‘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 - last updated 25 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

    Compare
    Details
  • Mozo Expert Choice Badge
    Savings Account

    5.50% 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 four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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