Australia's best savings accounts for April
Here’s the list of top savings accounts with the highest rates or best features for this month reviewed by Mozo’s expert research team and money journalists. We track over 200 savings accounts in Australia from big banks, digital banks and customer owned banking providers. Whether you are looking for the best bonus saver, high interest or everyday savings account for you, your family or kids, we’ve got you covered.
All savings accounts that we list on Mozo site are covered by the Government Deposit Guarantee scheme.
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Top 10 high interest savings accounts
These accounts are best if you either want to boost your savings for a short period of time, or you are a regular saver who will be able to meet ongoing criteria to get the highest rate possible. Also pay close attention to the standard rate because if you don’t meet the criteria or the intro period ends, this is the ongoing savings rate you will receive on your savings balance.
These savings accounts have been ranked (according to the 180+ savings accounts we track in the Mozo database) based on the maximum interest available as long as monthly criteria is met
| Savings account | Standard Interest Rate | Max Interest Rate | Max Interest Rate Conditions |
| Rabobank High Interest Savings Account | 4.40% p.a | 5.75% p.a. | Bonus rate for the first 4 months from account opening, reverting to 4.40%. |
| ME HomeME Savings Account | 0.55% p.a. | 5.55% p.a. | Minimum $2,000 must be deposited into connected SpendME account and have a higher closing balance than the last month. |
| ING Savings Maximiser | 0.55% p.a. | 5.50% p.a. | For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance higher at the end of the month (excluding interest) than it was at the end of the previous month. |
| MOVE Bank Growth Saver | 0.10% p.a | 5.50% p.a | Minimum deposit of $200 and no withdrawals in the month. |
| AMP Saver Account | 1.20% up to $5,000,000 | 5.40% p.a | Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000. |
| Bank of MelbourneMaxi Saver | 1.10% p.a | 5.35% p.a | Bonus rate for the first 3 months from account opening, reverting to 1.10%. |
| Great Southern BankGoal Saver | 0.50% p.a | 5.35% p.a | Deposit $500 by electronic transfer (excluding telegraphic transfers) into your Everyday Edge Account and make 5 card transactions per month. |
| MacquarieSavings Account | 4.75% p.a up to $1,000,000 then 3.35% | 5.35% p.a | Bonus variable rate is available for the first four months, reverting to 4.75%. |
| IMB BankReward Saver Account | 0.00% p.a | 5.25% p.a | Bonus rate for the first 4 months from account opening, reverting to 3.25% ongoing bonus with a minimum deposit of $50 and no withdrawals per month. |
| Credit Union SA Netsave Account | 1.50% p.a | 5.25% p.a | Bonus rate for the first 4 months from account opening, reverting to 1.50%. |
| Bendigo BankReward Saver | 0.30% p.a | 5.25% p.a | Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible. |
| RACQ Bank Bonus Saver | 0.01% p.a | 5.25% p.a | Minimum deposit of $100 and no withdrawals in the month. |
source: mozo.com.au as at 02 April 2024, leading bonus saving rates at $10,000 balance, excluding age restricted accounts.
Best everyday savings accounts
If your financial situation just won't suit having to jump through hoops each month, the best savings accounts for you will be the ones that offer a high standard base rate. Here’s the top ones this month.
These savings accounts are ranked based on the highest standard interest rate.
| Savings Account | Standard Interest Rate | Maximum Balance Conditions |
| Australian UnityFreedom Saver | 5.20% p.a | (for $0 to $50,001) |
| ANZ PlusANZ Save | 4.90% p.a | (for $0 to $249,999) |
| Bank of QueenslandSimple Saver Account | 4.85% p.a | (for $0 to $5,000,001) |
| Macquarie Savings Account | 4.75% p.a | (for $0 to $1,000,000) |
| Orange Credit UnionOnline Saver Account | 4.75% p.a | (for $1,000 and over) |
| Unity BankMoneyMAX Account | 4.75% p.a | (for $1 and over) |
| MOVE BankOnline Saver | 4.40% p.a | (for $0 to $5,000,000) |
| RabobankHigh Interest Savings Account | 4.40% p.a | (for $0 to $250,001) |
| Qudos BankQsaver | 4.35% p.a | (for $0 to $500,000) |
| Bank of SydneyBOS Saver | 4.25% p.a | (for $5,000 to $5,000,000) |
Top 10 bonus offer savings accounts
Some savings accounts offer a higher interest rate based on whether or not you meet the extra conditions of the provider. These bonus rates sit on top of your base rate and, if you fail to meet the conditions, you’ll get knocked back down to a lower base rate.
