Top savings and term deposit rates: July 2025
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The RBA's recent monetary policy decisions have shifted the playing field for Australian savers.
In a market where every dollar counts, optimising your returns is paramount. While some of the highest savings account rates come with conditions that reward consistent saving, there are still excellent opportunities to be found above 5.00%.
For those seeking stability and guaranteed income, term deposits remain a solid choice, with short-term rates still offering favourable returns – especially considering economists and markets have priced in further cuts to the cash rate this year.
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: July 2025
AMP GO Save
- 4.50% p.a. standard ongoing rate
- Earn interest from the first dollar – no minimum balance required
- Set up in minutes with no monthly account fees
- No account growth conditions or withdrawal limits
The AMP Bank Go Save account offers a simple, flexible way to build your savings – no strings attached. You’ll earn interest from the first dollar, with no minimum balance, deposit requirements or withdrawal restrictions. Manage everything easily in AMP’s digital banking experience and use Saving Spaces to stay on track with your goals. Whether you're saving a little or a lot, it’s a fuss-free way to grow your money.
ING Savings Maximiser
- 5.00% p.a. maximum interest rate
- No account keeping fees
- Mozo Experts Choice Award Winner
ING’s Savings Maximiser offers an interest rate of 5.00% per annum for eligible customers. To earn this rate, you need to make five card purchases with your linked ING transaction account, deposit $1,000 each month, and increase your balance every calendar month. This rate is available for balances up to $100,000, and there are no monthly fees. If you don’t meet the bonus conditions, you will receive a standard variable rate of 0.05% per annum in the following month.
uBank High Interest Save Account
- 5.00% bonus rate for first 4 months (when bonus criteria met)
- 4.60% ongoing bonus rate (when bonus criteria met)
- No monthly fees
Start your savings journey with the uBank High Interest Savings Account, offering a 5.00% p.a. introductory bonus rate for 4 months and an ongoing 4.60% p.a. bonus rate when you deposit $500 each month.
There are no monthly fees, and you can split your money into up to 10 Save accounts, with the bonus rate applying to all of them. You’ll be able to set savings targets and track the progress of all your Save accounts too. As an online-only bank, your deposits are guaranteed up to $250k per customer. Just keep in mind that being online-only means there aren’t any branches where you can speak to staff face-to-face.
ING Savings Accelerator
- Earn to 4.90% p.a intro rate for 4 months (balances $150K-$500K)
- Ongoing rate of up to 4.20% p.a (balances $150K-$5M).
- No monthly deposit conditions
The ING Savings Accelerator savings account has tiered interest rates depending on your account balance with the highest ongoing rate of 4.20% p.a. for balances over $150K. New ING customers can also earn an extra 0.70% p.a. for the first 4 months on balances up to $500K. This account doesn’t have any monthly deposit conditions or monthly fees, and because your money isn’t locked in you can access it 24/7 using the mobile app, online and phone banking.
Top term deposits: July 2025
Term Deposit
- 4.35% p.a. for 6 month term
- 4.00% p.a. for a 1 year term
- Mozo Experts Choice Award - Best Term Deposit Winner
Judo Bank maintains its position as a market leader with some of the highest term deposit rates available. Their offerings span from three months to five years, with flexible interest payment options including annual, maturity, or monthly payments (at a slightly reduced rate). A notable feature is their 0.10% interest rate bonus on rollovers at maturity, alongside the flexibility to have interest paid to external bank accounts.
Standard Term Deposit
- 4.30% p.a. for 5 month term
- Interest paid monthly, annually or at maturity
- Have interest paid into another bank account
BCU Bank's Standard Term Deposits offer a flexible way to save, with terms ranging from 1 month to 3 years, starting with just a $1,000 deposit. You can choose to receive interest payments monthly, annually, or at maturity, with the option to have funds paid directly into an external bank account. BCU consistently provides competitive rates, making it a strong choice for growing your savings.
Top bank accounts: July 2025
ING Orange Everyday
- No monthly fees
- ATM fee rebates
- Mozo Experts Choice Awards Exceptional Everyday Account Winner
ING’s award-winning Orange Everyday account gives you access to 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic), unlimited rebates on the ING International Transaction fee when you 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 Bank Everyday Options
- Create up to 9 sub-accounts
- Double Winner Mozo Experts Choice Awards
- No account-keeping fees
This dual award-winning account excels both domestically and internationally. It enables up to nine sub-accounts to help organise your finances, features no account-keeping fees, and offers unlimited withdrawals between accounts. International travellers benefit from no cash advance fees for withdrawals ATMs outside Australia.
Ready to explore more options? Compare additional high-interest savings accounts and features on our hub page.
* 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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