Australia’s best savings accounts for 2020

Ceyda Erem

08 Sep 2020

Best savings accounts 2020 content

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 deposit accounts for 2020! 

TOP SAVINGS ACCOUNTS

MyState Bank Bonus Saver Account
MyState Bank
  • 1.35% 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 1.50% 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! 

Bank of Queensland Fast Track Saver Account
Bank of Queensland
  • 1.05% maximum interest rate (conditions apply)

  • Zero account fees

  • Unlimited free transactions

Ready to get serious about hitting your savings goal? Then you’re going to need a savings account that packs a punch to match. Introducing the Bank of Queensland Fast Track Saver Account! Serious savers will be treated to a 1.50% maximum interest rate, so long as they credit at least $1,000 to their linked Day2Day Plus Account and make five eligible transactions each month. Savers also won’t ever pay a cent in fees and have total freedom to move their money around, thanks to the unlimited free transactions feature. 

TOP TERM DEPOSITS

Judo Bank Term Deposit
Judo Bank
  • 1.55% p.a. for a three year term

  • Option to have interest paid to another bank

  • 0.10% loyalty bonus available

With the Judo Bank Term Deposit, savers will have access to a range of competitive interest rates, which can be paid out on either a monthly or yearly basis or when the term deposit hits maturity. Aussies can earn 1.55% in interest for a three year term and have the option to their interest paid to another bank. Plus, savers also have the opportunity to earn a 0.10% loyalty bonus if they reinvest their balance in another term deposit once it reaches maturity.

^See information about the Mozo Experts Choice Savings accounts Awards

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