings accounts have variable rates, you’re likely to see your return move around over time as the RBA tweaks the cash rate. Also, if you make regular contributions to your balance, the effects of compounding rise even faster.
We track a wide range of high interest savings providers across standard, bonus, and intro rates here at Mozo. Sometimes the absolute highest rate account has conditions that won’t work well for your savings situation. In that case, you can compare other savings accounts available that could deliver a better return for your situation.
The current highest rate leaders in the Mozo database for each top high interest category are:
Savings account | Interest rate | Special rate conditions |
Bonus Rate: ME HomeME Savings Account | Up to 5.55% p.a. | Minimum $200 must be deposited into the account with no withdrawals in the month. |
Intro Rate: Rabobank High Interest Savings Account | 5.75% p.a. | The rate is for the first 4 months of account opening. |
Base Rate: Police Bank U30 Super Charge Account | 5.25% p.a. | Full salary to be credited to the Police Bank. Account for members aged 18-29 only. |
*According to the Mozo database as of 1 April 2024.
For a comparison between all account types, visit our savings comparison page.
A high interest savings account is any bonus, introductory, or ongoing savings account with an above-average interest rate compared to other everyday bank accounts. Keep in mind that, unlike fixed-interest term deposits, high-interest savings accounts have variable interest rates and are subject to change at a bank's discretion.
Let’s take a look!
Just by meeting certain conditions every month, you could have access to much higher ‘special rates’ and earn bonus interest!
What conditions? They could include: depositing a minimum amount each month, making a minimum number of transactions each month, or not making any withdrawals.
Many banks offer their best savings rates to customers who open two accounts with them: one for savings, and one for everyday transactions.
Just make sure you’re getting a competitive deal for both accounts…
Check that both accounts have good interest rates
Look out for pesky fees (account, ATM, overseas transaction)
Why?
Introductory savings rates may be sweet, but they’re also short-term… wait 3 or 6 months, and they’ll revert to lower ongoing rates.
So it’s a smart idea to focus more on the longer-term ongoing rates while shopping around.
Of course - the more you stash away in your savings account, the more interest you’ll earn.
Got cash sitting in a bank account that you don’t need right now? Transfer it to your savings account and watch the balance grow!
Mozo’s comparison tables have been designed to help make it easy for you to compare high interest savings accounts side by side.
The Maximum Rate column lists the highest interest rate you can earn in a given month, usually by meeting the required conditions. If the account has an introductory rate, this will also be listed in the Maximum Rate column.
The Standard Interest rate column lists the base rate you'll earn if you don't meet the bonus rate conditions. For accounts that have introductory rates, this column shows the base rate you'll receive once the intro rate has ended.
When deciding what kind of high interest savings account will be best for you, it's important to know your financial objectives. Each savings account type and the interest rates offered cater to different needs and preferences. For instance, introductory rates can be beneficial if you have short-term savings goals while a bonus rate is better if you’re planning a longer savings period (provided you’re able to actively meet the monthly conditions).
There are three different rate types you should be aware of:
Introductory rate: You’ll get a high interest rate for the first few months before reverting to a lower base rate.
Bonus rate: High interest savings accounts that require you to meet certain conditions each month. If these conditions are not met, it will revert to a lower base rate.
Ongoing/base rate: the only condition for this kind of account is usually the balance limit. On average they are lower than the other two account types.
Mozo’s comparison database which is managed by our research team currently tracks a wide range of high interest rate savings accounts across Australia.
To help you a better idea of what constitutes high or low savings interest ratethe current average rates (*9 April 2024) compared with the big 4 banks (ANZ, NAB, CBA, Westpac) according to Mozo data are:
All Average |
Big 4 Average |
|
All Ongoing |
3.45% p.a. |
3.44% p.a. |
Only Bonus |
4.59% p.a. |
4.79% p.a. |
Only Introductory Rates |
4.84% p.a. |
4.69% p.a. |
Only Unconditional Rates |
1.40% p.a. |
1.62% p.a. |
If you want to check out the current best high interest savings accounts, then click the link to compare the top 10 accounts on our database.
Most high interest savings account rates will require that certain conditions are met in order to get the maximum interest rate. Some of these may work to your advantage or situation, but others (like conditional bonus rates) may have unrealistic requirements for your savings goals or are impractical in your daily life so its important you know what these are before applying.
Some of the common requirements you may come across include:
A linked transaction account. A banking account linked to your savings account that you can move funds in and out of.
Make a number of eligible transactions e.g. 5 transactions a month to be eligible for a bonus rate
Minimum monthly deposits e.g. deposit at least $200 a month
No withdrawals or it may revert to a smaller base rate
Age limit e.g. 18-35 year olds only
Balance limit e.g. lower rate for balances over $250,000
Very. The Australian government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) under the financial claims scheme. This means the government will reimburse any amount of $250,000 or under should the ADI (bank, credit union, etc.) fail.
If you’ve saved up more than $250,000, you’d need to keep smaller amounts of up to $250,000 in different banks for all your funds to be covered by the government's guarantee.
A high interest rate account can help you reach your savings goals faster—whether that be a home loan deposit or an emergency fund. However, keeping in mind the advantages and disadvantages of this kind of account is important. That way, you’ll get a clearer idea of the kind of account that you’re looking for.
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Choosing the best savings account for you is a great first step, but there are a few things you do to make sure your savings grow.
Meet any bonus conditions. The base interest rate on a savings account isn't usually the best offer. Check if there’s a special intro or bonus rate available, and try your best to meet any requirements regularly.
Build up your balance. It’s a good idea to set up automatic deposits into your account to help keep your savings on track and bonus conditions met so that you can earn the maximum interest. But be realistic, because if you need to withdraw money regularly you will not earn the highest interest.
Compare savings options. Savings rates are changing all the time so keep an eye out for new high interest savings rates and if your provider's rate is falling behind, don’t be afraid to switch!
Nowadays, you’ll tend to open a high interest savings account online. You’ll also need to make sure that you have the necessary documentation ready like ID verification, citizenship, employment, and tax details.
Since most of the process is online, opening a high interest savings account can be a pretty fast process and in some cases can take under 10 minutes.
Yes, interest earned is considered the same as income and you’ll need to declare this on your annaul tax return.
Not with your savings account, but you can (or may even be required to) have a transaction account when you signed up which should come with a debit or ATM card.
If you want to get a quick idea of how much your high interest savings account could earn you, check out the Mozo Savings Calculator
In general, most savings accounts don’t have a specific limit on how much you can deposit. However, there are usually balance tiers for high-interest savings account rates, which means that once your balance reaches this amount, the interest rate will either drop or increase depending on the savings account.
You can open multiple high interest savings accounts with different banks. However, a lot of the benefit from high interest accounts comes from a larger deposit earning interest. You may also have to pay a lot of fees if you’ve got multiple accounts.
While ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.
Read full reviewWhile ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.
ING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.
Read full reviewING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.
They are always looking out for me
Read full reviewThey are always looking out for me
Your selected savings accounts
