Recap: How our savings rates hit 4% in 2022

hands around a piggy bank

There’s good money to be saved as we end the year!

Yes, savings accounts have seen immense change in 2022. In fact, some of the highest interest savings accounts in Mozo’s database, some above 4%, were actually below 2% p.a. in January.

Given this jump, we’ve recapped the changes recorded throughout the year to show how far savings have come.

When did interest rate increases begin?

Interest rate movements were fairly stagnant in 2021 and well into 2022. If rates moved, it was usually by around just 0.10% at a time. 

It was only after the official cash rate hike in May that savings accounts began coming to life. With each RBA announcement, banks started to increase interest rates on their savings accounts, helping their customers save a bit more. 

Since then, rates have really climbed and we have begun seeing many more savings accounts starting with ‘3’ and ‘4’.

Mozo’s banking expert Peter Marshall believes that we’ll continue to see more banks increase their savings rates with each RBA cash rate hike. However, the likelihood of rates starting with a ‘5’ is unlikely. 

And even if we don’t see any savings accounts with a ‘5’ headline rate, the current rates are pretty good compared to earlier in the year or a year ago.

The changes in interest between savings accounts

Below you can see how far savings have come! We’ve tracked some of the highest bonus rate accounts in our database throughout 2022.

Rates began to increase from May, eventually going up by at least 200 basis points.

The last time interest rates were this high was in 2013/2014.

So, if you’re looking for a new place to stash your money flexibly, it might be time to find a new savings account.

Best Savings Accounts

Finding the best savings account can be a challenge, especially with hundreds of options.

But don’t fear! Every year Mozo crunches numbers and analyses data to find accounts that offer the best deals. Then the accounts that win are crowned Mozo Expert Choice Savings Award^ winners–hopefully making your next savings account search more straightforward.

If you're looking for information on saving more money, check out Mozo’s savings guides and tips. Alternatively, start comparing savings accounts below.

Savings account comparisons on Mozo - last updated 14 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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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  • 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, Bills 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
  • 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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    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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^See information about the Mozo Experts Choice Savings Account Awards

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