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.

Experts choice awards hero 2018

What are the Mozo Experts Choice Awards?

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.

Savings Bank of the Year: UBank

UBank

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.

No Strings Savings

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.

AMP
AMP

Saver Account

2.10% p.a.(for $0 to $5,000,000)

2.55% p.a. (for $0 to $5,000,000)

Bonus rate for the first 4 months from account opening

RaboDirect
RaboDirect

High Interest Savings Account

1.80% p.a.(for $0 to $250,001)

3.05% 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.

BankVic
BankVic

Ezesaver

1.70% p.a.(for $0 to $5,000,000)

1.90% p.a. (for $0 to $5,000,000)

No withdrawals in the month. Funds must be placed in Ezesaver to earn interest.

Beyond Bank
Beyond Bank

monEsaver Internet Savings Account

1.70% p.a.(for $5,000 to $200,000)

No Current Offer

n/a

Easy Street
Easy Street

Easy Savings Account

2.00% p.a.(for $0 and over)

No Current Offer

n/a

Heritage Bank
Heritage Bank

Online Saver

1.65% p.a.(for $1 to $250,000)

No Current Offer

n/a

Illawarra Credit Union
Illawarra Credit Union

Saver

1.00% p.a.(for $0 to $10,000)

No Current Offer

n/a

MOVE Bank
MOVE Bank

Express Saver

2.20% p.a.(for $0 and over)

No Current Offer

n/a

Queenslanders Credit Union
Queenslanders Credit Union

Online Saver Account

1.70% p.a.(for $1 and over)

No Current Offer

n/a

UBank
UBank

USaver

1.81% p.a.(for $0 to $5,000,000)

No Current Offer

n/a

Westpac
Westpac

Life

Major Bank Award

1.00% p.a.(for $0 and over)

2.30% p.a. (for $0 and over)

Minimum one deposit and higher balance than at the beginning of the month

Regular Saver

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.

CUA
CUA

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

ING
ING

Savings Maximiser

1.00% p.a.(for $0 and over)

2.80% 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

ME
ME

Online Savings Account

1.30% p.a.(for $0 and over)

2.85% p.a. (for $0 to $250,000)

Ongoing bonus rate if during the month you make a weekly Tap & Go purchase with your ME Everyday Transaction Account buck Debit Mastercard.

AMP
AMP

Bett3r Account

1.50% p.a.(for $0 to $100,000)

2.25% 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.

Australian Unity
Australian Unity

Active Saver

1.20% p.a.(for $0 and over)

2.80% p.a. (for $0 to $500,000)

Minimum deposit of $250 and no withdrawals in the month

CUA
CUA

eSaver Reward

0.05% p.a.(for $0 and over)

2.70% p.a. (for $0 to $100,000)

Deposit $1,000 into a CUA transaction account from external source in the month.

Easy Street
Easy Street

Bonus Saver

0.01% p.a.(for $0 and over)

2.55% p.a. (for $0 and over)

Minimum deposit of $50 and no withdrawals in the month

Police Bank
Police Bank

Bonus Savings Account

0.25% p.a.(for $500 to $10,000)

2.40% p.a. (for $500 to $10,000)

Minimum deposit of $100 and no withdrawals in the month

RAMS
RAMS

Saver Account

1.15% p.a.(for $0 to $5,000,000)

2.80% p.a. (for $0 to $500,000)

Minimum deposit of $200 and no withdrawals in the month

UBank
UBank

USaver with Ultra Transaction Account

1.81% p.a.(for $0 to $5,000,000)

2.87% p.a. (for $0 to $200,000)

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 $200,000.

NAB
NAB

Reward Saver

Major Bank Award

0.50% p.a.(for $0 and over)

2.40% p.a. (for $0 and over)

To earn the bonus interest, you must make no withdrawals and at least one deposit in the month (we need to receive the deposit on or before the second last banking day of the month). If you earn bonus interest, we calculate it using your daily closing balance throughout the month.

Kick Start Savings

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.

AMP
AMP

Saver Account

2.10% p.a.(for $0 to $5,000,000)

2.55% p.a. (for $0 to $5,000,000)

Bonus rate for the first 4 months from account opening

RaboDirect
RaboDirect

High Interest Savings Account

1.80% p.a.(for $0 to $250,001)

3.05% 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.

Westpac
Westpac

eSaver

Major Bank Award

0.50% p.a.(for $0 and over)

2.51% p.a. (for $0 and over)

Bonus rate for the first 5 months from account opening

Best Major Bank for Deposits: Westpac

Westpac

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.

Judging Criteria

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.

FAQs

How many savings accounts did you compare for the Experts Choice Awards?

Mozo analysed 173 savings accounts from 76 financial institutions for the 2018 Mozo Experts Choice Awards.

How do I choose the best savings account for me?  

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.

What should I look for in a savings account?

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.

Who are Mozo’s product experts?

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.

Where can I find more information about the criteria for the savings account awards?

Our awards methodology report is available for you to read, which includes information on the criteria for each award category in the Deposits award.

I work for a financial provider, how do we promote our award win?

Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.