The best savings accounts in Australia in 2023

By JP Pelosi · · 5 min read
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crowd cheering about getting the best savings rates

Throughout 2023, saving account interest rates in Australia have been climbing thanks to the Reserve Bank of Australia rate hikes. Some savings rates are now well above 5.00%, so finding a high interest savings account that can earn you more in interest is definitely worth a bit of hunting around for.

Here at Mozo, we compare more than 200 savings accounts from 60 banks operating in Australia. The main things to understand about getting the best rate on your savings and the best savings account for you, is knowing the type of saver that you are, and having a clear idea of your savings goals. Many savings account rates will have some conditions or criteria attached so you need to make sure you will be able to regularly meet these conditions if you want to get the best return you can. 

To help your search for the best savings account a bit easier, the Mozo team of experts have rounded up a selection of savings accounts for you to consider.

The best savings accounts 2023

How we determine the best savings accounts

We use three methods for selecting the best savings accounts to feature on this page. 

  • Mozo Experts Choice Awards. Running since 2014, these awards are designed to help us highlight products in the marketplace that our awards judges believe offer great value to Australian consumers. For the 2023 savings account awards we compared 184 products from 85 banks. 
  • If you prefer the recommendation of other Australians we’ve also included some Mozo People’s Choice Award winners to review as well. These awards are based on customers’ opinions on banks or service providers across a range of important factors, including customer satisfaction, customer service, friendliness, trust and whether they’d recommend them to others. For the 2023 awards Mozo received survey data on 80 different banking institutions.
  • Editor’s top picks are chosen each month by our subject matter experts who track product rate and fee changes, industry trends and more to keep our readers informed of new products and deals as they come to market.

How to choose the best type of savings account

There are three main type of savings accounts available, so when it comes to choosing the best one for you, here are the options:

  • Introductory rate. These savings accounts will usually offer a high rate of interest for a short period to help you kickstart your savings, after which a lower base rate will be paid on an ongoing basis.
  • Bonus rate. You’ll get a higher rate of interest if you meet certain monthly criteria such as a minimum deposit or no withdrawals in the month. If you don’t meet the monthly criteria, your savings interest rate will drop to the lower base rate, and reset again the following month if you meet the conditions again. These high interest savings accounts can be great if you are actively saving each month. 
  • Ongoing or base rate. This is the amount of interest you will earn on your balance no matter how many deposits or withdrawals or transactions you make. 

The best savings accounts according to our experts

Best value award-winning savings accounts from the 2023 Mozo Experts Choice Awards^

Best to kick start your savings

Macquarie Savings Account - earn up to 5.50% p.a
  • Introductory rate of 5.50% p.a. for the first four months (up to $250,000)
  • Ongoing 4.50% p.a. rate on balances up to $250,000
  • No account keeping fees

With the Macquarie Bank Savings Account, customers can earn up to 5.50% p.a. for the first four months on balances up to $250,000. Then the rate reverts to an ongoing 4.50% p.a. It also comes with no account keeping fees, which is always a plus. Keep in mind that balances above $250,000 receive a lower rate. To use this savings account, you must have a Macquarie Transaction Account.

Rabobank High Interest Saving Account - earn up to 5.75% p.a.
  • 5.75% p.a. rate for the first four months
  • 4.40% p.a. ongoing rate
  • No minimum balance or deposit requirements

Taking out a Mozo People's Choice Award^ for Kick Start Savings, Rabobank’s High Interest Savings Account comes with a generous introductory rate of 5.75% p.a. interest rate for balances under $250,000. However, after the 4-month introductory period ends, it’ll be reduced to 4.40% p.a. The High Interest Savings Account also has no account keeping fees and allows you to link it to any bank or financial institution of your choice. This means you won't have to change your everyday bank account over from another bank. 

Best High Interest savings accounts

AMP Saver Account - earn up to 5.20% p.a.
  • Maximum 5.20% p.a. ongoing variable bonus rate
  • No account fees
  • Unlimited free transactions from mobile app, internet, phone
Find out more

The AMP Saver Account lets customers earn up to 5.20% p.a. in interest on the first $250,000 of their account balance. In order to qualify for the bonus rate, you need to make eligible deposits of at least $1,000/month into your AMP Saver Account. Just beware that for savings above $250,000, your rate will drop down to the 0.10% p.a. standard variable rate. As well as no account fees, the AMP Saver Account gives you the flexibility to move your money around with unlimited free transactions from your mobile banking app, via the internet or over the phone.

MyState Bank Bonus Saver Account - earn up to 5.00% p.a.
  • 5.00% p.a. maximum interest rate
  • Best High Interest Savings Winner 2023^

If you’re a committed saver who likes to be rewarded for your good habits, take a look at the Bonus Saver Account from mutual bank MyState. This award-winning savings account features a neat 5.00% maximum interest rate and no account fees. Simply deposit $20 or more each month and make a minimum five transactions via a linked MyState Bank everyday transaction account to score the maximum rate.

Best Young adult high interest savings

Westpac Life 18-29 - earn up to 5.20% p.a.
  • 2023 Mozo Experts Choice Award^ winner
  • 5.20% max rate (conditions apply)
  • Max balance of $30,000
Find out more

Westpac Life was the only winner in the Young Adult Savings category for the 2023 Mozo Experts Choice Awards^. The account has a rate of 5.20% p.a. for balances up to $30,000 every month if you grow your balance, make at least five purchases and make at least one deposit. If you don’t meet those conditions you’ll get the lower rate of 2.00% p.a. This account is only available for 18-29-year-olds with a Westpac everyday account. Another perk is no monthly account fee.

