Your selected savings accounts
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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Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
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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.^
Read reviews and learn more about ING savings accounts
Go to siteReward 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.
Read reviews and learn more about Rabobank savings accounts
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Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
Read reviews and learn more about First Option Bank savings accounts
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Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
Read reviews and learn more about BCU Bank savings accounts
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Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.
Read reviews and learn more about MyState Bank savings accounts
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Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read reviews and learn more about Unity Bank savings accounts
Go to siteYour selected savings accounts
Savings accounts come in many shapes and sizes, start comparing here based on your needs.
Search the Mozo Database
Browse all savings accounts in Mozo's comparison database.
While longer term deposit interest rates have slid recently, savings accounts have remained relatively stable over the past few months. The economy is in a bit of a holding pattern, but banks know they can bring down savings rates should the Reserve Bank of Australia cut the cash rate. But how likely are we to see some cuts?
It might depend on inflation. Recent inflation figures from the Australian Bureau of Statistics for the September quarter show a rise of only 2.8%, down from 3.8% the previous June Quarter. However, it's worth noting that these figures may be influenced by government energy rebates, so both the RBA and banks will be closely monitoring upcoming quarterly CPI figures.
So with inflation now within the RBA’s 2-3% band, does that mean we’ll see a rate cut in November? It’s unlikely since the underlying measures are still above this band. The central bank is going to want to make sure that inflation is truly tamed. Regarding rate cuts, most experts predict cash rate moves will happen next year. This means we may see savings rates over 5% for a little longer, which is good news for savvy savers.
One way savers can compare interest rates is by using an average. Average savings rates from our database can act as a good benchmark, providing a better sense of where current interest rates sit relative to each other.
According to the Mozo database, the average savings^ rate as of 1 November 2024 is:
Meanwhile the median savings rate is:
So as you can see, these figures are quite low and there's an opportunity to find a better rate if you're willing to compare and switch.
At Mozo, we track a wide range of savings accounts and compare savings products across standard, bonus, and intro rates to help you find the best savings account for your situation. Comparing savings account options is important because even high interest rate accounts might have conditions that don’t work for your savings situation.
The current top savings accounts by interest rate are:
| Savings account | Bonus rate | Base Rate | Bonus rate conditions |
| The Mutual Bank Internet Saver | 6.00% p.a. Special rate | 4.25% p.a. (max standard) | For balances between $50,000 and $100,000. Applicable until 31 Jan 25, reverting to 4.50% on 1 Feb 25. |
| Rabobank High Interest Savings Account | 5.75% p.a. | 4.40% p.a. | The rate is for the first 4 months of account opening. |
| ME HomeME Savings Account | Up to 5.55% p.a. | 0.55% p.a. | A minimum $200 must be deposited into the account with no withdrawals in the month. |
| ING Savings Maximiser | 5.50% p.a. | 0.55% p.a. | Deposit $1000 from an external source into a personal ING account, make 5 eligible transactions and grow the account by the start of each month. (click review for more) |
| Ubank High Interest Save Account | 5.50% p.a | 0.00% p.a. | Deposit at least $500 to either Spend, Bills or Save account from an external source each month. |
| MOVE Bank Growth Saver | 5.50% p.a. | 0.10% p.a. | Minimum deposit of $200 with no withdrawls |
| Bank of Queensland Future Saver Account (14 to 35 years) | 5.50% p.a. | 0.05% p.a. | $1,000 or more is credited to the linked Everyday Account and make 5 eligible transactions. (criteria waived for 14-17 year olds). |
*According to the Mozo database as of 1 November 2024.
If you're not up for jumping through hoops each month, the best savings accounts for you might be the ones that offer a high standard base rate. Here are the top everyday saving accounts in Australia this month ranked on the highest standard (base) interest rate for you to compare.
| Savings Account | Standard Rate | Max Balance Conditions |
| Police Bank U30 Charge | 5.25% | (for $1 and over) |
| Australian Unity Freedom Saver | 5.20% p.a | (for $0 to $50,001) |
| Macquarie Savings Account | 5.00% p.a | (for $0 to $1,000,000) |
| Bank of Queensland Simple Saver Account | 4.85% p.a | (for $0 to $5,000,001) |
| Orange Credit Union Online Saver Account | 4.70% p.a | (for $1,000 and over) |
| Unity Bank MoneyMAX Account | 4.50% p.a | (for $1 and over) |
*According to the Mozo database as of 1 November 2024.
