Best Savings Accounts 2018
Congratulations to the winners of Mozo Experts Choice Awards for savings accounts. If you’re after a new personal savings account in 2018, the Mozo Experts Choice winners list below is a great place to start your search.
Congratulations to the winners of Mozo Experts Choice Awards for savings accounts. If you’re after a new personal savings account in 2018, the Mozo Experts Choice winners list below is a great place to start your search.
Now in their fifth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.
For the 2018 personal savings accounts awards, 173 savings accounts from 76 financial institutions were compared by our money experts. The best savings account for you will depend on your savings habits and financial needs so there are several categories of awards to help you narrow down your search.
For details on how we crunched the numbers and determined the award winners see our methodology report.
With the best performing product range across savings, term deposit and bank account categories , UBank took out the Savings Bank of the Year title by Mozo’s money experts for 2018.
Looking for high rate savings account without pesky conditions? We compared 173 savings accounts from 76 providers in our database to identify personal savings accounts with the best unconditional interest rate for 2018. The criteria for the No Strings Savings award included: no monthly service fee, unlimited free internet transactions, no notice period for withdrawals and either able to link anywhere or where a linked account is required the account must have no mandatory fees or have conditions required to avoid fees.
Saver Account
1.05% p.a.(for $0 to $5,000,000)
2.26% p.a. (for $0 to $500,000)
Bonus rate for the first 6 months from account opening on the first $500,000 deposited. For new Saver customers only.
High Interest Savings Account
0.80% p.a.(for $0 to $250,001)
2.25% p.a. (for $0 to $250,001)
Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
USave
0.54% p.a.(for $0 to $5,000,000)
No Current Offer
n/a
Ezesaver
1.35% p.a.(for $0 to $5,000,000)
1.55% p.a. (for $0 to $5,000,000)
No withdrawals in the month. Funds must be placed in Ezesaver to earn interest.
monEsaver Internet Savings Account
0.60% p.a.(for $5,000 to $200,000)
No Current Offer
n/a
Easy Savings Account
0.70% p.a.(for $0 and over)
No Current Offer
n/a
Online Saver
0.80% p.a.(for $1 to $250,000)
2.20% p.a. (for $1 to $100,000)
Introductory Bonus Rate for new customers with a linked eligible account for the first 4 months.
Saver
0.05% p.a.(for $0 to $10,000)
No Current Offer
n/a
Express Saver
1.25% p.a.(for $0 and over)
No Current Offer
n/a
Online Saver Account
0.80% p.a.(for $0 and over)
No Current Offer
n/a
Life
Major Bank Award
0.40% p.a.(for $0 and over)
1.05% p.a. (for $0 and over)
Minimum one deposit and higher balance than at the beginning of the month
Got saving on your to-do list for 2018? Here’s the list of award-winning savings accounts that impressed the Mozo experts in the regular saver category this year. Regular saver accounts have a high ongoing rate when you meet set criteria like deposit or withdrawal conditions.
eSaver Reward
0.05% p.a.(for $0 and over)
1.70% p.a. (for $0 to $100,000)
Deposit $1,000 into a CUA transaction account from external source in the month.
USave with USpend Transaction Account
0.54% p.a.(for $0 to $5,000,000)
1.60% p.a. (for $0 to $250,000)
Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $250,000.
Bett3r Account
0.50% p.a.(for $0 to $100,000)
1.25% p.a. (for $0 to $100,000)
Minimum deposit of $2,000 per month into linked Bett3r Pay Account from an external source. By depositing $2,000 per month you will also be entitled to the $5 fee waiver on the Bett3r Pay Account.
Active Saver
0.25% p.a.(for $0 and over)
1.75% p.a. (for $0 to $500,000)
Minimum deposit of $250 and no withdrawals in the month
eSaver Boost
0.25% p.a.(for $0 and over)
2.75% p.a. (for $0 to $500,000)
Minimum deposit of $250 and no withdrawals in the month
Bonus Saver
0.01% p.a.(for $0 and over)
1.10% p.a. (for $0 and over)
Minimum deposit of $50 and no withdrawals in the month
Savings Maximiser
0.10% p.a.(for $0 and over)
1.80% p.a. (for $0 to $100,000)
For customers who have an Orange Everyday and deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month
Online Savings Account
0.10% p.a.(for $0 and over)
1.80% p.a. (for $0 to $250,000)
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
Bonus Savings Account
0.15% p.a.(for $500 to $10,000)
1.60% p.a. (for $500 to $10,001)
Minimum deposit of $100 and no withdrawals in the month
Saver Account
0.90% p.a.(for $0 to $5,000,000)
1.65% p.a. (for $200 to $500,000)
Minimum deposit of $200 and no withdrawals in the month
Reward Saver
Major Bank Award
0.05% p.a.(for $0 and over)
1.00% p.a. (for $0 and over)
To earn the bonus interest, you must make no withdrawals and at least one deposit in the month (NAB need to receive the deposit on or before the second last banking day of the month). If you earn bonus interest, NAB calculate it using your daily closing balance throughout the month.
Want to kick start your savings in 2017? Mozo reviewed bonus rate savings accounts in our database and the savings accounts below topped the list in our kick start savings category with the best combination of rates for the first year.
Saver Account
1.05% p.a.(for $0 to $5,000,000)
2.26% p.a. (for $0 to $500,000)
Bonus rate for the first 6 months from account opening on the first $500,000 deposited. For new Saver customers only.
High Interest Savings Account
0.80% p.a.(for $0 to $250,001)
2.25% p.a. (for $0 to $250,001)
Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
eSaver
Major Bank Award
0.05% p.a.(for $0 and over)
1.05% p.a. (for $0 and over)
Bonus rate for the first 5 months from account opening
Westpac had the best performing product range across savings accounts, term deposit and bank account categories of all major Australian banks in this year’s Experts Choice Deposit Awards.
Every day Mozo keeps track of thousands of products in banking, energy and insurance.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers and in some awards categories, business customers. Providers don’t pay to be in the running and we don’t play favourites. Our Judges base their decision on hard-nosed calculations of value, using Mozo’s extensive product database and research capacity.
Experts Choice Awards are awarded to the top 10% of products that meet the selection criteria in each awards category.
Mozo analysed 173 savings accounts from 76 financial institutions for the 2018 Mozo Experts Choice Awards.
The best savings account will depend on your savings goals and your personal situation as many savings accounts do have some restrictions or conditions that you need to meet to get the best (or most competitive) interest rate. If you’re able to meet these conditions, great but if your savings habits or income isn’t consistent week on week then you might be better off with an account that doesn’t have any conditions attached. This is why we have a No Strings Savings Award category for you to compare your savings options.
In addition to the interest rate, you should review the fees and charges. There’s no point in putting money away each week only to find your savings gobbled up by bank fees. The good news is that there are many fee free savings accounts in the market including the Experts Choice Award winners listed in the table above.
Another handy feature to have on your savings account is automatic deposits. It’s a great idea to set up an automatic deposit into your savings account each pay day so that savings becomes a habit. For more tips and ideas on ways to save money check out our savings accounts guides section.
Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 23 years in online financial comparison.
Our awards methodology report is available for you to read, which includes information on the criteria for each award category in the Deposits award.
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