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.
Virgin Money Boost Saver with Go Account
Earn up to 1.20% p.a. interest (up to $250,000)
Bundle your savings account with a spending account to enjoy a market-leading savings rate
The Boost Saver with Go Account from Virgin Money offers savvy savers the opportunity to bundle their transaction account with their savings account to earn a maximum savings rate of 1.20%. Plus, for limited time you can also earn 5,000 bonus Virgin Money points on purchases. To get the maximum rate, you'll just need to deposit $2,000 each month and make 5 eligible payments from your Go Account (drops to $1,000 for 18 to 25s).
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.
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.
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 1.01% in interest on a one year term and have the option to 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.