How to triple the interest on your savings today

Looking to stash your hard-earned cash? Whether it’s for a holiday overseas or a first home, it can be frustrating to watch your savings pile grow at a snail's pace. But, Mozo data shows there’s an easy way to close the gap between you and your goal: by trading in your old savings account for a better deal, you could be tripling the amount of interest you earn per year. 

Since the RBA started hiking rates, savings accounts have been consistently showing some Decent increases. According to Mozo’s database, the average unconditional rate in August 2023 is 1.28% while the highest bonus rate is an impressive 5.65%. So, switching from the average unconditional to the biggest bonus rate is a difference of 4.37%. 

But how long will savings account interest rates stay where they are? Mozo banking expert, Peter Marshall, says that savings rates are likely to stay steady unless the banks decide they haven’t had enough deposits. “If they do come down, I don’t think it will be by much—not until the RBA is getting closer to cutting the cash rate”. 

How to snatch up good interest rates

If you’re afraid that the search for a better-value savings account might cause too much hassle, don’t worry - the process is super simple! Here are two ways to get you started: 

1. Negotiate with your existing bank

You’re probably comfortable walking into a store and asking the retailer for their best price, so why not do the same for your bank? Calling up your bank and negotiating a higher rate for your savings account could potentially land you a better deal and earn you more interest as you save up for your long-term goal. 

But be sure to do your research first so you’re well-informed about the current market. Check out all your options and see how your bank stacks up against them by using our savings account comparison table

2. Switch to another savings account 

If you can’t reach a negotiated rate you’re happy with, be ready to walk away and move your cash stash to a savings account with a higher interest rate. Online applications and transfers have now made this process easier and more convenient than before. There’s no need to visit bank branches as everything from the sign up to transfer can be done quickly online.  

You might also be wondering, how do you know that you’re getting the best rate possible? Utilising comparison sites like Mozo can be a great way of finding savings accounts with a higher rate in the market. By comparing, you’ll also get a good idea about fees and conditions so that you can get the account (and importantly interest rate) that’s suitable for your situation. 

After you’ve found an account that suits you, all you’ll have to do is: 

  • Open the new savings account
  • If you have direct debits coming out of your account, or direct transfers going into it, transfer these over 
  • Transfer your remaining funds 
  • Close your old account 

Sounds simple enough, right? Check out our high interest savings accounts comparison table to find the account that could be earning you a higher rate.

High interest savings accounts - last updated 13 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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
  • 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 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
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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    Details
  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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    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

^See information about the Mozo Experts Choice Savings Account Awards

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