With interest rates in Australia stuck at an all time low, getting the best value savings, bank accounts and term deposits is critical, whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster.
With a heap of accounts to choose from, it can be daunting deciding which one is right for you. From minimum fees, to no account keeping fees, to high interest rates, our Mozo experts have put their heads together to work out which savings accounts do the best job of helping Aussies to meet their savings and everyday banking goals.
For our 2021 Mozo Experts’ Choice Awards, we compared savings, bank accounts and term deposits from 81 financial institutions to identify the best on the market. So if you’re on the lookout for somewhere to stash your loose change, here are some of our top picks.
SAVINGS ACCOUNTS
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Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
If you’re a committed saver who likes to be rewarded for your good habits, then you should check out the MyState Bank Bonus Saver Account. This savings account features a neat 1.20% maximum interest rate and no account keeping fees. All you need to do is get that rate is make five transactions and deposit $20 into the account every month. You’ll have your interest paid out monthly and only need $1 to open an account. Simple as.
BANK ACCOUNTS
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
HSBC - Everyday Global Account
2% cashback on tap & pay purchases under AU$100 (conditions apply)
Lock in an exchange rate ahead of time or convert Aussie dollars when you spend
HSBC’s Everyday Global Account is one that’s super special. There are no minimum deposit or minimum balance requirements and you can also make unlimited free transactions online, over the phone, via EFTPOS, BPAY or direct debits, as well as using HSBC ATMs fee-free. But where this account really stands out is that it allows you to keep up to ten currencies in one bank account to spend when you travel or shop internationally.
Suncorp - Everyday Options
Freedom to create up to 9 sub-accounts
An interest rate of 0.05% p.a. on each sub-account
The 2021 Mozo Experts Choice Award winning Everyday Options account from Suncorp is a handy everyday bank account with a difference. Not only does it boast a range of flexible options to help you to manage your day-to-day money needs, you’ll also have the ability to link up to nine sub-accounts (each of which can earn you an interest rate of 0.10% p.a.) that can be used for different goals.
TERM DEPOSITS
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
With the Judo Bank Term Deposit, savers will have access to a range of competitive interest rates, which can be paid out on either a monthly or yearly basis or when the term deposit hits maturity. Aussies can earn 1.20% in interest on a two year term and have the option to have their interest paid to another bank. Plus, savers also have the opportunity to earn a 0.10% loyalty bonus if they reinvest their balance in another term deposit once it reaches maturity.
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.
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Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
Important information on terms, conditions and sub-limits
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
