Stats crunched by Mozo Experts
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231Personal Savings Accounts
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82Australian Financial Institutions
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8Award Categories
With last year’s rise in interest rates, growing your savings and earning interest on them has been the much needed rainbow in a gloomy economy. But with so many savings accounts out there, choosing the best one for your circumstance can be a difficult choice. But this is where we can help.
The Mozo Experts have done the nitty gritty analysis on a long list of savings accounts and awarded those that were standouts to make your search as simple as possible.
Standout Winners
Everyday & Savings Bank of The Year
ING took out a string of awards across many of the awards categories this year for personal customers. They excel in catering to diverse needs, clinching awards for their Exceptional Everyday Bank Account, High Interest Savings, and Term Deposits.
Because of their award-winning product range, ING has been crowned the 2024 Everyday and Savings Bank of the Year.
Congratulations to:
ING
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Orange Everyday
- Account Fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
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Savings Maximiser
- maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
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Term Deposit
- interest rate
- 4.95% p.a.
- minimum deposit
- $10,000.00
Exceptional Value Everyday & Savings Bank
This award category recognises the handful of institutions who took out award wins across several categories, making them worthy of recommendation.
Great Southern Bank won 6 awards with their range of remarkable banking products.
Macquarie won 4 awards in No Strings Savings, Kick Start Savings, Exceptional Everyday Account and even more in small business and SMSF categories.
Congratulations to:
Great Southern Bank and Macquarie
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Everyday Edge Account
- Account Fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay
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Home Saver
- maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.50% p.a.(for $0 and over)
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Goal Saver
- maximum rate
- 5.35% p.a. (for $0 to $50,000)
- standard interest rate
- 0.50% p.a.(for $0 and over)
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Youth eSaver
- maximum rate
- No Current Offer
- standard interest rate
- 1.00% p.a.(for $5,001 and over)
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Transaction Account
- Account Fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
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Savings Account
- maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
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Cash Management Accelerator Account
- maximum rate
- No Current Offer
- standard interest rate
- 4.65% p.a.(for $0 to $2,000,000)
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Business Savings Account
- maximum rate
- No Current Offer
- standard interest rate
- 4.65% p.a.(for $0 to $250,000)
High Interest Savings
If you’re looking for a great return on your savings, then the winners of this award is where you want to be starting your search. This category identified the best ongoing savings rates, either an unconditional base rate or an interest rate where qualifying criteria must be met each month. 447 products from 91 banks and credit unions were considered.
Congratulations to:
AMP Bank, Australian Unity, Bank of Melbourne, BankSA, Bendigo Bank, Great Southern Bank, ING, ME, MOVE Bank, RACQ Bank, and St.George
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AMP Saver Account
- Maximum Rate
- 5.20% p.a. (for $0 to $250,000)
- Standard Rate
- 1.00% p.a.(for $0 to $5,000,000)
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Incentive Saver Account
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Reward Saver
- Maximum Rate
- 5.00% p.a. (for $0 to $100,000)
- Standard Rate
- 0.30% p.a.(for $0 and over)
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Home Saver
- Maximum Rate
- 5.25% p.a. (for $0 to $100,000)
- Standard Rate
- 0.50% p.a.(for $0 and over)
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Goal Saver
- Maximum Rate
- 5.35% p.a. (for $0 to $50,000)
- Standard Rate
- 0.50% p.a.(for $0 and over)
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Savings Maximiser
- Maximum Rate
- 5.50% p.a. (for $0 to $100,000)
- Standard Rate
- 0.55% p.a.(for $0 and over)
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HomeME Savings Account
- Maximum Rate
- 5.25% p.a. (for $1 to $100,000)
- Standard Rate
- 0.55% p.a.(for $0 and over)
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Incentive Saver Account
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Growth Saver
- Maximum Rate
- 5.50% p.a. (for $0 to $25,000)
- Standard Rate
- 0.10% p.a.(for $0 and over)
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Incentive Saver Account
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Freedom Saver
- Maximum Rate
- No Current Offer
- Standard Rate
- 5.10% p.a.(for $0 to $50,001)
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Bonus Saver
- Maximum Rate
- 5.25% p.a. (for $0 to $100,000)
- Standard Rate
- 0.01% p.a.(for $0 and over)
Kick Start Savings
For savers looking to take advantage of market-leading introductory rates to get their savings off on a good start. We calculated the total returns for the first 12 months to determine the winners of this category. 26 savings accounts from 23 providers were judged for this award.
Congratulations to:
Macquarie and Rabobank
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Savings Account
- Maximum Rate
- 5.50% p.a. (for $0 to $250,000)
- Standard Rate
- 5.00% p.a.(for $0 to $1,000,000)
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High Interest Savings Account
- Maximum Rate
- 5.60% p.a. (for $0 to $250,001)
- Standard Rate
- 4.35% p.a.(for $0 to $250,001)
No Strings Savings
This award identifies the savings accounts with the best ongoing rates for savers who don’t want to be tied down or meet any special conditions.
