Australia's Best Savings, Term Deposits and Bank Accounts Unveiled

Interest rates in Australia have finally moved up from the record lows of recent years, and so there is now more choice when it comes to finding a decent earnings rate for your savings.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.

That’s why each year, Mozo’s team of money experts assess and compare every savings account, term deposit and everyday bank accounts in our database to determine which ones offer Australians the best value. For our 2024 Mozo Experts Choice Awards^, we compared over 400 products from 91 banking providers.

So no matter whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster, read on for our Editor’s round-up of some of the stand-out winners from the 2024 Awards.


  • 5.35% p.a. for the first 4 months (4.75% p.a. ongoing)
  • Multiple Mozo Experts Choice Award Winner 2024^

The Macquarie Savings Account was awarded in the kick starter and no strings savings categories in the 2024 Mozo Experts Choice Awards. It offers a cracking intro rate of 5.35% p.a. for the first four months on balances up to $250K and has a competitive ongoing rate of 4.75% p.a. There are zero account keeping fees to worry about. You'll need to open a Macquarie Transaction Account as a first step (which also has no account keeping fees), but once that's done you can open as many linked Savings Accounts as you like using the Macquarie mobile banking app - one for each savings goal! This account is 100% online so can only be accessed by the app or via internet banking.

  • 5.75% p.a. for the first 4 months (4.40% p.a. ongoing)
  • Mozo Experts Choice Winner 2024 ^

If you are looking to kick-start your savings, this award-winning online savings account account from Rabobank has a high introductory rate of 5.75% p.a. for the first four months on balances up to $250k. The ongoing rate is still a competitive 4.40% p.a and there are no pesky minimum balance or minimum deposit requirements. There are also no account fees so you can enjoy both hassle-free and fee-free saving. This account is only accessible via online banking so you’ll need to download the Rabobank app or login via internet banking.

AMP - Saver
  • Earn up to 5.40% p.a. on when you deposit $1,000 in the previous month
  • Mozo Experts Choice Award Winner 2024^

If you really want an incentive to save, the AMP Saver account has a high 5.40% p.a. as long as you deposit at least $1,000 into the account in the previous month (on balances up to $250,000). While this is a high monthly savings target to meet, once you deposit $1,000, if needed you can withdraw funds from the account without penalty and still earn the bonus interest. If you don’t meet the previous month deposit criteria, the base rate on the account is 1.20% p.a. (T&Cs apply). There are no ongoing account management fees or transaction fees. This is an online only savings account so you’ll need to manage the account via My AMP online banking or via the MY AMP app. AMP says it takes around 5 minutes to open an account. 


  • 5.10% p.a. for a 1 year term, plus 0.10% loyalty bonus on roll-overs
  • 4.85% p.a. for a 2 year term
  • Best Term Deposit Winner 2024^

Judo Bank is a multi-year Mozo Experts Choice Awards recipient and offers some of the highest term deposit rates in the Mozo database. There are a range of terms to choose from starting from as short as three months up to five years, with the minimum investment starting at $1,000. Interest can be paid out when the term deposit hits maturity or there’s also an annual or monthly option but these have a slightly lower interest rate. Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity. Fees may apply to early withdrawals. Deposits up to $250K backed by Government deposit guarantee.

  • 4.85% p.a. on a 6 month term
  • 4.75% p.a. on a 1 year term
  • $1,000 minimum investment

Rabobank was once again awarded a Mozo Experts Choice Award for Australia's Best Term Deposits in  2024^. It offers a choice of investment terms from 6 months up to 5 years and the interest rates vary depending on the investment term. The minimum investment is just $1,000, there are no account fees and you can enjoy a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. Early withdrawal fees may apply.


  • Holds up to 10 currencies in the one account
  • 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
  • Dual Mozo Experts Choice Award Winner 2024

Taking out an award for Exceptional Everyday Account^, this fee-free bank account bundles up the useful features of an everyday transaction account alongside international spending features. As long as you deposit AUD$2,000 or more into your HSBC Everyday Global Account before the last day of each calendar month, you could earn 2% cashback on tap and pay purchases under $100 (conditions apply). There’s no monthly fees or HSBC ATM fees at most locations worldwide, and you’ll have unlimited fee-free transactions online, via EFTPOS, BPAY or direct debits. Users can hold up to ten different currencies which can be spent while travelling overseas or making international purchases.

ubank Spend Account
  • Zero monthly fees to pay
  • No overseas or online charges
  • Free card purchases and ATM cash withdrawals
  • Dual Mozo Experts Choice Awards^ winner

The award-winning ubank Spend Account will provide you with fee-free banking whether you’re in Australia or overseas. There are  no monthly fees and no charges for overseas or online payments and you can make free purchases and ATM cash withdrawals in Australia ( some ATM operators may charge a fee).  Account features include ubank’s spending insights and bill prediction via the ubank app which can help with spend tracking and keeping you a step ahead. 

These are just some of the winners from the 2024 awards. To see the full list of winners head over to our Mozo Experts Choice Awards page or our hub pages to compare high interest savings accounts, term deposits or bank accounts for your needs.

* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Savings Account Awards

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