The following bonus rates are the highest on our database with no age restrictions.
| Savings account | Standard Interest Rate | Max Interest Rate | Max Interest Rate Conditions |
| ME HomeME Savings Account | 0.55% p.a. | 5.55% p.a. | Minimum $2,000 must be deposited into a connected SpendME account and have a higher closing balance than the last month. |
| ING Savings Maximiser | 0.55% p.a. | 5.50% p.a. | For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance higher at the end of the month (excluding interest) than it was at the end of the previous month. |
| MOVE Bank Growth Saver | 0.10% p.a | 5.50% p.a | Minimum deposit of $200 and no withdrawals in the month. |
| AMP Saver Account | 1.20% p.a. up to $5,000,000 | 5.40% p.a | Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000. |
| Great Southern Bank Goal Saver | 0.50% p.a. | 5.35% p.a | Deposit $500 by electronic transfer (excluding telegraphic transfers) into your Everyday Edge Account and make 5 card transactions per month. |
| Bendigo Bank Reward Saver | 0.30% p.a. | 5.25% p.a | Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible. |
| RACQ Bank Bonus Saver | 0.01% p.a. | 5.25% p.a | Minimum deposit of $100 and no withdrawals in the month. |
| Bank of Melbourne/BankSA/St George Incentive saver | 1.85% p.a. | 5.15% p.a | Balance must grow by at least $50 a month. If you’re under 21, the balance must grow by $0.01 a month (excluding interest). |
| ubank High Interest Save Account | 0.10% p.a. | 5.10% p.a. | Must deposit at least $200 into a spend , bills or save account each month from an external source. |
| Suncorp Growth Saver Account | 0.35% p.a. | 5.05% p.a. | Excluding interest earned, you must net grow your balance by $200 and make no more than 1 withdrawal. |
| Rabobank PremiumSaver | 2.50% p.a. | 5.00% p.a. | Excluding interest earned, must have a closing balance of $200 higher at the end of the month than the previous month. |
| Westpac Life | 2.00% p.a. | 5.00% p.a. | Make a minimum of one deposit and end the month with a higher balance than the previous one. |
Award-winning savings accounts
Our expert reviews are here to help you select an account that’s best for you by highlighting the pros and the cons and other key info to help you make an informed decision.
Below are reviews of some of the savings accounts that earned a place on the winners list of the 2024 Mozo Experts Choice Savings Awards. Running since 2014, the Mozo Experts Choice Awards are designed to highlight products in the marketplace that our experts believe offer great value to Australian consumers.
Macquarie Savings Account Review
- 2024 Kick Start Savings winner^
- Introductory rate of 5.35% p.a. for the first four months (up to $250,000)
- Ongoing 4.75% p.a. rate on balances up to $1 million
- No account keeping fees
- Introductory rate only applies to balances of up to $250,000
- You must have a Macquarie Transaction Account
Pros
Cons
Our verdict: The Macquarie Bank Savings Account has been a consistent winner in the annual Mozo Experts Choice Awards^ and for good reason. While the introductory rate only lasts for 4 months, this account has one of the highest ongoing base rates available at 4.75% p.a. so it is a great option for people who want to build on their savings without the need to meet strict monthly bonus rate conditions. The ongoing 4.75% p.a. rate is available for balances up to $1 million, which should suit the vast majority of savers. If you do have more than $1 million, the rate drops to 3.35% p.a.
The account is managed online or via the Macquarie banking app, though if you need branch access it’s available. You will need to have a linked Macquarie Transaction Account, but unlike other savings accounts, you aren’t required to make any transactions with it in order to get the high ongoing rate, and it doesn’t have any fees so you won’t be paying for keeping it open.
Rabobank High Interest Savings Account Review
- Mozo Experts Choice Winner 2024 ^
- 5.75% p.a. for the first 4 months on balances up to $250K
- 4.40% p.a. ongoing on balances up to $250K
- No account keeping fees
- Support Aussie farmers
- Lower interest rate for balances over $250K
Pros
Cons
Our verdict: Rabobank's award-winning online savings account currently has the highest introductory interest rate at 5.75% p.a. according to the Mozo database for balances of up to $250,000. After the 4 month introductory period ends, the interest rate of the High Interest Savings Account will revert to 4.40%p.a. which is still extremely competitive among savings accounts that don’t have conditions to earn a high rate of interest. For balances over $250K the interest rate drops to 3.40% p.a. Interest is calculated daily and paid into your account monthly.
