Compare Savings Accounts in Australia

Savings accounts provide a convenient place for people to keep their money stored away safely, while also growing the balance over time through interest. Start comparing accounts below!

RG146
Fact Checked
savings accounts

Savings account comparisons on Mozo - last updated 23 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

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

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

    Compare
    Details
  • Mozo Expert Choice Badge
    Savings Account

    5.50% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

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

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

    Compare
    Details
Search now

^See information about the Mozo Experts Choice Savings accounts Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Compare other savings options - last updated 23 February 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Term Deposit

    4.75% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

    Compare
    Details

Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

Savings Account Monthly Snapshot - February 

Savings accounts have continued to maintain high rates through February so far, although we have seen some providers make some downward adjustments. This is likely in response to the RBA’s hold this month as the chances of rate cuts later this year increase. 

The central bank's decision comes after the most recent CPI data figures were released. The numbers came in at the end of last month and reported a lower inflation rate of just 4.10% for the 12 months to December—close to the RBA’s CPI target of 2-3%.

So for now, the economic numbers are steadier than they were last year, but savers should keep a close eye on savings rates to ensure they’re getting the best interest level possible.

Comparing current interest rates

One of the best ways to get the savings account you’re looking for is through comparisons and it helps to know what’s currently considered a ‘good rate’. According to the Mozo data team, the average rates based on the providers in our database are:

Current average ongoing rate: 3.57% p.a.

Current median ongoing rate: 4.25% p.a.

(correct as of 14 February)

These rates can act as a benchmark, so you know what you should be comparing against and get a good sense of where rates sit relative to each other. Another way you can do this is by comparing your interest to current rates of inflation. Some of the highest savings interest rates are currently in the 5.00% range, which you can check out on our high interest savings account page.

February’s savings account comparison 

Every month we compare two savings accounts to give you a better idea of how to compare your options. For February, two of the savings accounts we’re looking at are the two equal rates among the big banks; ANZ Plus and CBA’s Goal Saver.

Account

Special Rate

Base Rate

Special Rate condition

Commbank Goal Saver

4.90 % p.a.

0.40% p.a.

Deposit into account each month and have a higher balance at the end of the month compared to the start of the month

ANZ Plus Save

None

4.90% p.a.

Lower rate for balances above $250,000

* Correct as of 14 February

Comparing interest rates is always a good exercise, especially when you note two rates that at first glance look the same. Here, personal situations become important in your comparison. For instance, ANZ Plus Save is a base rate account, so you won’t have to do anything to earn your 4.90% interest. However, if you have over $250,000 that you want to earn interest on, you’ll get a lower rate. 

Meanwhile, Commbank’s Goal Saver gives you a 4.90% bonus interest rate, be it a smaller amount, $50,000, $250,000 or $1 million in your account. However, as this is a conditional rate account, you may have to be more active with your money management to get the best possible rate return on your money. For an account like this, it typically means adding to your saved money every month. 

 

Choosing the right savings account

Saving money is hard enough so you want to make sure you're earning a decent interest rate and avoiding unnecessary fees. This is where we come in. Mozo can help you make the most out of your hard-earned money by finding the right savings account match for your needs.

But finding an account that's right for you depends on different factors such as whether you have a short or long term savings goal, if you can make minimum monthly deposits to the account, and if you would consider bundling your savings account and bank account together to access a higher interest rate.

We can help you weigh up all these factors as well as analyse the latest savings interest rates and fees across all financial institutions in Mozo's database. Whether you're looking for online saver accounts, kids accounts or a high interest savings account to maximise your savings, our nifty comparison tools let you compare accounts conveniently according to price as well as features.

putting your savings in a piggy bank

You can also read savings account reviews from real customers around Australia to get the inside story on everything from convenience to customer service.

This page is all about personal saving. If you are after information on business saving, head over to our business banking section.

To help you understand the different types of accounts available, and their key differences, here is a list of popular savings accounts:

Online saver accounts: In a world that's moving from gadget to gadget, online saver accounts are ideal for technology-savvy savers. Online banking cuts out the hassle of visiting a branch and lets you access your account on the go. Lower bank overheads also mean higher interest rates for you and lower fees (in fact most online savings accounts have no account fees).

Most banks also have customised banking apps that let you access your account on your smartphone. In fact, some financial providers also allow you to use their banking app on your smartwatch so you can check your balance with a flick of the wrist.

Bonus saver accounts: These accounts offer a bonus interest rate if you fulfil certain criteria such as meeting monthly deposit or withdrawal requirements. Some of the hottest savings rates around are only available if you bundle your bank account and savings account together with the same provider.

While these conditions can seem limiting, they can also reinforce your savings habit. Knowing that you'll lose that top interest rate if you access your money is a great incentive to keep your savings on track.

Intro rate saver: As an incentive for switching accounts banks often offer bonus introductory rates for a period of 3 to 6 months from opening an account with them. Intro rates are usually quite high, but once the introductory period ends the interest goes back to the standard variable rate for the account. These accounts are ideal for people who are looking at a short term saving goal or are happy to switch banks every couple of months to get the highest rates in the market.

Long term savings account: If you are planning to save money over a sustained period of time, and don't want to switch accounts frequently, you should go for an account that offers the highest standard rate of interest.

Kids savings accounts: Introduce your children to the idea of banking and saving money with a kids savings account. These accounts usually don't have account fees and offer a competitive interest rate but often have conditions like limited or no withdrawals to get the highest rate.

