Top savings and term deposit rates: July 2022

In great news for Aussie savers this month, deposit rates are shooting up after being stuck at gloomily low levels for what seemed like an eternity. Top savings account rates now have a '2' in front and term deposit rates are speeding through the 3% mark in the wake of the RBA's June rate rise.

The question for savvy savers is, where should you be stashing your cash to ensure you get a decent interest rate?

UBank has just increased the maximum rate on its popular Save Account to 1.85% p.a, while Rabobank and Citi are both offering a tasty intro rate of 2.10% p.a. for the first 4 months, which is the top intro rate currently in the Mozo database.

Over on the term deposit front, the likes of Rabobank and Judo Bank are leading the rate rise charge, with Rabobank now offering 3.30% p.a. for a 2 year term.

So, if saving money is top of your financial priority list this year, here are some of the top savings accounts and term deposits on the market right now to help you to make the most of your savings.

TOP SAVINGS ACCOUNTS: JULY 2022

Citi - Online Saver
  • Earn 2.10% p.a. for the first 4 months (1.10% p.a. ongoing)
  • No account keeping fees

The popular Citi Online Saver pays 2.10% p.a. interest for the first four months, which is the top intro rate currently in the Mozo database. The ongoing rate is a competitive 1.10% p.a., and there are zero account keeping fees and no minimum balance. You can link your Citi Online Saver account to an external bank account and interest is calculated daily.

uBank Save Account
  • 1.85% p.a. maximum interest rate
  • Mozo Experts Choice Winner 2022^

ubank’s Save Account rewards savers with 1.85% p.a. interest each month in return for setting up a linked Spend account and simply depositing $200 each month into your Spend or Save account. There are no monthly fees and you can open up to ten Save Accounts for different savings goals and earn bonus interest on them all.

Rabobank High Interest Savings Account
  • 2.10% p.a. for the first 4 months (1.00% p.a. ongoing)
  • Mozo Experts Choice Winner 2022^

This award-winning account from Rabobank offers a cracking introductory rate of 2.10% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 1.00% p.a.. There are no pesky minimum balance or minimum deposit requirements, and as there are also no account fees you can enjoy both hassle-free and fee-free saving.

TOP TERM DEPOSITS: JULY 2022

MyState Bank Online Term Deposit
  • 3.35% p.a. for a 2-year term
  • Best Term Deposit Winner 2022^

MyState Bank offers some of the highest term deposit rates in the Mozo database for terms of 3 to 36 months. There are no set-up or account keeping fees and deposits up to $250K are guaranteed by the Australian Government. This online term deposit is easy to set up and manage online, just be aware that there's a minimum $5,000 deposit.

Rabobank Term Deposit
  • 3.00% p.a. for a 12-month term
  • Best Term Deposit Winner 2022^

Rabobank is well-known for its highly competitive deposit rates, so it's little wonder the Mozo Experts named it one of Australia's Best Term Deposits for 2022.^ 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.

Didn’t find the savings account you were looking for? Head to Mozo’s compare high interest savings accounts page, to see what other interest rates are out there.

* 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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