Australia's Best Savings Accounts

At Mozo, we're passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight products in the marketplace that we believe offer great value to Australian consumers.

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Experts choice awards hero 2016
Best Value Savings Account - Base Rate

We compared all savings accounts in our database to identify personal savings accounts with the best unconditional interest rate. Criteria for the award also included: no monthly service fee, unlimited free internet transactions, no notice period for withdrawals and to be able to link to accounts at any institution. Check out the savings account winners awarded 2016 Experts Choice Awards.

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Best Value Savings Account - Introductory Bonus Rate

Looking for a savings account with a top introductory bonus rate? Mozo reviewed bonus rate savings accounts in our database and awarded an Experts Choice Award to the accounts below with the best combination of rates for the first year. For full awards criteria see here.

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Best Value Savings Account - Ongoing Bonus Rate

Ongoing bonus rate savings accounts offer high interest with some conditions attached. Here's the list of winning accounts that impressed the Mozo experts taking out Experts Choice Awards this year.

Ongoing bonus rate savings accounts offer high interest with Read more...

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About the Mozo Experts Choice Awards

Mozo considered at call savings accounts, transaction focused bank accounts, and fixed term deposits. Awards have been awarded for each of these product types.

Mozo has been researching and comparing financial products since 2008, and hundreds of thousands of Australians use our comparison services each month.  Our research team is headed by our Research & Insights Director and our Product Data Manager who have over 50 years of financial services experience and 21 years in online financial comparison.

More information on the methodology and deposit awards criteria can be found here.

Tips on choosing the best savings account

On this page are the savings accounts our money experts have selected as their winning savings products of 2016. But we’ve also got tools on our site that enable you to compare all savings accounts in Mozo's database and popular savings account products tables that highlight some of the hottest savings deals in the market right now. When choosing a savings account think about:

  1. Savings habits. Do you plan on saving a little each month or do you plan on depositing lump sums occasionally throughout the year. Some savings accounts will offer ongoing bonus interest if you deposit a minimum amount each month. If you don’t meet this minimum you may not earn any interest so if you’re only going to save your dollars in chunks (like at tax and christmas bonus time), you could be better off with a savings account with a higher base rate.
  2. Flexibility. All savings accounts will require you to have a linked account that you can transfer money to and from this account to your savings account and vice versa. Some savings account must be with the same banking institution as the linked account and other accounts are more flexible, allowing this account to be with any bank or financial institution.
  3. Interest rate. The higher your interest rate the more interest you’ll earn on your money so take the time every couple of months to review your rate and if there’s a better one switch. Most savings accounts these days don’t have any monthly account fees and with online banking you can set up a new account in as little as 15 minutes.
  4. Avoiding fees. With so many fee free accounts in the market with competitive interest rates, there isn’t any reason why you’d need to pay fees on a savings account.
  5. Automating your savings. This is really the easiest way to watch your balance grow. Set up automatic monthly payments so that you always get the best bonus savings interest.