Features to look for in a savings account

While it may seem obvious that an account offering the highest interest rate would be the more ideal option, it might not always be that simple. Here are other important features that you should keep in mind while comparing the different savings accounts available:

  • No account fee: When your aim is to save, you don't want to spend unnecessary money on banking fees. Look for a savings account with no account fees. Most online accounts are fee-free but some accounts that offer branch access may still charge a fee for over the counter transactions.
  • Frequency of withdrawals: The whole point of a savings account is to save money so if you want to earn the highest rate of interest often there are limitations to the number of withdrawals you can make each month. If you think you will need to access money from your account on a regular basis, pick an account with a high standard interest rate to allow for frequent withdrawals. Also, it's a good idea to make sure you have access to Internet banking so you can deposit money online to make things faster and simpler.
  • Monthly deposit requirements: Many savings accounts require you to maintain a minimum monthly balance or deposit a certain amount every month to get the highest rate of interest available. If you are unable to do so the bank will lower your interest rate, or pay no interest for that month. So, it's a good idea to work out how much you can save each month and then look for a bank that offers bonus rates for fulfilling these criteria, then set up an automatic deposit into the account.
  • Introductory savings interest rates: Intro rates are ideal if you are saving for the short term because they offer a high interest rate for about 3 to 6 months. But if you have a long term saving goal and you don't want to switch accounts regularly, you should check what the rate would be once this period expires.
  • Linked accounts: With most online savings accounts you'll need to have a linked transaction account so that you can transfer money to and from the savings account. Sometimes this account needs to be with the same bank (and sometimes you can link to any bank account). If the account requires a same bank transaction account be sure to check for fees and features of this account as well as the savings account to ensure you will not end up paying extra fees.
Show transcript

What to look for when picking a savings account.

  1. Are there any fees?

    The aim of the game is to save money, so you should try to avoid picking an account that charges fees.

  2. Are there any conditions?

    High interest savings accounts often come with certain requirements, such as:

    • Withdrawal limits
    • Minimum deposits
    • Minimum card transactions

    If you can meet the conditions, that's great. But if you’re likely to fall short, it’s best to find another account.

  3. What about introductory rates?

    Intro rates typically last for 3 to 6 months, and can be helpful if you’re looking to boost your savings in the short term.

    But once that intro period ends, the rate you’re left with might not be too impressive.

    If that’s the case, you might want to consider switching to another account.

This page is all about personal saving. If you are after information on business saving, head over to our business banking section.

You can also read savings account reviews from real customers around Australia to get the inside story on everything from convenience to customer service.

Picture of JP Pelosi
JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Savings Account FAQs

What is the key difference between savings accounts & term deposits? 

You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider: 

  • Interest rates: With a term deposit the interest rate will be fixed for the term of your investment. Term deposits are available for 3 months to 5 years. With a savings account, the interest rate is a variable rate which means that it can change at any time. 
  • Withdrawals: Term deposits have less flexibility as your interest rate and money are locked away for the fixed term. If you do make a withdrawal, penalties would apply like lower rates and/or a fee.  Alternatively, savings accounts can be withdrawn at any time, although some bonus rate accounts will revert to a lower base rate if account growth is a condition. 
  • Bonus rates: With a savings account, you also have the option to earn higher bonus rates provided certain conditions are met. On the other hand, some term deposit providers offer a loyalty bonus if you roll your balance for a new term at maturity.  

Is the interest rate the most important factor of a savings account? 

Generally, interest rates are the driving factor for most savers when deciding between savings accounts. While a high-interest rate is important, it’s also important to make sure that the account conditions you choose are right for your situation.  

How can I save more money? 

One of the best ways to save more money (besides a raise) is to make a budget. By calculating your income and expenses, you’ll be able to figure out where you can curb your spending and add extra cash in your savings account. Check out our budget calculator to figure out how much you could potentially save. 

How do you calculate interest on a savings account?

A basic formula for calculating interest on savings accounts would be B x R x T where B = balance, R = interest rate, and T = time. So a balance of $2,000 x 3% p.a. rate x 1 year = $2,061. Alternatively, you can use one of Mozo’s savings interest rate calculators to quickly get a sense of how much you could potentially save at different rates.  

How to compare kids savings accounts?

Kids accounts won’t just be a case of getting a good interest rate—you’ll want to make sure you’ve got the right age range too. This is because kids saver accounts are generally separated into sub-categories such as kids, teens, and “youth” (which can range as high as 35 year olds). Check out the best kids savings accounts or compare accounts on our kids saving account page.

Savings Account Reviews

MyState Bank Savings Account
Overall 8/10
MyState is well worth considering

MyState Bank offer a very good online savings account, which is flexible, has one of the best current interest rates and provide good customer service. Really pleased with all aspects of our interactions with MyState so far.

Read full review

MyState Bank offer a very good online savings account, which is flexible, has one of the best current interest rates and provide good customer service. Really pleased with all aspects of our interactions with MyState so far.

Price
10/10
Features
7/10
Customer service
8/10
Convenience
8/10
Trust
9/10
Less
Ian, Victoria, reviewed 3 days ago
ANZ Savings Account
Overall 10/10
Paullete

Love ANZ, hassle free. Customer Service is great.

Read full review

Love ANZ, hassle free. Customer Service is great.

Price
10/10
Features
10/10
Customer service
7/10
Convenience
10/10
Trust
10/10
Less
Finau, New South Wales, reviewed 9 days ago
NAB Cash Manager
Overall 6/10
Look after loyal customers better

Probably don’t do the best by the long term customers ie when you here of better deals for new comers and I have been loyal for years and don’t get offered the same deals

Read full review

Probably don’t do the best by the long term customers ie when you here of better deals for new comers and I have been loyal for years and don’t get offered the same deals

Price
6/10
Features
2/10
Customer service
5/10
Convenience
7/10
Trust
7/10
Less
Graham, Western Australia, reviewed 15 days ago

More savings account reviews