Savings account banner image
Mozo experts choice awards 2023 savings accounts

Savings Accounts Mozo Experts Choice Awards 2023

Congratulations to the 2023 winners of Mozo Experts Choice Awards for Savings Accounts.

See the winners

Stats crunched by Mozo Experts

  • 240
    Personal Savings Accounts
  • 86
    Australian Financial Institutions
  • 9
    Award Categories
View methodology report

With the 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

Mozo experts choice awards 2023 savings accounts

Everyday & Savings Bank of The Year

Great Southern Bank took out a string of awards across many of the awards categories this year, from everyday bank accounts, term deposits through to high interest savings across multiple age groups. No other provider in our awards judging process had such a broad range of needs covered by its award-winning product range which is why they have been crowned the 2023 Everyday and Savings Bank of the Year.

Congratulations to:

Great Southern Bank

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

Best New Product

ANZ Plus is a sub-brand of ANZ and launched with a great combination of Bank Account, Savings Account and App. Only available through the app, the savings account offers a high rate of interest with no conditions that need to be met, and the bank account offers no account keeping or everyday banking fees. The app has all the latest features including budgeting tools, upcoming expenses alerts, custom tagging, digital wallets and more. A great all-in-one solution from a major bank.

Congratulations to:

ANZ Plus

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

Banking Innovation

There were a number of interesting products and features launched in the last 12 months. After reviewing the features and benefits those products offer to consumers, the judges decided that two were worthy of recognition with Innovation awards. Virgin Money came out with a new concept for getting a better rate on your savings by adding a ‘lock saver’ feature to its Boost Saver and Grow Saver accounts. The bonus rate is applied simply by activating a ‘lock’ on your savings, as long as you do not take any money out of your account. This adds 0.30% to your interest rate and you can add more money any time you wish, and if you do need to make a withdrawal it just requires 32 days notice. Other accounts offer solutions such as ‘sub-accounts’ or dedicated notice saver accounts, but this is a more flexible and simple to access solution than we have seen before.

Congratulations to:

Virgin Money

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

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. 184 products from 85 banks and credit unions were considered.

Congratulations to:

AMP Bank, Bank of Melbourne, Bank of Queensland, BankSA, Great Southern Bank, ING, MOVE Bank, MyState Bank, St.George, and Virgin Money

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

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. 21 savings accounts from 21 providers were judged for this award.

Congratulations to:

Macquarie and Rabobank

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

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:

ANZ Plus, Australian Unity, Bankwest, Citi, Macquarie, and Rabobank

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

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, People's Choice, St.George, and Virgin Money

Compare more kids savings accounts
Mozo experts choice awards 2023 savings accounts

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 Queensland, Great Southern Bank, People's Choice, and Virgin Money

Compare more savings accounts
Mozo experts choice awards 2023 savings accounts

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, Police Bank, and Westpac

Compare more savings accounts

What are the Mozo Experts Choice Awards?

Now in their tenth year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.

For the 2023 Savings Accounts awards, we analysed 505 personal products issued by 92 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 2023 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.

  • Judge ajduncan

    AJ Duncanson

  • Judge peter

    Peter Marshall

  • Judge meredith

    Meredith Allan

  • Judge george

    George Hirst

  • Judge rumpa

    Rumpa Saha

  • Judge afia

    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 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 Account Awards methodology report for more detailed information on how we performed product comparisons and determined the final Savings Account Award winners for 2022.

Did you compare all savings accounts in the market for these awards?

We aim to include most savings account providers in the market in the Mozo Experts Choice Awards. 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 Research Manager he leads the team of analysts that gather information and compare products every day, and perform all the calculations behind 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.