One simple step to double your savings interest

Ceyda Erem

26 Feb 2020

One simple trick content

From picking up a side hustle to giving up your daily coffee, there’s not a lot many Aussies won’t do to increase their savings. 

But if you’re not ready to give up your creamy Latte just yet, we may have some good news - news that could potentially double the interest you make on your savings. 

Let’s say you currently have a savings account that has the average ongoing rate in the Mozo database of 0.97% and decided to switch an account with the highest ongoing rate of 2.25% - by doing this, you’d automatically more than double your interest!

“It’s no secret that earning a decent return on your savings is getting harder by the day, but if you do your research and shop around you’ll find there still are a few accounts offering rates higher than 2.00%,” said Mozo Director, Kirsty Lamont. 

“There’s little point in sticking with an account with a dud rate, especially when you consider the fact that switching savings accounts isn’t a complicated process.” 

But where exactly can I find an account with a competitive rate you may ask? Allow us to introduce you to our 2020 Mozo Experts Choice Savings Accounts Awards^. 

Our Mozo Experts Choice Savings Account awards are designed to showcase savings accounts in the market that our expert judges believe to be worth their weight in gold. 

This year, they analysed 236 personal savings products from 77 financial institutions before selecting standout products in each category. 

Among this year winners were neobanks Up, 86 400 and Xinja, all of which boast an ongoing rate of 2.25%. 

“Up and 86 400 share a conditional 2.25% ongoing rate, so savers will need to meet certain conditions before you can earn that rate. Xinja’s rate on the other hand comes with no strings, meaning savers won’t need to do anything to earn the 2.25%,” said Lamont. 

Other banks that made it onto this year’s winners list included UBank, MOVE Bank, Heritage Bank and Rabobank. 

But if you’d like to compare other savings account options, make your way over to our savings account comparison tool or get started with some current offers below. 

^More information on our 2020 Mozo Experts Choice Savings Accounts Awards 

Compare high interest savings accounts

Rates updated daily. Advertiser disclosure.

  • Promoted

    MyState Bank

    MyState Bank

    Bonus Saver Account

    1.20% p.a. (for $0 to $250,000)

    0.10% 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 Everyday or Glide transaction accounts.

  • Promoted

    Virgin Money

    Virgin Money

    Boost Saver with Go Account

    1.20% p.a. (for $0 to $250,000)

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

    Yes up to $250,000

    *Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.

  • Promoted

    Virgin Money

    Virgin Money

    Grow Saver

    0.65% p.a. (for $0 and over)

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

    Yes up to $250,000

    *Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

  • Promoted

    HSBC

    HSBC

    Serious Saver

    0.30% p.a. (for $0 to $1,000,000)

    0.15% p.a.(for $0 and over)

    Yes up to $250,000

    *Bonus rate for first 3 months, reverting to 0.15% rate after

^See information about the Mozo Experts Choice Savings accounts Awards