Summer means holidays, adventures and Christmas: But have you saved up enough?

Before you start packing for your end-of-year vacation or ticking off presents on this year’s Christmas list, could now be the right time to ensure your savings account stash is earning the best rate it can?

For Aussie savers, there’s been plenty to cheer about when it comes to savings account rates in the past year. With the Reserve Bank’s official cash rate at a high of 3.10% p.a., savings account interest rates have likewise increased. In fact, there are several savings rates now starting with a ‘4’.

Mozo data shows that the average ongoing bonus saving account rate has increased from 0.62% to 2.96% p.a. over the past year. 

“We’ll continue seeing more banks increase their savings with each RBA cash rate hike. However, the likelihood of rates starting with a ‘5’ is unlikely,” says Mozo’s banking expert Peter Marshall.

“There are several competitive offers out there for savers wanting to start summer on the right track, especially for anyone happy to meet any minimum account requirements that can unlock more attractive ongoing bonus rates.”

Why shaking it up could be worth your time

If your current savings account rate is more likely to prompt tears than a smile, there could be alternative options out there.

There are currently 11 savings accounts in the Mozo database that offer ongoing rates above 4.00% p.a., or 104 basis points above the average. There are also 33 savings accounts with rates starting with a ‘3’, or 4 basis points above the average. 

However, these are accounts with ongoing bonus rates, meaning savers will need to meet one or more minimum requirements each month to grab that top rate.

Typical minimum requirements for bonus rates can include:

  • Not making any withdrawals throughout the month.
  • Making a minimum deposit into the account or a linked transaction account, ranging anywhere from $1 to over $1,000 each month.
  • Using a linked debit card to make a minimum number of purchases each month.

What kind of a boost could switching to a savings account with a more attractive rate give?

Take this example: Mark is a steady saver, having already saved up $10,000 by putting $400 into his savings account each month, which has an interest rate of 4.30% (currently the highest rate in the Mozo database). According to the Mozo savings calculator, if Mark continued to make the same regular contributions, he could have a balance of $32,782 after four years. A total of $3,582 in interest alone!  

Time to sit down to review your own account before summer rolls around? Check out some of the excellent savings account offers below, or head to Mozo’s dedicated savings account comparison hub for even more high-interest deals.

Savings account offers - 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.

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  • 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.

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    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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  • 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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  • 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.

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^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.