Australia's best savings accounts revealed

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
- Police Bank Online SuperSaver
- ING Direct Savings Maximiser
- Bank of Sydney SuperRate Account
Best value savings account - introductory rate
Best value savings account - ongoing bonus rate
Kids savings accounts - best ongoing bonus rate
- Greater Building Society Life Saver
- Hume Bank Clancy Koala Junior Saver
- BCU Scoot’s Super Saver
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 14 May 2022
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Mozo experts choice awards won:
- Young Adult Savings - 2022
Life - 18-29 years old
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.00% p.a. (for $0 to $30,000)0.15% p.a.(for $0 and over)Yes up to $250,000Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
CompareCompareLife - 18-29 years old
Earn up to a generous 2.00% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
- Maximum rate
- 2.00% p.a. (for $0 to $30,000)
- standard interest rate
- 0.15% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 card purchases/month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 card purchases are made each month, but savings account balance hasnt increased, a 1.75% interest rate still applies.
Read our Mozo Review to learn more about the Life - 18-29 years old
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Mozo experts choice awards won:
- Best New Savings Account - 2022
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.00% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 1.00%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
CompareCompareBoost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 31/05/22. Offer criteria & T&Cs apply).
- Maximum rate
- 1.00% 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 1.00% 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. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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Mozo experts choice awards won:
- Regular Saver - 2022
- Kick Start Savings - 2022
- Everyday & Savings Bank of the Year - 2022
Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.95% p.a.(for $0 to $250,000)Yes up to $250,000Bonus variable rate is available for the first four months.
Introductory variable rate of 1.35% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 0.95%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Introductory variable rate of 1.35% for first 4 months (on deposits up to $250,000). Ongoing variable rate from 0.95%. No account keeping fees to pay. Multiple 2022 Mozo Experts Choice Award winner.
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.95% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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Mozo experts choice awards won:
- Regular Saver - 2022
- SMSF Savings Bank of the Year - 2022
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250 in the previous month.
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
CompareCompareAMP Saver Account
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 1.35% per annum applies if customers deposit $250 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate of 1.35% p.a. is earned on your account balance the month after you deposit $250 and is paid the following month. Available on balances up to $250,000. Maximum balance per customer name is $5,000,000.
Read our Mozo Review to learn more about the AMP Saver Account
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Mozo experts choice awards won:
- Best New Savings Account - 2022
Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate of 1.35%. 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 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
CompareCompareBoost Saver with Go Account
Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 20,000 bonus Virgin Money Points (ends 10/4/22. Offer criteria & T&Cs apply).
- Maximum rate
- 1.35% 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 1.35% 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.
Read our Mozo Review to learn more about the Boost Saver with Go Account
^See information about the Mozo Experts Choice Savings Account Awards
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