5 savings accounts worth considering as interest rates go up

holding a piggy bank in your hands

If you’re like me–a renter not looking to own any time soon–seeing home loan rates increase doesn’t seem that big of a deal. But recent RBA hikes - pushing the official rate up to 1.85% - can also positively affect savings accounts, which is always a big plus!

Interest rates on several savings accounts are going up, which means it might be prime time to get some money into an account to earn you some extra cash over the long term.

How are savings accounts looking?

In July, our database recorded more than 200 rate increases throughout all savings accounts! This is almost double the number increased from the month before.

Right now, the savings account averages in our database are as follows:

  • 1.06% p.a. for ongoing base rates.
  • 1.42% p.a. for only bonus rates.
  • 1.56% p.a. for only introductory rates.

While those numbers aren’t high, there are several high interest savings accounts on offer that might be worth considering, too.

High interest rates accounts to consider

With high interest rate accounts, you can start building up some extra cash without working too hard. Especially as almost everything has grown more expensive due to the growing cost of living

Below are some savings accounts that have begun offering some of the highest interest rates in our database. Be mindful that some of these accounts come with age restrictions.

Fun fact! Many of these savings accounts have recently increased their interest rates and some by as much as 1.25% p.a.! If your current bank account isn’t offering rates as high as the ones below it might be worth considering changing banks to get a higher interest rate.

If those savings accounts don’t tickle your fancy, no need to worry. To make your savings account search easier, we have a page where we list some of the best savings accounts crowned winners by the Mozo Experts Choice Award^. Alternatively, you can start comparing savings accounts below until you find one that suits your savings needs.

Savings account comparisons on Mozo - last updated 1 March 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.

  • 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.

  • 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
    Savings Account

    5.35% 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.

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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