Australia's Best Savings and Bank Accounts for 2020 Unveiled

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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.

SAVINGS ACCOUNTS

Promoted

AMP Saver Account
  • 2.65% intro bonus rate (first six months)

  • 1.05% ongoing interest rate

  • Dual 2020 Mozo Experts Choice Award winner

Our verdict

With the AMP Saver account you’ll benefit from a competitive ongoing interest rate plus a tasty 6 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

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

  • No account keeping fees

  • Unlimited free phone and internet transactions

Our verdict

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! 

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

TERM DEPOSITS

Promoted

Judo Bank Term Deposit
  • 2.12% 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 even offers savers a 0.10% loyalty bonus on top of the standard rate when their deposit is renewed at maturity. Plus, deposits of up to $250,000 are covered by theuaranteed by the Australian Government under the Financial Claims Scheme.

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

Promoted

Bankwest Hero Transaction Account
  • $0 monthly fee when you deposit $2,000 a month

  • 0.50% interest on balances up to $5,000

  • Exclusive Bankwest lounge access

Our verdict

Bankwest packs a punch into their Hero Transaction Account, with 0.50% 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.

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

Want to compare more savings accounts? Compare over 60 banks on Mozo to find a high interest savings account, term deposit account or everyday transaction account for your needs.

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

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