Australia's Best Savings, Term Deposits and Bank Accounts Unveiled
Interest rates in Australia have finally moved up from the record lows of recent years, and so there is now more choice when it comes to finding a decent earnings rate for your savings.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.
That’s why each year, Mozo’s team of money experts assess and compare every savings account, term deposit and everyday bank accounts in our database to determine which ones offer Australians the best value. For our 2024 Mozo Experts Choice Awards^, we compared over 400 products from 91 banking providers.
So no matter whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster, read on for our Editor’s round-up of some of the stand-out winners from the 2024 Awards.
BEST SAVINGS ACCOUNTS
MACQUARIE SAVINGS ACCOUNT
- 5.35% p.a. for the first 4 months (5.00% p.a. ongoing)
- Multiple Mozo Experts Choice Award Winner 2024^
The Macquarie Savings Account was awarded in the kick starter and no strings savings categories in the 2024 Mozo Experts Choice Awards. It offers a cracking intro rate of 5.35% p.a. for the first four months on balances up to $250K and has a competitive ongoing rate of 5.00% p.a. There are zero account keeping fees to worry about. You'll need to open a Macquarie Transaction Account as a first step (which also has no account keeping fees), but once that's done you can open as many linked Savings Accounts as you like using the Macquarie mobile banking app - one for each savings goal! This account is 100% online so can only be accessed by the app or via internet banking.
ING Savings Maximiser
- 5.50% p.a. Maximum interest rate
- No account keeping fees
- High Interest Savings Winner- Mozo Experts Choice Award 2024
The ING Savings Maximiser’s 5.50% maximum interest rate is hard to beat. You can earn a high bonus rate of interest when you make 5 card purchases on your linked ING translation account, deposit at least $1,000 and grow your balance every calendar month. The maximum interest rate is available on balances up to $100,000 and there are no monthly account fees.If bonus interest conditions are not met in a calendar month, the standard variable rate of 0.55% p.a. will apply in the next calendar month. Mozo Experts Choice Award winner^.
BEST TERM DEPOSITS
JUDO TERM DEPOSIT
Judo Bank is a multi-year Mozo Experts Choice Awards recipient and offers some of the highest term deposit rates in the Mozo database. There are a range of terms to choose from starting from as short as three months up to five years, with the minimum investment starting at $1,000. Interest can be paid out when the term deposit hits maturity or there’s also an annual or monthly option but these have a slightly lower interest rate. Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity. Fees may apply to early withdrawals. Deposits up to $250K backed by Government deposit guarantee.
BEST BANK ACCOUNTS
ING Orange Everyday
- Zero ING international transaction fees, zero monthly fees
- Rebates on domestic ATM transactions
- Exceptional Everyday Account Winner - Mozo Experts Choice Award 2024
ING’s award-winning Orange Everyday account offers 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees anywhere in Australia and unlimited rebates on international transactions. It also has zero monthly account fees. To access these savings, simply deposit at least $1,000 from an external bank account and make at least 5 card eligible purchases using your ING debit card each month (T&Cs apply).
Suncorp Everyday Options
- 9 sub accounts to help you spend, budget and save
- Double Winner Mozo Experts Choice Awards 2024^
- No account-keeping fees
Suncorp’s Everyday Options account scooped two Mozo Experts Choice Awards in 2024 - Exceptional Everyday Account and Travel Debit Card making it a top account to have here in Australia and while you are travelling. This account lets you create up to nine sub accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. There are no monthly account fees and when overseas travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.
These are just some of the winners from the 2024 awards. To see the full list of winners head over to our Mozo Experts Choice Awards page or our hub pages to compare high interest savings accounts, term deposits or bank accounts for your needs.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Savings Account Awards
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