Compare Savings Accounts in Australia
If you’re after a high interest savings account you’ve come to the right place. Mozo compares more than 200 savings accounts from 60 banks to help you find the right home for your money.
Read moreIf you’re after a high interest savings account you’ve come to the right place. Mozo compares more than 200 savings accounts from 60 banks to help you find the right home for your money.
Read moreTo find a competitive rate on your savings account, you need to understand the different types of rates available. Remember to double check if the interest rate you’re looking at is an introductory bonus rate, an ongoing bonus rate that requires you to meet certain conditions or a standard ongoing rate, and that you’re getting the best option for your saving style.
Great savings accounts all have one thing in common - a killer interest rate. But what else should you look for? To make sure you’re getting the best savings account possible, look for an option with no account fees, internet, phone or in-branch access (whichever you use the most) and unlimited free transactions, to name a few things.
That’s easy - just take a look through our handy comparison table, or use our search tool to compare savings accounts from a range of different banks and financial institutions. You’ll find high interest savings accounts, online savings accounts, big bank savings accounts and plenty more to choose from.
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
1.55% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
0.85% p.a. (for $0 and over)
0.01% p.a.(for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
Be rewarded with bonus interest for regular savings of $10 or more and no withdrawals in a month. Set a savings goal in the ANZ app or set up an automated monthly transfer online from your linked ANZ everyday banking account.
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
1.55% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
No minimum balance and no account keeping fees. Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category .^
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.
0.80% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yesup to $250,000
Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.
An online savings account with bonus interest offer for 3 months. No minimum balance required and no monthly account fees. Gives you the flexibility to access your savings anytime online anytime via your linked everyday account.
1.65% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
1.65% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
1.25% p.a. (for $0 to $5,000,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
1.25% p.a. (for $0 to $5,000,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
1.25% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
1.25% p.a. (for $0 to $250,000)
0.01% p.a.(for $0 to $5,000,000)
Yesup to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No account maintenance or transaction fees.
^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.
Reviews, news, tips and guides to help find the best savings account for you.
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, whether you can make minimum monthly deposits to the account, and whether 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 the main financial institutions in Mozo's database. So 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.
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.
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:
A lot of people find themselves divided between investing their money in a savings account or a term deposit. Here are some key factors to consider if you are making a choice between the two:
Interest rates: With a term deposit your interest rate will be fixed for the term of your investment. Term deposits are available for 3 months to 5 years and traditionally offer better interest rates the longer the term. With a savings account, your money is at call (which means you can withdraw it at any time) and your interest rate is a variable rate which means that it can change at any time. Generally, savings accounts have higher introductory interest rates so these are a good option if you are planning on saving your money for a shorter duration of time (3 or 6 months).
Withdrawals: Term deposits have less flexibility as your interest rate and money are locked away for the fixed term. In the situation where you did have to make a withdrawal, there would be penalties for breaking the TD before the set date. In a savings account, you have the option to withdraw money at any time. The downside is that you may not get the high interest rate for the month that you make more than the allowed number of withdrawals.
Bonus rates: With a savings account, you also have the option to earn higher bonus rates on monthly deposits, which is not possible with term deposits. But because savings accounts have variable interest rates, in case the Reserve Bank slashes the cash rate, your rate of interest can also drop.
We've covered off how to choose the right savings account for you, but to really make sure you're getting maximum value out of your money, it's also important to adopt good savings habits. Here are a few money-savvy tips from team Mozo to keep in mind:
Have a goal: Plan out a savings goal for yourself and think about setting up an automatic deduction from your bank account each month to go towards your savings. This automatic transfer can also help you maintain any requirements for minimum balance or monthly deposits. If you need help in figuring out how much you can save and how long it will take you, try Mozo's savings calculator. It will instantly show you what your balance will be and how long it will take to achieve your savings goal.
Draft a monthly budget: A key practice to achieve your goal is to plan a monthly household budget and then stick to it. Be realistic about your expenditure and share your strategy with your family and friends so they can encourage you to follow it through. You can use our budget calculator to understand where most of your money goes and where you can try to save.
Pay yourself first: One of the best tactics for growing your savings pile is to automate your savings. Set up a direct deposit into your account each payday. Just like taxes that get taken out before you get to spend if you automate your savings you won't even miss the money from your account.
Review your rates every 6 months. Today's top savings account could become tomorrow's dud deal, so get into the habit of reviewing your account's interest rate against the market every 6 months, and switch if you're not getting the best deal.
Have a plan for your kids: It's never too early to get your kids into saving. Open a kids savings account which offers high interest and has no fees, then get your children involved in banking their pocket money into the account each week.
In order to earn more interest on your savings, make sure you’re getting a high interest rate (but be mindful there may be conditions like minimum deposit and withdrawal restrictions).
For some help crunching the numbers, check out Mozo’s Savings Calculator and find out exactly how much you will make in interest with your savings plan.
Yes, joint savings accounts can be opened for both long and short time periods. A joint savings account may be a convenient way for two people, say a married couple, to pool their finances and only face one set of banking fees rather than two. Combining savings can also mean that your balance is higher, meaning you make more in interest and can also make it easier to fulfil minimum requirements, like deposits, for bonus interest.
But there are a few disadvantages to a joint account. The road can be bumpy, and you may face issues that may have you wishing you kept your money separate, like your partner misusing the account for themselves or even a relationship breakdown. So, if you are considering opening a joint savings account, make sure that you’re doing it with someone you trust first and foremost. Money can be a difficult thing to share with someone else, so weigh up the risk before you seal the deal.
There are a whole bunch of savings accounts designed specifically for kids. Because kids don’t save in the same way as adults (as they generally don’t have access to as much money) there are some key features that you want to look for when choosing a kids savings account. These include:
Keep in mind that some kids savings account have specific access options that may only apply to children over 12 (like ATM withdrawals).
In some cases, it may be more suitable to open a regular savings account for your child as opposed to a kids savings account. If you choose this option, the account will likely be held in your name, meaning any interest made is included on your taxable income. Ultimately you’ll most likely be the one dealing with the finances on the account for a little while so do what suits your savings habits as well.
Don’t forget that kids need a little extra help to stay motivated about their money. So check out our top tips for opening a kids savings account.
Generally, opening a savings account is as easy as jumping onto your bank’s website, heading down to your local branch or even via Australia Post. In order to create the account, you’ll be required to provide documentation to confirm your identity and residency, like a licence, medicare card or passport that has all your current details.
Once the bank is sure that you are who you say you are, your account will become active and will be ready to accept deposits whenever you want.
I really like this bank they're, helpful, kind, reliable and they are also very trustworthy.
Read full reviewI really like this bank they're, helpful, kind, reliable and they are also very trustworthy.
I am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.
Read full reviewI am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.
I have banked with this bank for years and have found that they do not care about the customer.
Read full reviewI have banked with this bank for years and have found that they do not care about the customer.