‘Highest rate since October 2012,’ as MOVE Bank leads the savings charge

Couple are at the bank opening a savings account

MOVE Bank is offering savers an impressive 5.70% p.a. bonus rate on their Growth Saver Account as of today.

Mozo finance expert, Rachel Wastell says, “An ongoing bonus rate of 5.70 percent hasn’t been seen for over a decade. For savers, Christmas has come early.”

This move could be beneficial for many savers, with Mozo’s analysis showing 25% of Aussies keep between $3,000 and $6,000 in an emergency savings fund. Meanwhile, 18% have between $9,000 to $20,000.

Mozo’s database reveals the average savings rate for a balance of $10,000 is 3.48% p.a. but you’ll note it’s an eye-watering 2.22% p.a. lower than MOVE Bank’s bonus savings rate. With these differences in mind, savers could earn an additional $1,391 in interest when parking $10,000 over 5 years at a rate of 5.70% p.a. 

But to enjoy these savings, or any savings accounts of a similar kind, there is always an eligibility criteria that you’ll have to meet. 

Bonus savings rate received by meeting conditions

To receive the full bonus rate with MOVE Bank’s Growth Saver, here are some conditions you’ll have to meet: 

  • Savers will want to make no withdrawals
  • Deposit $200 into the account each month
  • Save any amount up to $25,000.

Wastell notes that not meeting the conditions attached to the bonus rate on offer could mean earning a much lower base rate of interest.

As such, research is key when it comes to choosing the right savings account. Remember to look for any possible fees attached to the account and conditions that need to be met. 

Compare savings accounts 

Looking for a savings account? Check out some of the best savings accounts that our experts at Mozo have tracked this month, or compare your top picks below!

Savings accounts comparison table

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 14 July 2024 Important disclosures
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first 4 months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Compare
    Details
  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

    Compare
    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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