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!

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Savings account comparisons on Mozo - last updated 9 December 2023

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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.

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^See information about the Mozo Experts Choice Savings accounts Awards

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Savings account resources

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

Savings accounts monthly snapshot: November 2023

Savings accounts have had a monster year with interest rates reaching heights as far as 5.00%. Currently, the highest bonus rate listed in the Mozo database is 5.55%, the highest base rate is 5.50%, and the highest introductory rate is 5.75%. 

Savers should keep in mind that bonus rate accounts may require certain conditions to be met in order to get the highest available rate. So it is important to review your savings and spending habits because if the conditions aren’t met, it will mean a reversion to a lower base rate. On top of that, with interest rates changing constantly, savers might want to compare providers so that they can grow their cash balance at the highest possible rate.

Best savings account rates in December:

Here are the current rate leaders in the Mozo database for the three main types of savings accounts: those with an ongoing bonus rate, an introductory rate and a base rate. 

  • Bonus rate for 14-35 year olds: 5.40% p.a. with the Bank of Queensland Future Saver Account. Those between 14 and 35 years old, with balances under $50,000 could access this special bonus rate from BoQ. You will have to jump through some hoops to get it though - such as making 5 eligible transactions and deposit $1,000 per month. Those conditions are waived for savers aged 14 to 17. 

  • Ongoing Bonus: Currently, 5.70% p.a. is offered through Move Bank’s Growth Saver account as long as you make no withdrawals in the month and deposit $200. 

  • Introductory: 5.75% p.a. with the Rabobank High Interest Savings Account. You’ll get this top rate for the first four months, then it reverts to a standard variable rate of 4.20%.

  • Base: 5.50% p.a. with an Australian Unity Freedom Saver account. Just keep in mind that you’ll need to link this account with an Australian Unity transaction account.

  • Cash Management: 4.75% p.a. With the Macquarie Cash Management Accelerator Account

Read reviews of some of Mozo’s award-winning savings accounts and editor's picks in our round-up of the best savings accounts.

*Averages calculated using data available in the Mozo database, correct as of 1 December 2023


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.

Picture of JP Pelosi
JP Pelosi
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,,, 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.

More FAQs about savings accounts

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

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.

What are Mozo's tips for developing good saving habits?

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.

How do you calculate interest on a savings account? 

First things first, consider the different factors that could impact how much interest you earn on your savings account. These include:

  • the interest rate offered by your bank
  • your interest payment schedule
  • your savings balance
  • deposits
  • the length of time you keep the account active.

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. 

Can you have a joint savings account? 

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. 

What is the best savings account for a child?

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: 

  • no fees
  • bonus interest rate
  • no maximum monthly deposit
  • child-friendly facilities (like special tools or online graphs) 

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. 

How do I open a 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.

Savings Account Reviews

NAB Reward Saver
Overall 8/10
Nab for great service

Like the nab for good service

Read full review

Like the nab for good service

Customer service
Angela, Australian Capital Territory, reviewed 22 days ago
NAB iSaver
Overall 10/10
I would definitely recommend NAB

I have never had any problems with NAB. The internet banking is easy to read, and understand.

Read full review

I have never had any problems with NAB. The internet banking is easy to read, and understand.

Customer service
Tracey, South Australia, reviewed 22 days ago
Great Southern Bank Advantage Saver
Overall 4/10

The closest branch is over 100 kilometres away now that the only branch moved to sunshine coast which I was very peeved about.

Read full review

The closest branch is over 100 kilometres away now that the only branch moved to sunshine coast which I was very peeved about.

Customer service
Deans, Queensland, reviewed 22 days ago

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