Top savings and term deposit rates: December 2024
In great news for Aussie savers, after being stuck at gloomily low levels for what seemed like an eternity savings rates have made a comeback throughout 2024.
So where should you be stashing your cash to ensure you get a decent interest rate?
While some of the country’s best savings accounts now have rates over 5.00%, term deposits are also proving popular with savers looking for above average rates without having to meet ongoing bonus rate conditions.
Here are some of the top term deposits , savings accounts and bank account options on the market right now to help make your money count for more.
TOP SAVINGS ACCOUNTS: December 2024
Rabobank High Interest Savings Account
- 5.60% p.a. for the first 4 months (4.35% p.a. ongoing)
- Mozo Experts Choice Winner 2024^
This award-winning account from Rabobank offers a cracking introductory rate of 5.60% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 4.35% 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.
ING Savings Maximiser
- 5.50% p.a. Maximum interest rate
- No account keeping fees
- High Interest Savings Winner- Mozo Experts Choice Award 2024
The ING Savings Maximiser’s 5.50% maximum interest rate is hard to beat. You can earn a high bonus rate of interest when you make 5 card purchases on your linked ING translation account, deposit at least $1,000 and grow your balance every calendar month. The maximum interest rate is available on balances up to $100,000 and there are no monthly account fees.If bonus interest conditions are not met in a calendar month, the standard variable rate of 0.55% p.a. will apply in the next calendar month. Mozo Experts Choice Award winner^.
MyState Bank Bonus Saver Account
If you’re a committed saver who likes to be rewarded for your good habits, take a look at the Bonus Saver Account from mutual bank MyState. This award-winning savings account features a neat 5.00% maximum interest rate and no account fees. Simply deposit $20 or more each month and make a minimum five transactions via a linked MyState Bank everyday transaction account to score the maximum rate.
TOP TERM DEPOSITS: December 2024
Judo Bank Term Deposit
- 5.05% p.a. for 6 month term
- 5.00% p.a. for a 1 year term
- Best Term Deposit Winner 2024^
Judo Bank offers some of the highest term deposit rates in the Mozo database, across a range of term options between three months and five years. Interest can be paid out annually or when the term deposit hits maturity (there’s also a monthly option with 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.
TOP BANK ACCOUNTS: December 2024
ING Orange Everyday
- Zero ING international transaction fees, zero monthly fees + rebates on domestic ATM transactions
- Exceptional Everyday Account Winner 2024^
ING’s award-winning Orange Everyday account offers 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees anywhere in Australia and unlimited rebates on international transactions. Not to mention zero monthly fees. To access these savings, simply deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Suncorp Everyday Options
- 9 sub accounts to help you spend, budget and save
- Double Winner Mozo Experts Choice Awards 2024^
- No account-keeping fees
Suncorp’s Everyday Options account scooped two Mozo Experts Choice Awards in 2024 - Exceptional Everyday Account and Travel Debit Card making it a top account to have here in Australia and while you are travelling. This account lets you create up to nine sub accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. There are no monthly account fees and when overseas travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.
MyState Bank - Glide Account
Looking for a budget-friendly bank account that’s compatible with all the latest payment options? Well, you might just want to take a closer look at the Glide Account from MyState Bank. The account has no monthly account fee, plus Australians travelling abroad will be able to withdraw money from an overseas ATM using the linked debit card without MyState charging a fee. Keep in mind that there is a 3.00% foreign exchange fee that will apply on international purchases and ATM withdrawals though. And anyone who likes to pay on the go with a smartphone or smartwatch will appreciate that the Glide Account is set up to be used with Apple Pay, Google Wallet, Samsung Pay, PayID and Garmin Pay.
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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