7 things think about when choosing your next savings account

Hand putting coin in piggy bank

So you’ve just mastered the art of sticking to a budget and now have some money set aside for a rainy day or your next holiday. You might be wondering which savings accounts you should keep your hard earned money in. 

Well, there are several features to weigh up when looking at savings accounts and deciding which one suits your savings habits and needs.

Here are 7 features to keep in mind when picking your next savings account:

  1. Interest rates 
  2. Fees 
  3. Multiple accounts
  4. Apps 
  5. Conditions
  6. Cards
  7. Round up

Let’s get into how you can choose the right savings account for you.

1. Interest rates 

The primary suspect of selecting a savings account is the interest rate, this is what helps your balance grow over time. A savings account will come with a standard interest rate, and can also include a conditional maximum standard rate. This competitive rate can come from introductory or bonus offers; or conditions such as required deposits, withdrawals and transactions. 

Consider what amount of interest you hope to accumulate and what type of actions you are willing to take to reach any maximum rates if there are any.

2. Fees 

Something to look for is whether or not a savings account has fees. This fee will come out of your savings account funds which you may not want, so it’s important to know the fine print.

3. Multiple accounts 

You may need a linked transaction account to transfer money in and out of your savings account. Be sure to check if this is required to be the same bank as your savings account, and if there are any extra fees.

4. Apps 

Online savings accounts are easily accessible via apps on your phone and can have extra features to help meet your savings goals. You can create budgets, goals, categorise your spending and set up automatic payments.

5. Conditions 

Savings accounts may have conditions to meet in order to get a certain interest rate. These conditions can include:

  • Limited amount of withdrawals per month
  • Minimum monthly deposit requirements
  • Continually growing your balance each month
  • Making purchases with your linked transaction account’s card

Make sure you are familiar with what kind of criteria you need to meet and make sure it suits your savings habits.

6. Card

If you are interested in a physical card, some savings accounts offer a card to withdraw money without transferring into your transaction account.

7. Round up

Some banks now offer a round-up feature which allows you to round up the cost of purchases from your transaction account and transfer the excess into your savings account. 

Now that you’re on your way to being a savings account expert, it’s time to start researching your next savings account. At Mozo we compare all the data for you to help you find the best savings account for you.

Savings account comparisons on Mozo - last updated 25 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

    Compare
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  • Mozo Expert Choice Badge
    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.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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    Details
  • 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.

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    Details
  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • 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.

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^See information about the Mozo Experts Choice Savings Account Awards

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