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SAVINGS ACCOUNTS

If you're after a high interest savings account you've come to the right place. Mozo compares the market to help you find the best account for your hard earned savings.

  • We compare 176 savings accounts from 69 banks

  • Savings account information on our site is updated daily

  • More than 300,000 people use our site each month

    • UBank USaver with Ultra Transaction Account
      • Bonus interest. Conditions apply
      • Visa Debit Card with Visa PayWave
      • No monthly account keeping fees
    • special rate

      4.02%(for $0 to $200,000)

      Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the month.

    • standard interest rate

      2.96%(for $0 to $5,000,000)

    • account fee per month
    • Go to site
    More info
    • HSBC Serious Saver
      • No monthly fees
      • No minimum deposit
      • Apply online in under 10 minutes
    • special rate

      4.00%(for $0 to $1,000,000)

      No withdrawals in the month. Bonus rate for first 4 months, reverting to 2.70% bonus rate after

    • standard interest rate

      0.00%(for $0 and over)

    • account fee per month
    • Go to site
    More info
    • ING DIRECT Savings Maximiser
      • No ING DIRECT fees
      • You could get a great variable rate every month, no matter how many times you withdraw
      • Anytime, anywhere banking with mobile app and 24/7 Australian call centre
    • special rate

      4.00%(for $0 to $100,000)

      p.a. for customers who also have an Orange Everyday bank account and deposit $1,000 each month from an external source.

    • standard interest rate

      2.75%(for $0 and over)

    • account fee per month
    • Go to site
    More info
    • RaboDirect 90 Day Notice Saver
      • No monthly fees
      • Quick online applcation
      • Interest paid monthly
    • special rate

      4.00%(for $0 to $250,000)

      90 days notice required for withdrawals

    • standard interest rate

      0.00%(for $0 and over)

    • account fee per month
    • Go to site
    More info
    • Bankwest Hero Saver
      • No account keeping fees
      • No transaction fees
      • 100% secure application process
    • special rate

      4.00%(for $0 to $250,000)

      Minimum deposit of $200 and no withdrawals in the month

    • standard interest rate

      0.01%(for $0 to $5,000,000)

    • account fee per month
    • Go to site
    More info
    • Bankwest TeleNet Saver
      • 4 month variable intro rate for new TeleNet Saver customers only. Limited time offer
      • No minimum monthly deposit
      • No fees
    • special rate

      3.75%(for $0 to $5,000,000)

      Bonus rate for the first 4 months

    • standard interest rate

      2.50%(for $0 and over)

    • account fee per month
    • Go to site
    More info
    • ANZ Online Saver
      • Exclusive online offer 1.20% p.a. bonus interest for 3 months. Limited time only.
      • No minimum balance
      • Interest calculated daily and paid monthly
    • special rate

      3.70%(for $0 and over)

      Bonus rate for the first 3 months

    • standard interest rate

      2.50%(for $0 and over)

    • account fee per month
    • Go to site
    More info
    • ANZ Progress Saver
      • Earn up to 3.60% bonus interest when no withdrawals are made
      • No monthly account fee
      • Receive 1 free ANZ withdrawal per month before additional withdrawal fees apply
    • special rate

      3.61%(for $0 and over)

      Minimum deposit of $10 and no withdrawals in the month

    • standard interest rate

      0.01%(for $0 and over)

    • account fee per month
    • Go to site
    More info
  • Savings account reviews

      • UBank

        UBank savings account review

        Nothing but a hassle

        1. Overall customer rating
        2. (Reviewed about 9 hours ago)

        I switched my banking over to Ubank a few months ago, chasing their substantially higher savings interest rates. They were paying 4.92% at the time, which was at least .8% higher than their closest rival. A few months down the track and they are n...  Full review 

        I switched my banking over to Ubank a few months ago, chasing their substantially higher savings interest rates. They were paying 4.92% at the time, which was at least .8% higher than their closest rival. A few months down the track and they are now paying a miserable 0.01% more than their closest rival for an online savings account. Perhaps I'm making a big deal about nothing, but the only easy thing about banking with Ubank was opening my accounts, everything else has been a negative experience. They process transactions far slower than the other banks, so if you're used to having your salary paid by 1 in the afternoon, be prepared to wait until 11:30pm, and this same issue affects any transfers you make to other parties, leaving them waiting for longer. Their automatic sweeps are a nuisance. Why must I have $100 in my linked transaction account (which is also forced and at the time of opening the savings account, also had the condition of requiring I deposit my salary in to it) at all times? If your account dips below this, the money from your savings account is automatically "swept" into your transaction account to top it up - it's called a savings account for a reason! Their system will often go offline for anywhere between a few hours to over a day (I recall a time it went down close to midnight on a Friday and wasn't available again until Monday). This is scheduled though, so it's okay right? Not when you can't go to an ATM to withdraw money and literally have no way of accessing your money. Unacceptable. It wouldn't happen with any other bank! There's also always phone queues when trying to get through to them. Overall, it's been nothing but a hassle for what is now a 0.01% interest advantage with a bank that doesn't have branch presence and processes transactions several hours slower than any other bank I've ever been with. I would not recommend Ubank to anyone.


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        UBank USaver with Ultra Transaction Account savings account review by Sara from New South Wales

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      • Westpac

        Westpac savings account review

        Great customer services and flexibility

        1. Overall customer rating
        2. (Reviewed about 10 hours ago)

        Westpac have been my bank since I opened my first account in 2008. So far I have been happy with their services and their customer work is one of the best that I have come across. The online services are easy to use and allow me to get in and out ...  Full review 

        Westpac have been my bank since I opened my first account in 2008. So far I have been happy with their services and their customer work is one of the best that I have come across. The online services are easy to use and allow me to get in and out with minimal fuss or loss of time. Overall, their work with me has been great and they are happy to accommodate my needs and wants.


          1. Price
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        Westpac savings account review by Aaron from New South Wales

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      • Bendigo Bank

        Bendigo Bank savings account review

        Excellent features and customer service

        1. Overall customer rating
        2. (Reviewed about 10 hours ago)

        I like the Bendigo bank because it is owned by the local community and they look after you with their excellent customer service, interest rates and fees. They also allow you to overdraw your account up to $100 per week with out charging you a fee...  Full review 

        I like the Bendigo bank because it is owned by the local community and they look after you with their excellent customer service, interest rates and fees. They also allow you to overdraw your account up to $100 per week with out charging you a fee, providing they know you have a regular income coming in to your account. They also have branches all over Australia and you can also withdraw money from the Westpac ATMs with no withdrawal fees.


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          1. Features
          1. Customer service
          1. Convenience
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        Bendigo Bank EasySaver Account savings account review by Gavin from Victoria

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    • 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.

    • Making comparisons

      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.

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  • Community

    Keep up to date with the latest news or get your savings account questions answered by the money mavens on Mozo Answers.