Apple’s 4.15% savings account makes waves in the US, but where can Aussie savers get a good rate?

Apple recently continued its dive into the financial world in the US with a new savings account with investment bank Goldman Sachs. The announcement shook up the American financial sphere as the new product offers an appealing 4.15% annual interest rate - more competitive than some of the leading banks in America.

Furthermore, the account does not demand a minimum balance and has no extra fees, which surely will appeal to American consumers during harder economic times. 

But what does this all mean for Aussies?

Should local savers be looking for a better, more digitally focused savings product given there are innovative companies out there trying to provide one? We consider a few options below.

The Aussie fintech space

While you can’t currently get Apple’s savings account in Australia, there are loads of interesting fintech apps and services on offer from both startups and big players alike. In fact, according to KPMG’s Australian Fintech Landscape 2022 report, there are currently 775 active fintechs in Australia. 

So Australians enjoy online banking and financial-related apps widely, and one would expect that something like Apple’s new saver would be popular. For now, we have some suggestions that are already on offer. Digital bank Up, for instance, has over 600,000 customers and is a part of Bendigo & Adelaide Bank. It has a fun and vibrant banking app focused on improving the experience of money management and goal setting. 

Then there are apps like Bano, largely designed to make payments faster and easier. In short, it’s a banking app that lets you do all of your non-cash banking in one place, from splitting the bill to sending and receiving up to 37 currencies. 

Meanwhile, challenger bank Judo has long had impressive interest rates for its term deposits, especially as of the latter half of 2022. It should be noted that Judo also has no branches, so it’s an all online experience much like UP or Apple.

Switching to a better digital experience

With the increasing focus on purely digital banking, it’s easy to see why the likes of Apple is making headlines with its savings account, and why many people continually look to change how they bank. Incumbent banks and fintechs are indeed making noise, increasingly utilising tech tools and branchless banking. It’s all worth considering.

But there are loads of players in the online banking space, so it can be difficult to know which is right for you. At Mozo, we review a variety of digital and non-digital banks so that you can sign up with the provider that works best for you. Be sure to start comparing the best savings account now.

Savings account comparisons on Mozo - last updated 22 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.

  • 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.^

  • 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.

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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