Top savings and term deposit rates: April 2024

In great news for Aussie savers, deposit rates continued to shoot upwards last year after being stuck at gloomily low levels for what seemed like an eternity. 

The question now for savvy savers is, where in 2024 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. 

So, if saving money is top of your financial priority list this year, here are some of the top term deposits and savings accounts on the market right now to help you to make the most of your savings in 2024.


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

The award-winning Macquarie Savings Account offers a cracking intro rate of 5.35% p.a. for the first four months on balances up to $250K. The ongoing rate is a competitive 4.75% p.a. and there are zero account keeping fees. You'll need to open a Macquarie Transaction Account as a first step, 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!

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

This award-winning account from Rabobank offers a cracking introductory rate of 5.75% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 4.40% 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.

uBank Save Account
  • 5.10% p.a. maximum interest rate
  • No monthly fee

ubank’s Save Account rewards savers with 5.10% p.a. interest 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.

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. 

IMB Bank Reward Saver Account
  • 5.25% p.a. maximum interest rate for first 4 months
  • No monthly fees

IMB’s Reward Saver account is an accessible, simple, no frills savings account that is designed to help you save. You can grab up to 5.25% p.a. for the first four months from opening the account, after which as long as you make a monthly deposit of $50 or more and no withdrawals you’ll get an ongoing rate of 3.25% (T&Cs apply). What’s more, there are also no account keeping fees and the ability to access real time payments through Osko. Transaction fees may apply.

MyState Bank Bonus Saver Account
  • 5.00% p.a. maximum interest rate
  • No account fee

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. 


Judo Bank Term Deposit
  • 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 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.

Rabobank Term Deposit
  • 4.85% p.a. on a 6 month term
  • 4.75% p.a. on a 1 year term
  • $1,000 minimum investment
  • Mozo Experts Choice Award winner 2024^

Rabobank took out a Mozo Experts Choice Award for Australia's Best Term Deposits 2024^. There is 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.


HSBC Everyday Global Account
  • Holds up to 10 currencies in the one account
  • 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
  • Mozo Experts Choice Awards 2024

This fee-free bank account bundles up the useful features of an everyday transaction account alongside international spending features. As long as you deposit AUD2,000 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 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. Mozo Experts Choice Exceptional Everyday Bank Account Winner 2024.^

ubank Spend Account
  • Zero monthly fees to pay
  • No overseas or online charges
  • Dual Mozo Experts Choice Award Winner 2024

Pay no monthly fees and no charges for overseas or online payments with the ubank Spend Account. Stay one step ahead with ubank’s spending insights and bill prediction. Plus, make free purchase and ATM cash withdrawals in Australia. With Apple Pay or Google Pay, before you receive your Visa. Mozo Experts Choice Award winner 2024 for Exceptional Everyday Account and Travel Debit Card.

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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