Time to switch, savers? Saving account rates now start with ‘5’

yehaw piggy bank coins

After nearly a year of RBA cash rate hikes, some financial institutions have finally increased their savings variable interest rates to a ‘5’.

Typically, savings rates move up slower than home loan interest rates because banks don’t benefit from offering generous savings. Thankfully, in the last year, we’ve seen the rates climb from a measly 1% all the way up to 4% – which is now the savings rate norm. 

Notably, there are currently 56 savings accounts in Mozo’s database starting with a ‘4’.

However, three savings accounts also start with a ‘5’ - Rabobank’s High Interest Savings Account, BOQ’s Future Saver and ING’s Savings Maximiser. 

Let’s take a closer look:

Rabobank’s High Interest Savings Account has a special 5.00% p.a. rate for the first four months for new customers. Then, it reverts back to a 3.75% p.a.

Bank of Queensland’s Future Saver Account (14 to 35 years) has a bonus rate of 5.15% p.a. for people younger than 35. You’ll need to meet specific requirements like depositing a minimum of $1,000 each month and completing 5 eligible transactions to get this bonus rate. 

ING’s Savings Maximiser has a special bonus rate of 5.00% p.a. Much like BOQ’s savings you’ll need to meet specific requirements to get the full bonus rate. That includes depositing a minimum of $1,000 each month, growing your balance and completing 5 eligible transactions.

Mozo’s banking expert Peter Marshall says that if you’re looking to change your savings account, now is the time to do it, or at least start considering stashing your savings in a term deposit. 

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

Savings account comparisons on Mozo - last updated 19 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 2024 Mozo Experts Choice Award winner.

    Compare
    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.^

    Compare
    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.

    Compare
    Details
  • 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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.