Savings accounts provide a convenient place for people to keep their money stored away safely, while also growing the balance over time through interest. With rates at record lows right now, finding the highest rate for your savings could take a bit of research, but it's super important. At Mozo we compare more than 200 savings accounts from 60 banks to help you find the right home for your money. Use our comparison tool below to find a savings account to suit your needs.
Savings account comparisons on Mozo
- last updated 2 July 2022
Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
Save Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.85% 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.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
Maximum rate
1.85% p.a.(for $0 to $250,000)
standard interest rate
0.10% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Deposit at least $200 to either Spend or Save account from an external source each month.
Access
Internet banking
Minimum balance
$0.00
Other restrictions
Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Save Account
Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
Maximum rate
3.00% p.a.(for $0 to $50,001)
standard interest rate
0.05% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age.
3.25% p.a. interest rate on balances up to $5,000; 1.00% p.a. interest rate on balance over $5,000. $0 monthly account fees to pay. Add and withdraw your savings without affecting your interest rate. Comes with an Everyday Youth Account. Available to applicants aged 10 to 17 only.
3.25% p.a. interest rate on balances up to $5,000; 1.00% p.a. interest rate on balance over $5,000. $0 monthly account fees to pay. Add and withdraw your savings without affecting your interest rate. Comes with an Everyday Youth Account. Available to applicants aged 10 to 17 only.
Maximum rate
No Current Offer
standard interest rate
3.25% p.a.(for $0 to $5,001)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
n/a
Access
BPay, Branch access, Phone banking, Internet banking
Minimum balance
$1.00
Other restrictions
Child must be aged 10-17 and sole account owner. Max 1 Youth eSaver account per eligible child. Must link to a transaction account.
Read our Mozo Review to learn more about the Youth eSaver
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
Maximum rate
2.10% p.a.(for $0 to $250,001)
standard interest rate
1.00% p.a.(for $0 to $250,001)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
For more information about these awards go to the link at the bottom of this table.
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.00% p.a.(for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate of 2.00%. Deposit $2,000 each month, make 5 eligible payments from your Go Account and enable the Lock Saver feature. If you are between 18 and 25 deposit $1,000. 32 days notice for withdrawal and T&C's apply.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply).
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/8/22. Offer criteria & T&Cs apply).
Maximum rate
2.00% p.a.(for $0 to $250,000)
standard interest rate
0.05% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Bonus interest 2.00% is made up of the Base rate of 0.05%, Bonus rate of 1.45% and Notice Interest Rate of 0.50%. It only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month and enable the Lock Saver feature. If you are between 18 and 25 you need to also deposit $1,000. 32 days notice for withdrawal and T&Cs apply.
Access
BPay, Internet banking
Minimum balance
$0.00
Other restrictions
Bank and savings account only accessible through iOS or Android app.
Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions.
BOQ’s high interest savings account lets you enjoy bonus interest each month when you meet the criteria. No monthly fees. Link up to 9 eligible transaction accounts. Round up your transactions. For customers aged 36 years and over. Apply in minutes.
BOQ’s high interest savings account lets you enjoy bonus interest each month when you meet the criteria. No monthly fees. Link up to 9 eligible transaction accounts. Round up your transactions. For customers aged 36 years and over. Apply in minutes.
Maximum rate
2.00% p.a.(for $0 to $250,001)
standard interest rate
0.05% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account.
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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: July 2022
Updated by: Maria Gil, Savings Account Writer, 1 July 2022
As we hit the halfway point of the year, the savings account interest rates movement continues to be on the rise. We’ve seen several banks increase their rates to help customers save amid the rising cost of living where it’s been reported that prices of almost everything have gone up.
Our database saw 216 rate increases and 6 cuts! We expect that July will see many increases as well, and possibly more. So it might be time to reconsider which savings account might be good to stash your money away in.
As always, it’s a good idea to do your own research when looking for an account. You always want conditions that suit your savings and spending habits as this could make a significant difference to your interest earnings over time. To help you get started, be sure to explore our tables for the best offers.
Best savings account rates in July:
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.
Ongoing Bonus: Right now, 2.10% p.a. is offered through the ING Savings Maximiser. With the ING offer, savers will need to make minimum monthly deposits of $1,000, settle at least five debit card transactions each month and grow their balance each calendar month.
Base:1.15% p.a. with the Macquarie Savings Account. This rate is unconditional, meaning there are no monthly requirements to earn it.
Read reviews of some of the Mozo award-winning savings accounts and editor's picks at our round up of the best savings accounts.
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.
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.
Popular savings account options
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.
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.
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.
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.
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:
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.
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.
Great rate. But if you have any issue, good luck in getting support!
I never receive the atm card and when I called the helpline (multiple times), i gave up each time after still on hold after 30min. I did get through once but was told this Smart Saver is a different product support by different team and they put me through to another number which I gave up after 30min of listening to on hold music.
Great rate. But if you have any issue, good luck in getting support!
I never receive the atm card and when I called the helpline (multiple times), i gave up each time after still on hold after 30min. I did get through once but was told this Smart Saver is a different product support by different team and they put me through to another number which I gave up after 30min of listening to on hold music.
Dinosaur bank, where other banks even smaller ones than BOQ can get funds transferred almost instantly, this bank seems like they have a person and not a machine processing account payments, so slow.
Dinosaur bank, where other banks even smaller ones than BOQ can get funds transferred almost instantly, this bank seems like they have a person and not a machine processing account payments, so slow.
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