Time to switch? More savings account rates now start with ‘4’

someone watering a piggy to get more money

With each RBA cash rate hike, financial institutions have increased their variable interest rates too, some of which are on savings accounts.

Savings rates tend to move up slowly compared to home loan interest rates because banks obviously don’t benefit directly from more generous savings. Still, they have come a long way this year, in some cases climbing from around 1%, 2% and up above 3%. Now, there are currently 15 savings accounts in Mozo's database starting with a ‘4’. 

This might be the limit though - Mozo’s banking expert Peter Marshall, says savings account interest rates are reaching their peak and will likely plateau just like term deposits. 

“If the RBA pushes the cash rate up another 50 basis points that's about how much more savings rates will go up. But I do not think we will see savings rates starting with a '5',” he says. 

Right now economists from Westpac, NAB and ANZ predict that we’ll see more cash rate increases well into 2023. But just because a higher cash rate is expected, it doesn’t mean savings accounts will increase.

So, Marshall says that if you’re looking to change your savings account, now is the time to do it, or start considering stashing your savings in a term deposit.

Below we’ve listed all the savings accounts starting with a ‘4’ to get you started on your search.

Bonus saver accounts

BankSavings AccountInterest Rate (p.a)
Bank of QueenslandFuture Saver Account - 14 to 35 years4.35%
INGSavings Maximiser4.30%
Virgin MoneyBoost Saver with Go Account (Lock Saver Feature)4.15%
Bank of MelbourneIncentive Saver Account4.00%
BankSAIncentive Saver Account4.00%
Move BankGrowth Saver4.00%
St. GeorgeIncentive Saver Account4.00%
WestpacLife - 18-29 years old4.00%

Introductory saving accounts

BankSavings AccountIntroductory interest rate (p.a.)Revert Interest Rate (p.a.)
MacquarieSavings Account4.25%3.45%
RabobankHigh Interest Savings Account4.25%3.00%
Bank of MelbourneMaxi Saver4.00%0.85%
BankSAMaxi Saver4.00%0.85%
St.GeorgeMaxi Saver4.00%0.85%

Youth/Kids savings accounts

BankSavings AccountInterest rate (p.a.)
Virgin MoneyBoost Saver with Go Account (Under 18 years old) (Lock Saver Feature)4.15%
Bank of MelbourneIncentive Saver Account (Kids)4.00%

If you're looking for ways to save more money make sure to check our Mozo’s savings guides and tips. Alternatively, start comparing savings accounts below.

Savings account comparisons on Mozo - last updated 13 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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  • 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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  • 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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  • 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

^See information about the Mozo Experts Choice Savings Account Awards

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