Australia's Best Savings, Term Deposits and Bank Accounts for 2022 Unveiled

Money going in piggy bank

With interest rates in Australia finally moving up from record lows, finding a decent earnings rate for your savings is becoming an easier task.

But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which one is right for you.

That’s why each year, Mozo’s team of money experts assess and compare every savings account, term deposit and everyday bank account in our database to determine which ones offer Australians the best value. For the 2022 Mozo Experts Choice Awards,^ we compared 85 products from 79 banks.

So no matter whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster, read on for our Editor’s round-up of some of the stand-out winners from this year’s Awards.

BEST SAVINGS ACCOUNTS

Rabobank High Interest Savings Account
  • 2.10% p.a. for the first 4 months (1.00% p.a. ongoing)
  • Best Kick Start Savings Account Winner 2022^

This award-winning account from Rabobank offers a cracking introductory rate of 2.10% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 1.00% p.a.. There are no pesky minimum balance or minimum deposit requirements, and as there are also no account fees you can enjoy both hassle-free and fee-free saving.

Westpac – Life Savings Account
  • Earn up to 2.50% p.a. on your savings (18 - 29 year olds only)
  • Best Young Adult Savings Winner 2022^

Designed to help boost the savings of young Australians, the Westpac Life account offers a stellar savings rate for 18-29 year olds. To earn the max 2.50% on balances of up to $30K, you’ll need to be able to grow your balance by making at least 1 deposit into the account each month. You’ll also need to take out a Westpac Choice everyday account and make at least 5 purchases a month on your Westpac Choice debit card.

Virgin Money - Boost Saver with Go Account
  • 2.00% p.a. maximum interest rate
  • Best New Savings Account Winner 2022^

The Boost Saver with Go Account lets savers bundle their transaction account with their savings account to earn up to 2.00% p.a. interest. To get the max rate, deposit $2,000 each month, make 5 eligible payments from your Go Account (drops to $1,000 for 18 to 25s) and enable the Lock Saver feature. If you're not keen on having to give 32 days notice for withdrawals, you can still earn up to 1.00% p.a. without enabling Lock Saver. Plus, sign up before 31 August you can also earn 5,000 bonus Virgin Money points (t&cs apply).

uBank Save Account
  • 1.85% p.a. maximum interest rate
  • Best Regular Saver Account Winner 2022^

ubank’s Save Account rewards savers with 1.85% p.a. interest each month in return for setting up a linked Spend account and simply depositing $200 each month into your Spend or Save account. There are no monthly fees and you can open up to ten Save Accounts for different savings goals and earn bonus interest on them all.

BEST TERM DEPOSITS

MyState Bank Online Term Deposit
  • 3.35% p.a. for a 2-year term
  • Best Term Deposit Winner 2022^

MyState Bank offers some of the highest term deposit rates in the Mozo database for terms of 3 to 36 months. There are no set-up or account keeping fees and deposits up to $250K are guaranteed by the Australian Government. This online term deposit is easy to set up and manage online, just be aware that there's a minimum $5,000 deposit.

Qudos Bank Term Deposit
  • 1.75% p.a. for a 6 month term
  • $0 account keeping fees, interest calculated daily

Qudos Bank offers an attractive range of high interest term deposits that are popular with savers looking for a solid investment with guaranteed returns. Terms range from 3 to 36 months, there are no account fees and interest is calculated daily. Minimum deposit $5,000 (different rates apply to different deposit amounts). Mozo Experts Choice Winner 2022.^

BEST BANK ACCOUNTS

Suncorp Everyday Options
  • 9 sub accounts to help you spend, budget and save
  • Exceptional Everyday Account Winner 2022^

Suncorp’s award-winning Everyday Options account lets you create up to nine sub accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. There are no monthly account fees and international travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.

Want to compare more savings accounts? Compare over 80 banks on Mozo to find a high interest savings accountterm deposit account or everyday transaction account for your needs.

^To see the full list of deposit winners for 2022, head on over to our Mozo Experts Choice Awards page.

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Savings Account Awards

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