Australia's Best Savings Accounts Unveiled

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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 this year's 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.


4 TOP DEPOSIT ACCOUNTS

Promoted

AMP Saver Account
  • 2.36% intro bonus rate (first four months)

  • 1.40% ongoing interest rate

  • Dual 2019 Mozo Experts Choice Award winner

Our verdict

With the AMP Saver account you’ll benefit from a competitive ongoing interest rate plus a tasty 4 month bonus rate to really give your savings a boost. There are no hidden monthly fees and you can make unlimited deposits and withdrawals too. With easy to use, 24/7 app, internet and phone access, this savings account will seamlessly fit into your life.

Where do I get it? Head over to AMP to find out more >>

Promoted

Heritage Bank Online Saver
  • Up to 2.50% p.a. maximum interest rate

  • No account keeping or transaction fees

  • Unlimited online and phone deposits

Our verdict

If you’re looking for a savings motivator that features unlimited online and phone deposits, then the Heritage Online Saver might just be the ticket. With a bonus 2.50% p.a. interest on balances up to $250,000 for the first 4 months this account is a great way to kickstart your savings goals.

Where do I get it? Head over to Heritage Bank to find out more >>

Promoted

UBank USaver with Ultra Transaction Account
  • Generous 2.10% ongoing bonus rate

  • Unlock the bonus rate by linking to an Ultra everyday account

  • No fees whatsoever

Our verdict

UBank took home the prize for Mozo Experts Choice Savings Bank of the Year 2019, and with offerings like the USaver Ultra it’s not hard to see why. To earn 2.10% 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.

Where do I get it? Head over to UBank to find out more >>

Promoted

Judo Bank Term Deposit
  • 2.00% p.a interest rate (6 month term)

  • Deposit between $1,000 - $1,000,000

  • 0.10% loyalty bonus

Our verdict

Judo Bank may be new to the term deposit game, but they’re already impressing Aussies searching for a safe place to lock away their savings. Currently offering some of the highest interest rates in the Mozo database across a number of terms, Judo Bank is rewarding savers with rates up to 2.00% p.a for 6 month, 4 year and 5 year terms. And as an added sweetener, Judo is even offering savers a 0.10% loyalty bonus on top of the standard rate when their deposit is renewed at maturity.

Where do I get it? Head over to Judo to find out more >>


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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.