Australia's best savings accounts revealed

By Kelly Emmerton · · 3 min read
Fact Checked
Advertiser disclosure

Do you still keep your rainy day fund in a jar under the bed? You could be missing out on tonnes of perks and some great returns on your money by not parking it in a competitive savings account.

But which account? How do you choose? Well, at Mozo, our experts have taken the head scratching out of savings, by rating and crowning Australia’s best in the Mozo Experts Choice Deposit Awards.

We’re seeing a trend this year toward small providers, with none of the big four banks appearing in our top picks. So if you’re looking for a great rate to plump up your stash, it may be time to look further afield and try an online bank or a smaller credit union.

To qualify for the experts choice award for personal savings accounts, the account listed must be available to adults, have no monthly service fee or notice period to withdraw funds, allow free, unlimited online transactions and if you require a linked transaction account, it should be able to be an account at any banking institution.

With all this in mind, our experts analysed each entry, and here’s what they came up with. Drum roll please…

Savings Bank of the Year - ME

Congratulations to ME Bank, who took out the title this year with the most award winning products across the categories of best value base rate, best value introductory rate and best value ongoing bonus rate, in personal and kids savings accounts, term deposits and bank accounts.

Take a look at some of our other gold medalists for personal savings accounts:

Best value savings accounts - base rate

Best value savings account - introductory rate

Best value savings account - ongoing bonus rate

Kids savings accounts - best ongoing bonus rate

To see the full list of winners in all categories, head on over to our Experts Choice Deposits Awards page.

Finding the best savings account

Thinking about stashing your cash in one of these award winning savings accounts? Great! But remember that every account has its pros and cons, and you need to put some time into working out which one’s your perfect match. So, here are some things to think about when choosing a savings account:

1. Look at your interest rate. The higher the interest rate, the harder your savings are working for you. Keep an eye on interest rates in the market, and if your account isn’t measuring up, it might be time for a switch.

2. Set up automatic deposits. Make it easy on yourself by setting up an automatic payment into your savings account each time your pay cheque comes in. This is a great way to make sure you’re keeping up with the conditions of ongoing bonus rates.

3. Consider your savings goals. If you’re saving up to buy a new laptop or pay for an Easter break vacay in the next few months, a great introductory rate might give your savings the boost they need. On the other hand, if you’re in it for the long haul and have your eyes set on saving for your home deposit or going on a great adventure overseas at the end of the year, a competitive ongoing rate might be more your style.

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.

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    Details
  • 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.

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    Details
  • 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.

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    Details
  • 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.

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    Details
  • 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.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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