I’ve got $2,000 to deposit in savings but which bank offers a higher interest rate?

If you have a good portion of cash, say $2,000, it might be time to look for a high interest savings account

At the moment, the top saver in the Mozo database for bonus rates is ME Bank’s HomeME savings account at 5.55% pa. To secure this high rate, savers are required to make a regular monthly contribution of $2000 (and have a higher balance ending the month). 

If you’re not sure about the conditions required for the HomeMe account though, or only plan on keeping your savings in for a short while, there are a couple more savings accounts around the same interest rate that could be worth a look. (Keep in mind that each of these savers is a little different, so they’re not exactly like for like). 

ING Savings Maximiser

ING’s Savings Maximiser has a bonus rate of only 5 basis points less at 5.50% p.a. This rate could be a bit easier to achieve than ME’s, given that ING’s requires a contribution of only $1,000 a month, making sure that you grow the balance each month. You'll also have to make sure that you make 5 transactions on eligible ING card purchases and keep the account balance within $100,000 in order to receive the interest rate. 

Here’s how this rate works out over time:

Rabobank High Interest Savings Account

While Rabobank’s high interest savings account comes with a 4 month intro rate of 5.75% pa, it lowers to a base rate of 4.40% pa. Unlike ING and ME’s bonus rate accounts, you won’t have to make regular deposits - but we’ll calculate it assuming you’re depositing the same amount as the previous account. Just keep in mind though that the intro rate is only applicable on account balances up to $250,000.

Over time these rates would lead to the following returns: 

Australian Unity Freedom Saver

This one is more of a regular style account. Australian Unity’s Freedom Saver is a base rate account that offers a 5.20% pa rate. As such, you won’t have to worry about intro rates or fulfilling conditions to get the highest interest possible. However, there are some prerequistes like an account balance between $50,000 and $250,000. So let’s look at numbers: assuming we continue with $1,000 in monthly deposits this account could net you these returns: 

The bottom line… 

These calculations are for illustrative purposes only, since it’s unlikely you’d ever see rates remain this stable over time. It can also be difficult to compare savings accounts with different conditions. But this is why we emphasise the task of comparing—it’s very useful to keep an eye on which banks have the top rates and with the conditions and features that work for your financial situation.

Be sure to check out some providers in the tables below or compare some providers on our savings account page.

Savings account comparisons on Mozo

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 16 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.

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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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  • 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.

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  • 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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  • 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.

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