The High Interest Savings Account is accessed and managed via online or mobile banking. There are no account fees, no minimum balance requirements and there is no need to change your everyday banking, you simply deposit funds into your account via EFT from most Australian banking accounts.
As an added plus, Rabobank is transparent about how your funds are used and states that 100% of your money deposited is used to fund Australian farmers and agribusinesses.
Bendigo Bank Reward Saver Review
- Mozo Experts Choice High Interest Account Award Winner
- Earn up to 5.25% p.a. on balances up to $100K
- Only requires $1 to open
- Rate reverts to 0.30% if you don’t grow your balance each month or your balance is over $100K
- Must have linked Bendigo Bank Transaction Account
Pros
Cons
Our verdict: The award-winning Bendigo Bank Reward Saver is a great savings account if you are looking to grow your savings balance each month but don’t want to keep track of complex criteria. As long as you grow your account balance each month, you’ll earn 5.25% p.a. on balances of up to $100,000. The rate drops substantially to just 0.30% if you don’t meet the criteria, so it is best to set up an automatic deposit to ensure you’ll always get the bonus rate. If you have more than $100,000 in savings the rate also drops to 0.30%, so it would be wise to compare other savings accounts if you are seeking a higher return on your investment.
While there are no account keeping fees and interest is paid monthly, you will need a linked Bendigo Transaction Account (which has a $6 month account fee unless you deposit at least $2000 a month into the account). The account is 100% online so you’ll access and manage your account via e-banking or the Bendigo Bank app.
Westpac LIFE 18-29 Review
- Mozo Experts Choice Award Best Young Adult Savings Winner 2022 - 2024^
- Earn up to 5.20% p.a. on your savings on balances up to $30K
- Must have a Westpac Choice Everyday Account and make at least 5 purchases a month with the debit card to earn the Spend&Save 0.20% p.a. bonus interest
- Rate drops to 2.00% if you don’t meet the criteria
Pros
Cons
Our verdict: If you’re between the ages of 18 and 29 years, the Life savings account from Westpac has consistently earned a place in the Mozo Experts Choice Awards for 3 years running. It has a tiered interest rate structure which means that you could earn as high as 5.20% p.a. on balances up to $30K. The base savings rate is 2.00% p.a. and if you increase the account balance each month you will earn an extra 3.00% bonus interest. There is an additional 0.20% p.a. Spend&Save bonus also up for grabs when you make at least 5 purchases a month with the linked Choice Everyday debit card.
You will be able to access the account via online banking or the Westpac app, which also contains inhouse budgeting tools to help you manage your money. The account is free to open and the linked Choice Everyday account is also free for anyone under 30 years.
How to choose the best type of savings account for you
When it comes to choosing the best type of savings account for you, there will be a number of factors to consider:
- the interest rate,
- the conditions of the savings account
- the features or accessibility of the account
- and the banking provider.
Review interest rates
Depending on your savings goals, the options for savings accounts are:
- Introductory rate. Some banks will offer a high rate of interest for a short introductory period to help you kickstart your savings, after which a lower base rate will be paid on an ongoing basis.
- Bonus rate. This is where 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.
Look for the best features
Once you’ve checked out the types of accounts, the next thing to consider is the account features you’ll want and will suit your savings needs best.
The vast majority of savings accounts available are now 100% digital and are only accessible via phone banking, internet banking or via a banking app.But this means they often come with useful features such as:
- Automatic payments - put your savings on autopilot and set up a regular deposit into your savings account.
- Round-up features - some accounts will round-up purchases to the nearest dollar and automatically put the extra funds into your savings account.
- Block and lock features - some apps allow you to block withdrawals to help you limit the temptation of digging into your savings for impulse buys.
- Split across goals - have short and long term savings goals. Some accounts will let you split your savings between each goal.
- No monthly fees
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.
Frequently asked questions
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.
What are some of the biggest traps with savings accounts?
The most common trap of savings accounts is failing to meet the monthly conditions in order to receive the bonus or maximum interest rate.
Bonus rate conditions might include:
- Minimum deposit amount
- No withdrawals
- Minimum account balance
- Maximum account balance
- Mandatory purchases
Also, when you are putting together your savings plan, having realistic savings goals will also help. There is no point in continually having to dip into your savings each month so look into creating a budget and automating your savings at the amount that you know you will comfortably be able to achieve each month.
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.
