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

By Maria Gil · · 2 min read
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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 25 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account

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  • 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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  • 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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^See information about the Mozo Experts Choice Savings Account Awards

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