With interest rates in Australia stuck at an all time low, getting the best value savings account is critical, whether you’re wanting to maximise your interest rate or reach your savings goal faster.
But with so many savings accounts to choose from, it can be daunting deciding which one is right for you. From high interest rates to minimum fees and conditions, the Mozo experts have reviewed the nitty gritty to determine which savings accounts do the best job of helping Aussies to meet their savings goals.
For the annual Mozo Experts’ Choice Awards, we compared savings accounts from 68 financial institutions to identify the best on the market. So if you’re on the lookout for somewhere to stash your loose change, here are four of this year's award winners to compare.
3 TOP DEPOSIT ACCOUNTS
MyState Bank Bonus Saver Account
Earn up to 1.50% ongoing bonus interest
Deposits up to $250,000 per customer guaranteed by the Australian Government
This competitive account offers the ability to earn 1.50% bonus interest each month you deposit $20 or more into the account and make 5 or more eligible Visa debit card transactions from your linked transaction account. With no account fees and a simple online application process that lets you open an account in minutes, the MyState Bank Bonus Saver Account could be a top choice for savers who make regular deposits and want a decent rate without the hassle.
Unlock the bonus rate by linking to an Ultra everyday account
No fees whatsoever
UBank took home the prize for Mozo Experts Choice Savings Bank of the Year 2019, and with offerings like the USave Ultra it’s not hard to see why. To earn 1.60% on your savings, just add an Ultra transaction account and deposit $200 or more a month into either account. Featuring no sneaky fees and with interest calculated daily, you’ll know exactly how much interest you’re making, so you can reach your savings goals faster.
Need a savings motivator? The HSBC Serious Saver has a 2.10% intro rate for the first four months and no account keeping fees. And to keep you on that savings track, there is a serious disincentive to make withdrawals - just one withdrawal in a month and your interest rate will plummet to 0%!
Want to compare more savings accounts? Compare over 60 banks on Mozo to find a high interest savings account for your needs.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. Product providers don’t pay to be in the running and we don’t play favourites. Award winners may choose to purchase a licence to use their award in their own marketing and may choose to list products on the Mozo website in a way that may generate revenue for Mozo.
This is just a selection of our Mozo Experts Choice Best Savings Account winners, announced in 2019. Head over to our dedicated Awards page if you want to see the full list of winners.