The best savings accounts in Australia for 2019

Remy Taylor

06 Mar 2019

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With belts tightening all across the country, it’s important to keep a close eye on which savings accounts will give the best bang for your buck, but with so many out there it can easily get confusing. That’s where Mozo experts come in.

In this year’s Mozo Experts Choice Awards, our team of experts have delved into a massive 161 savings accounts from 68 providers in the Mozo database and come out with Australia’s top value savings accounts.

Here are a number of savings accounts to suit your savings habits and financial goals, that caught the eye of our Mozo judges.

Regular Saver

Promoted

UBank USaver with Ultra Transaction Account
  • 2.87% special interest rate

  • $0 account keeping fees

  • Innovative sweep technology

Besides scooping up the major title of Savings Bank of the Year, UBank also took out a 2019 Mozo Experts Choice Award for its USaver with Ultra Transaction account in the Regular Saver category. There are $0 account keeping fees and a high 2.87% special interest rate when you deposit over $200 each month into either account. Plus, the innovative sweep functionality automatically moves money between your accounts, making saving as easy as pie.

No Strings and Kickstart Savings

Promoted

AMP Saver Account
  • 2.55% p.a. introductory interest rate for 4 months

  • 2.10% p.a. ongoing interest rate

  • $0 account keeping fees

The AMP Saver Account is a dual 2019 Mozo Experts Choice Award winner in both the No Strings and Kickstart Savings categories. The Saver Account gets the ball rolling with a competitive introductory rate of 2.55% p.a for the first 4 months and makes kicking money goals even easier with a pretty great 2.10% p.a. thereafter. Plus no monthly service fees to worry about.

No Strings Savings and Kick Start Savings

Promoted

RaboDirect High Interest Savings Account
  • 3.05% p.a. introductory interest rate for 4 months

  • $0 account keeping fees

  • No minimum monthly deposit or withdrawal conditions

The online, RaboDirect High-Interest Savings Account nabbed an outstanding two awards in both the No Strings Savings and Kick Start Savings categories. With no account keeping fees and no monthly deposit or withdrawal conditions for the ongoing rate of 1.80% p.a, the account really doesn’t have strings attached. And with an impressive 3.05% p.a. bumper introductory rate for the first 4 months, savers can kick start their money stashing journey the right way.

No Strings Saver

Promoted

UBank USaver
  • 1.81% standard interest rate

  • $0 account keeping fees

  • No minimum balance requirements

Just when you thought UBank couldn’t possibly win any more awards, it does. UBank’s USaver won an award in the No Strings Saver category. With one of the highest base interest rates in the market at 1.81% p.a, no minimum balance requirements and no annual fees, savers won’t feel tied up with account conditions when it comes to this No Strings Saver winner.

Regular Saver

Promoted

ME Online Savings Account
  • Special 2.85% interest rate (conditions apply)

  • $0 account keeping fees

  • Fee free transactions online and over the phone

The ME Online Savings Account was awarded a 2019 Mozo Experts Choice Award in the Regular Saver category, which means it ticks all the boxes for earning a high-interest rate on funds, just as long as you meet the conditions. It also has no account keeping fees and fee-free transactions online and over the phone, so it’s easy to access money on a rainy day.

This is just a selection of winners, so if you’re interested in freshening up your savings account, or if you’d like to check out our full list of savings account winners head over to our savings comparison tool for even more options.

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