Congratulations to:
Australian Unity, Bank of Queensland, Macquarie, and Unity Bank
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Simple Saver Account
- Standard Interest Rate
- 4.85% p.a.(for $0 to $5,000,001)
- Account Fee
- $0.00
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Cash Management Accelerator Account
- Standard Interest Rate
- 4.65% p.a.(for $0 to $2,000,000)
- Account Fee
- $0.00
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Savings Account
- Standard Interest Rate
- 5.00% p.a.(for $0 to $1,000,000)
- Account Fee
- $0.00
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MoneyMAX Account
- Standard Interest Rate
- 4.70% p.a.(for $1 and over)
- Account Fee
- $0.00
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Freedom Saver
- Standard Interest Rate
- 5.10% p.a.(for $0 to $50,001)
- Account Fee
- $0.00
Young Adult High Interest Savings
In this category, our judges awarded savings accounts specifically for people in their 20’s which have the leading rates whether or not there are requirements that must be met each month to get the top rate.
Congratulations to:
Bank of Queensland, Great Southern Bank, IMB Bank, Police Bank, and Westpac
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Future Saver Account - 14 to 35 years
- Maximum Rate
- 5.50% p.a. (for $0 to $50,000)
- Standard Rate
- 0.05% p.a.(for $0 and over)
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Goal Saver
- Maximum Rate
- 5.35% p.a. (for $0 to $50,000)
- Standard Rate
- 0.50% p.a.(for $0 and over)
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Reward Saver Kick Start Account
- Maximum Rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard Rate
- 0% p.a.(for $0 and over)
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U30 Super Charge Account
- Maximum Rate
- No Current Offer
- Standard Rate
- 5.25% p.a.(for $0 and over)
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Life - 18-29 years old
- Maximum Rate
- 5.20% p.a. (for $0 to $30,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
Teen High Interest Savings
This category was awarded to savings accounts specially for teenagers exclusive with the leading rates whether unconditional base rates or ongoing conditional bonus rates.
Congratulations to:
Australian Mutual Bank, Bank of Melbourne, Bank of Queensland, BankSA, Great Southern Bank, IMB Bank, and St.George
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Future Saver Account
14 to 35 years
- Maximum Rate
- 5.50% p.a. (for $0 to $50,000)
- Standard Rate
- 0.05% p.a.(for $0 and over)
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Youth eSaver
- Maximum Rate
- No Current Offer
- Standard Rate
- 1.00% p.a.(for $5,001 and over)
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Reward Saver Kick Start Account
- Maximum Rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard Rate
- 0% p.a.(for $0 and over)
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Young Saver Account
- Maximum Rate
- No Current Offer
- Standard Rate
- 0.01% p.a.(for $10,000 and over)
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
Kids High Interest Savings
For the young ones, this was awarded to savings accounts that are designed for children which offer the leading rates in our judge’s assessment.
Congratulations to:
Australian Mutual Bank, Bank of Melbourne, BankSA, Great Southern Bank, and St.George
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Youth eSaver
- Maximum Rate
- No Current Offer
- Standard Rate
- 1.00% p.a.(for $5,001 and over)
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
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Young Saver Account
- Maximum Rate
- No Current Offer
- Standard Rate
- 0.01% p.a.(for $10,000 and over)
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Incentive Saver Account
Kids
- Maximum Rate
- 5.15% p.a. (for $0 to $250,000)
- Standard Rate
- 1.85% p.a.(for $0 and over)
Now in their eleventh year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2024 Savings Accounts awards, we analysed 231 personal products issued by 82 providers.
“Higher interest rates mean more interest earned on your savings, so it pays to find a great savings account to help you achieve a better return," Mozo Experts Choice Awards Judge Peter Marshall said.
“No matter what age you are, or what your savings needs are, the winners list of Savings Accounts are a great place to begin your savings journey.”
For details on how we crunched the numbers and determined our winners, see the 2024 Mozo Experts Choice Savings Accounts Awards methodology report .
Our Expert Judges
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
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AJ Duncanson
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Peter Marshall
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Meredith Allan
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George Hirst
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Rumpa Saha
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Afia Asha
FAQs
How do I choose the best savings account for me?
When you’re looking for a savings account, you’ll want to think carefully about your savings habits and what your final savings goal is. By comparing the features in our winners list, you can see which provider could better suit your savings needs when making your decision in finding the one that’s best for you.
What’s the Judging Criteria for the awards?
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Savings Accounts Awards methodology report for more detailed information on how we performed product comparisons and determined the final Savings Accounts Award winners for 2024.
Did you compare all savings accounts in the market for these awards?
For the Mozo Experts Choice Awards, we aim to include most savings account providers in the market. However, not every financial institution or product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.
Who are the Mozo Experts?
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Mozo's Financial Services Specialist he contributes to the team of analysts that gather information and compare products every day, and oversees the calculations and data quality used for producing the Mozo Experts Choice Awards.
I work for a financial institution, how do we promote our win?
Please get in touch with us to discuss by email should you have any queries.