The best savings accounts in Australia for 2019

Ceyda Erem

03 Dec 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
  • 2.10% 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 2.10% 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

Rabobank High Interest Savings Account
  • Multiple 2019 Mozo Experts Choice Award winner*

  • 2.50% four month introductory rate (then 1.05%)

  • No account keeping fees

Looking to take advantage of a great rate for a short time, not a long time? The RaboBank High Interest Savings Account could be the pick for you. Winner of multiple 2019 Mozo Experts Choice Awards, this high interest savings account features a 2.50% four month introductory rate (then 1.05%) and no account keeping fees. 

No Strings Saver

Promoted

UBank USaver
  • 1.04% standard interest rate

  • $0 account keeping fees

  • No minimum balance requirements

Just when you thought UBank couldn’t possibly win any more awards, it goes ahead and exceeds expectations. UBank’s USaver was recognised in the No Strings Saver category. With one of the more impressive base interest rates in the market at 1.04% 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

Citi Online Saver
  • Special intro rate of 2.30%

  • No withdrawal limits

  • No account fees and no minimum balance required

With great interest rates and no minimum balance requirements, the Citi Online Saver ticks a number of boxes. For the first four months, you’ll receive a special intro rate of 2.30% on balances up to $500,000. Just keep in mind that this drops down to 0.85% once the intro period is up. Interest is calculated daily and paid out monthly, and there are no account fees you’ll have to worry about. What’s more, the Online Saver account picked up a win in the Kick Start Savings category in this year’s Mozo Expert Choice Awards. 

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.

*More information about our 2019 Mozo Experts Choice Deposit Awards

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