Australia's Best Savings Accounts

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 22 years in online financial comparison.

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

Getting the most out of your savings account

Our experts here at Mozo have crunched the numbers and selected the best savings accounts in the market for 2017 which are highlighted above. But you can also compare over 190 savings accounts yourself by dropping by the Mozo Savings Accounts hub. Whether you choose one of the accounts selected by our money experts or one based on your particular savings needs, just make sure before opening a new one, you consider the following:

• Interest rate. The hallmark of a great savings account is a top interest rate - after all, you’re going to want to earn the most interest on your money possible. But interest rates on savings accounts are not so straightforward - it all depends on what kind of saver you are. Some accounts have special (or bonus) interest rates. These are generally higher than standard interest rates, but you’ll be required to meet set conditions, such as making minimum deposits or not making withdrawals, in order to keep the high interest rate. Alternatively, you can keep it simple by choosing a no strings attached savings account. If this is you, look for a good standard interest rate which will keep your savings growing without you needing to meet any stringent requirements.

• Fees. When you’re doing your utmost to save every penny you can you want to avoid paying any account fees. Thankfully there are plenty of top savings accounts in the market which are fee free so you can get the most out of your savings.

Also savings musts to consider:

• Automatic deposits. The simplest way to start saving seriously is to set up a weekly or monthly deposit direct into your savings account. Paying yourself first as soon as your salary is paid is one of the surest ways to make sure your savings balance grows.
• Linked accounts. Some providers require you to have a same-bank linked account in order to get the killer bonus rate on the online savings account. Just make sure that you compare this option with providers that don’t have this requirement. There are plenty of accounts to choose from so if you are going to lock in with one provider you want to make sure that the rate you’re getting is worth it.