The best savings accounts for November according to our editors

ubank Save Account - earn up to 5.10% p.a.
  • Maximum savings rate of 5.00% p.a. (conditions apply)
  • Open up to 10 Save Accounts
  • No monthly or account fees

ubank’s Save Account offers a generous bonus savings rate of 5.10% p.a. when you meet its conditions. To score the full rate you’ll need to make a deposit of $200 each month to either your Spend transaction account or Save Account. Plus if you meet the requirements, all the Save Accounts you open receive the 5.00% p.a. rate. This account comes with no pesky fees, and you can withdraw any amount without affecting the max rate. Be mindful that ubank is an online bank, which means there aren’t any branches where you can speak with staff face-to-face.

IMB Bank Reward Saver Account - earn up to 5.25% p.a.
  • 5.25% p.a. maximum interest rate for first 4 months
  • No monthly fees

IMB’s Reward Saver account is an accessible, simple, no frills savings account that is designed to help you save. You can grab up to 5.25% p.a. for the first four months from opening the account, after which as long as you make a monthly deposit of $50 or more and no withdrawals you’ll get an ongoing rate of 3.25% (T&Cs apply). What’s more, there are also no account keeping fees and the ability to access real time payments through Osko. Transaction fees may apply.

Westpac Life 18-29 - earn up to 5.20% p.a.
  • 2023 Mozo Experts Choice Award^ winner
  • 5.20% max rate (conditions apply)
  • Max balance of $30,000
Find out more

Westpac Life was the only winner in the Young Adult Savings category for the 2023 Mozo Experts Choice Awards^. The account has a rate of 5.20% for balances up to $30,000 every month if you grow your balance, make at least five purchases and make at least one deposit. If you don’t meet those conditions you’ll get a lower rate of 2.00%. This account is only available for 18-29-year-olds with a Westpac everyday account. Another perk is no monthly account fee.

People's picks: Mozo People's Choice Awards 2023

ING Savings Maximiser - earn up to 5.50% p.a.
  • 5.50% p.a. ongoing bonus rate (conditions apply)
  • Handy round-up feature
  • 2022 Mozo People's Choice Award^ winner

If you meet the right conditions, the ING Savings Maximiser has a special bonus rate of 5.50% p.a.. To qualify for the bonus rate, you need to have a linked ING Orange Everyday Account, deposit at least $1,000 a month from an external source (e.g. your salary) and make at least 5 settled card purchases each month. You also need a balance that has more in it at the end of the month than the previous (excluding interest). It also has a round-up tool to make saving easier. You can set up your desired round-up figure to the nearest $1 or $5, then every time you make a purchase the difference will be deposited into your ING savings account. There is also no account fee which is always handy.

Up Saver Account - earn up to 4.35% p.a.
  • 4.35% p.a. ongoing bonus rate (conditions apply)
  • Optional roundup feature
  • Max balance of $1,000,000
Find out more

Up Saver Account offers a special rate of 4.35% p.a. for balances between $1 - $1,000,000 when you make a minimum of 5 card purchases a month through a linked Up Everyday Account. You can also use its optional roundup feature, where every time you make a purchase with your transaction account it will automatically round it up to the nearest whole dollar and transfer the difference to your Saver Account. There is no minimum deposit amount to get started.

Savings accounts frequently asked questions

What is a savings account?

A savings account, sometimes also called an at-call account is a bank account that’s designed specifically for putting aside savings. You can earn variable interest on the balance in the account, while still having access to the money if needed. The vast majority of savings accounts in Australia are online accounts so you will manage your money via online banking, phone or app and transfer between a linked bank account.  

What is the best savings account?

The best savings account for you will depend on what you are looking to get from your account, how you plan to save and what your savings goals are. 

Can you put a regular amount of money each month? An account with a competitive ongoing bonus rate will be a good option for you to consider. Just be sure to check the criteria for bonus interest as they differ with each bank. Some require a certain number of transactions, limited withdrawals or maximum balance threshold. 

Is saving when you can more of your situation? You should check out savings accounts with solid base interest rates. 

The good news is that there are a lot of options available and if you want more in depth info and guidance, head to our savings accounts hub for comparisons and guides.

How do I earn interest on my savings?

Most savings accounts calculate earned interest daily, based on your closing balance. It is then paid out monthly – this is known as compound interest. So, the more you deposit into your account to grow your balance and the less you withdraw, the more interest you earn on your money. Generally speaking, savings account base interest rates are variable, so they can fluctuate over time. Some savings accounts pay an introductory additional bonus interest rate for a limited amount of time, whereas other savings accounts offer a bonus rate if monthly requirements are met. If you want to do some old school maths here’s how to calculate interest on a savings account or if time-saving is more your thing, check out our savings calculator.

Can I lose money with a savings account?

Storing your cash in a savings account is a pretty risk-free investment thanks to the Financial Claims Scheme, which means that deposits of up to $250,000 are typically guaranteed by the Australian Government when depositing your cash with an authorised deposit-taking institution (ADI). 

If you set up automatic transfers and other handy savings features, earning interest on top of your savings nest egg shouldn’t take much effort. Unless your chosen savings account has an account fee, your savings balance should be stashed away and slowly growing.

Do you have to pay tax on your savings?

Yes, you need to include your annual earned interest on your tax return. If you have money in a savings account and earned interest on the balance in the most recent financial year, then you’ll want to declare the amount of interest earned and pay tax on that.

To compare these against other options (some may come with no age restrictions), check out our high interest savings account comparison page to explore our complete database. 

^See information about the Mozo Experts Choice Savings accounts Awards

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