You probably know that interest rates have been stuck in a rut for some time now, and savers are feeling the pinch. But never fear - this March it's the time of year again when the Mozo Experts put their heads together to work out which bank accounts and savings accounts out there offer Aussies the best bang for their buck.
This year, there were 510 products from 78 providers to judge, and only the top 10% in each award category were named winners. We’ve listed some of our Editors favourite winners here, so if you’re on the search for somewhere to stash your hard earned rainy day fund, we reckon these award-winning bank accounts and savings accounts are a pretty good place to start...
ING Orange Everyday
$0 account fees
Mozo Experts Choice Award winner 2018
No ATM fees at home or abroad when you deposit $1,000 each month + make 5 card purchases in the month
A Mozo People’s Choice Award winner 6 years running, the ING Direct Orange Everyday is certainly a crowd pleaser - and now it has an Experts Choice Exceptional Everyday Account Award under its belt as well! Combining a convenient everyday banking experience with no account fees, zero ATM fees at home or overseas and no international transaction fees on your spending online or abroad (as long as you deposit $1,000 each month + make 5 card purchases), this account is perfect for savvy spenders.
No monthly account fees when you deposit at least $2,000 each month
Rewards lovers and Qantas Frequent Flyers won’t be surprised to see the Bankwest Qantas Transaction account picking up an Experts Choice Award for being an Exceptional Everyday Account. Not only can you keep your cash in this account fee free by depositing $2,000 each month, but you can also cash in on 0.4 rewards points for every $100 in your account every day. Plus, you’ll also earn 5 Qantas points on eligible purchases made with the linked debit card, making this one a traveller’s new best friend.
RaboDirect’s High Interest Savings Account took out two Experts Choice Awards this year - one in the Kick Start Savings category, and one for No Strings Saving - and it’s not hard to see why. You can get your rainy day fund started with a bumper 3.05% interest rate, then keep it chugging along nicely with a competitive 1.80% ongoing rate. This one’s a top pick for savers who don’t want to have to jump through hoops in order to earn a decent return on their savings stash.
Perfect for active savers, the ME Online Savings Account took home an Experts Choice Regular Saver Award. It comes with an ongoing base interest rate of 1.30%, but it doesn’t take much to bump that up to the special 2.85% - all you need to do is have your savings account attached to a ME transaction account and make a weekly Tap and Go purchase on your ME debit card. Plus, there are no account fees to worry about.
If you’d rather leave your savings in the hands of a major bank, then check out the Westpac eSaver account, winner in the Kick Start Savings - Major Bank category. This online account comes with a special rate of 2.41% for the first 5 months, then an ongoing rate of 0.80%. So for savers who are happy to do their banking online and want to give their balance a quick boost, Westpac is the big bank to start with.