With interest rates in Australia stuck at an all time low, getting the best value savings, bank accounts and term deposits is critical, whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster.
With a heap of accounts to choose from, it can be daunting deciding which one is right for you. From minimum fees, to no account keeping fees, to high interest rates, our Mozo experts have put their heads together to work out which savings accounts do the best job of helping Aussies to meet their savings and everyday banking goals.
For our 2020 Mozo Experts’ Choice Awards, we compared savings, bank accounts and term deposits from 80 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 some of our top picks.
UBank USave with USpend Transaction Account
Generous 1.60% ongoing bonus rate
Unlock the bonus rate by linking to an Ultra everyday account
No fees whatsoever
The UBank USave with Ultra Transaction Account took out the Mozo Experts Choice Awards 2020 in Regular Saver and 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.
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!
Xinja is one of Australia’s newest app-only neobanks for Aussies who love the idea of managing their finances from the palm of their hands. The Xinja Bank account comes with the convenience of both Apple Pay and Google Pay, plus the account has no account fees or overseas ATM and foreign exchange commission fees, making it a handy and low cost option both at home or when travelling.
Bankwest packs a punch into their Hero Transaction Account, with 0.25% interest on balances up to $5,000, unlimited free transactions online, over the phone, at network ATMs or with debit card purchases, plus no account fee as long as you deposit $2,000 each month. But, there’s more - you’ll also get exclusive access to the Bankwest Lounge at Perth Arena and discounts on your food and drink while you’re there and have the option to upgrade to the platinum Mastercard debit card.
The ING Everyday Orange bank account is big on convenience and small on fees and charges. You won’t have to pay any account keeping fees (conditions apply) and enjoy fee-free ATM use in Australia or overseas. Voted Australia's best bank accounts three years in a row in the Mozo People's Choice Awards, ING are shaking things up when it comes to offering great value for your everyday banking.
Featuring no fees, competitive interest rates from as high as 1.70% p.a. and a loyalty bonus at renewal, the UBank Term Deposit brings with it great value for Aussies looking to stash away their cash savings for a year or less. Also, if you’re happy with the rate you’re earning, simply sit back and let the automatic renewal feature do its thing.