Piggy Bank Perfection: Mozo Awards the Best of the Best Aussie Savings Accounts

Leading financial comparison site Mozo.com.au is proud to announce the winners of the savings categories in the 2024 Mozo Experts Choice Awards for Savings and Transactions.

Mozo experts rigorously analysed a total of 231 savings products from 82 providers, to find the accounts and providers offering the highest interest rates, and best value, for Australian savers of all ages and backgrounds.

"Mozo is thrilled to showcase the best-of-the-best in the savings landscape, empowering Australians to make more informed financial decisions to put their hard-earned savings to work," remarked Peter Marshall, Mozo Experts Choice Awards judge.

“From everyday Aussies, to small business owners, to savvy investors, these awards cater to the diverse needs of savers, to ensure everyone can find the right fit for their savings goals.”

The comprehensive evaluation involved reviewing 231 personal savings accounts from 82 providers, 136 small business products from 52 providers, and 69 SMSF products from 43 providers, leaving no stone unturned to identify the true champions in the industry.

High Interest Savings accounts, like AMP Bank’s AMP Saver Account, Australian Unity’s Freedom Saver, were standouts in the awards, offering some of the highest savings rates on the markets across bonus and unconditional savings accounts. 

Australian Mutual Bank’s Young Saver Account and Great Southern Bank’s Youth eSaver both took out awards for kids and teens, and Great Southern Bank nabbed another win in the Young Adult category for its Goal Saver account.

Bank Australia, Challenger, and ING offered the best interest rates on Term Deposits, while Goldfields Money was celebrated as the Small Business Everyday & Savings Bank of the Year. 

In the Self-Managed Super Fund (SMSF) category, Macquarie emerged as the SMSF Savings Bank of the Year, with Bank First’s Bonus Saver and Qudos Bank’s DIY Super Saver scooped up the awards for the highest interest SMSF savings accounts.

“Our team looked at over 400 savings products on the market to simplify the process of finding the best savings options based on a number of different factors," stated Marshall.

"For 11 years in a row Mozo experts have analysed savings products, as part of the Mozo Experts Choice Awards. We trust that the winners' list will act as a valuable resource for Aussies of all ages, to help them maximise their savings.”

Mozo Experts Choice Awards Winners (Savings)

Everyday & Savings Bank of the Year: ING

Exceptional Value Everyday & Savings Bank: Great Southern Bank & Macquarie

Personal Savings Account Winners 

High Interest Savings

• AMP Bank AMP Saver Account
• Australian Unity Freedom Saver

No Strings Savings

• Australian Unity: Freedom Saver
• Bank of Queensland: Simple Saver Account
• Macquarie: Cash Management Accelerator Account
• Macquarie: Savings Account
• Unity Bank: MoneyMAX Account

Kick Start Savings

• Macquarie: Savings Account
• Rabobank: High Interest Savings Account

Kids High Interest Savings

• Australian Mutual Bank: Young Saver Account
• Bank of Melbourne/ BankSA / St.George: Incentive Saver Account (Kids)
• Great Southern Bank: Youth eSaver

Teen High Interest Savings

• Australian Mutual Bank Young Saver Account
• Bank of Melbourne/BankSA/St. George Incentive Saver Account (Kids)
• Bank of Queensland Future Saver Account (14 to 35 years)
• Great Southern Bank Youth eSaver
• IMB Bank Reward Saver Kick Start Account

Young Adult High Interest Savings

• Bank of Queensland: Future Saver Account (14 to 35 years)
• Great Southern Bank: Goal Saver
• IMB Bank: Reward Saver Kick Start Account
• Police Bank: U30 Super Charge Account
• Westpac Life: 18-29 years old

Term Deposit Winners

• AMP Bank: Term Deposit
• Bank Australia: Term Deposit
• Challenger: Term Deposit
• G&C Mutual Bank: Term Deposit
• ING: Term Deposit
• Judo Bank: Term Deposit
• MOVE Bank: Term Deposit
• Rabobank: Term Deposit

Small Business Winners 

Small Business Everyday & Savings Bank of the Year: Goldfields Money

Small Business High Interest Savings

• Bank First Bonus Saver
• Goldfields Money Cash Management Account
• Macquarie Cash Management Accelerator Account
• Macquarie Business Savings Account

Small Business Term Deposit

• Bank Australia: Term Deposit
• Judo Bank: Business Term Deposit
• MOVE Bank: Term Deposit

SMSF Savings Account Winners 

SMSF Savings Bank of the Year: Macquarie

SMSF High Interest Savings

• Bank First Bonus Saver
• HSBC Bonus Savings
• Macquarie Cash Management Accelerator Account
• Qudos Bank DIY Super Saver

SMSF Kick Start Savings

• AMP Bank: SuperEdge Saver Account

SMSF No Strings Savings

• Australian Military Bank: DIY Super Saver Account
• Macquarie: Cash Management Accelerator Account

SMSF Term Deposit

• G&C Mutual Bank: Term Deposit
• Judo Bank: SMSF Term Deposit
• MOVE Bank: Term Deposit