Australia’s best savings accounts for 2020

Ceyda Erem

20 Feb 2020

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If 2020 is the year you get savvier with your savings, then you’ve probably already begun your search for the best savings accounts around.

Of course, finding the best place to stash your cash can be time consuming and, let’s face it, not that exciting either. That’s where our 2020 Mozo Experts Choice Bank Accounts and Savings Awards come in! 

Our awards are designed to showcase the products in our database that our expert judges believe may be worth adding to your savings repertoire. 

“We analysed 510 personal banking products from 80 providers and found that smaller players, online banks and even neobanks dominated this year’s winners list,” said Mozo expert judge, Peter Marshall. 

“With rates hitting rock bottom over the last few years, it’s never been more critical to find a savings account that can give you the best return on your money.”  

“These providers have little if not zero overhead costs like other banks do and can therefore provide customers with a more competitive product.” 

So without further ado, here are some of Australia’s best savings accounts for 2020! 

Promoted

AMP Saver Account
  • Double 2020 Mozo Experts Choice Award winner

  • Introductory 2.65% interest rate (up to $500,000)

  • 1.05% ongoing interest rate

If you’ve been on the hunt for a savings account that delivers in value, then look no further than the AMP Saver Account. Not only does this account feature a 2.65% interest rate for the first six months (up to $500,000), once those six months are up the rate then reverts to a competitive 1.05%. You won’t need to make a deposit to open the account and there are zero fees. It’s not surprising that this account was a double 2020 Mozo Experts Choice Award winner.

Promoted

UBank USaver with Ultra Transaction Account
  • Double 2020 Mozo Experts Choice Award winner

  • 1.85% maximum interest rate (criteria apply)

  • Innovative sweep technology

Our next pick is the UBank USaver with UltraTransaction Account, winner of two 2020 Mozo Experts Choice Awards for Exceptional Everyday Account and Best Regular Saver. This savings account features a generous 1.85% maximum interest rate, so long as users deposit $200 into their account each month. But what makes this account really special is its sweep technology that instantly moves money between accounts, to either grow a user’s savings or make sure they’ve always got cash in their transaction account. 

Promoted

MyState Bank Bonus Saver Account
  • 2.00% maximum interest rate (up to $150,000)

  • No account keeping fees

  • Unlimited free phone and internet transactions

If you’re a dedicated saver who likes to be rewarded for their good habits, then you might want to check out the MyState Bank Bonus Saver Account. This savings account features a neat 2.00% maximum interest rate and no account keeping fees. All you need to do is get that rate is make five transactions and deposit $20 into the account every month. You’ll have your interest paid out monthly and only need $1 to open an account. Too easy! 

Want to compare more savings accounts? Compare over 60 banks on Mozo to find a high interest savings account for your needs.

To see the full list of savings account winners for 2020, head on over to our 2020 Mozo Experts Choice Awards Bank Accounts and Savings winners page

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