^All Personal Accounts, at $10,000
A savings account is a banking product for anyone who wants to put some money away for a later time, separate from their everyday spending money.
More importantly, it's somewhere you can safely deposit funds and earn interest on them over time, which in turn can help you meet whatever savings goals you might have.
There are a few types of savings account to choose from:
A high interest savings account is any savings account that has an above-average interest rate. To help you see the difference, the Mozo research team has crunched the numbers from all the accounts we track in the Mozo database and provided a table of the ‘average’ savings rates below.
| Savings Account Type | Average rate all Accounts | Average rate Big 4 |
| All Ongoing | 3.53% p.a. | 3.43% p.a. |
| Only Bonus | 4.66% p.a. | 4.79% p.a. |
| Only Introductory Rates | 4.98% p.a. | 4.69% p.a. |
| Only Unconditional Rates | 1.43% p.a. | 1.60% p.a. |
Source: Mozo database, 1 October 2024
As illustrated, any savings account above a rate of 3.53% p.a. could be considered high interest currently. These numbers are important to keep in mind when reviewing savings accounts so you can find one of the best savings accounts for your situation.
Choosing the best type of savings account depends on a number of factors, including:
This depends on your savings goals. Your options are as follows:
Once you’ve checked out the types of accounts, the next thing to consider is savings account features.
Most savings accounts are now 100% digital, accessible via phone banking, internet or an app. This means they often come with useful features such as:
The most common trap of savings accounts is failing to meet the monthly conditions in order to receive the bonus or maximum interest rate.
Bonus rate conditions might include:
Also, when you are putting together your savings plan, having realistic savings goals will help.
A high interest rate account can help you reach your savings goals faster—whether that be a home loan deposit or an emergency fund. However, while there are obvious advantages there can be some disadvantages too.
Let's take a look below:
| Pros | Cons |
| - High interest rates mean larger compound interest effects. - A safe place to keep your cash as your deposit is protected under the Financial Claims Scheme (up to $250,000). - RBA cash rate hikes can give a boost to your interest rates. | - May have certain withdrawal restrictions based on conditions. - May have deposit requirements to meet in order to get highest rate - If the RBA begins cutting the cash rate, your savings account rate may also fall. |
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Most savings accounts calculate earned interest daily, based on your closing balance. It is then paid out monthly – this is known as compound interest. So, the more you deposit into your savings account to grow your balance and the less you withdraw, the more interest you earn on your money.
Generally speaking, savings account base interest rates are variable so they can fluctuate over time which is why it’s important to compare savings regularly. If you want to do some old school maths here’s how to calculate interest on a savings account or if time-saving is more your thing, check out our savings calculator.
Every year, Mozo’s expert judges compare hundreds of savings accounts to find the best value accounts for different saver scenarios as part of the Mozo Experts Choice Awards. Only the top ranked accounts are awarded.
In 2024, ING was named Everyday and Savings Bank of the Year and Great Southern Bank and Macquarie Bank were recognised as Exceptional Value Everyday & Savings Bank award winners.
Categories of this year’s awards include:
You can check out all the winners and categories at the 2024 Mozo Experts Choice Savings Awards page. We also highlight products in our comparison table that are award winners.
Both savings and transaction accounts are options you have for keeping your money with a banking provider. Transaction or bank accounts are usually used for your everyday spending and as such these usually pay little or no interest. But they do come with a debit or ATM card.
Meanwhile, savings accounts are designed to help you reach your savings goals. They usually have higher interest rates and are accessed via online banking or via a banking app. Keep in mind that they do not come with an ATM card.
Yes, the Australian government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) under the financial claims scheme. This means the government will reimburse any amount of $250,000 or under should the ADI (bank, credit union, etc.) fail.
If you’ve saved up more than $250,000, you’d need to keep smaller amounts of up to $250,000 in different banks for all your funds to be covered by the government's guarantee.
Opening up a savings account is a pretty simple process, although there are a couple of things you’ll want to keep in mind.
To start an account you’ll need to:
High interest savings accounts are any account that has an above-average rate. Bonus saver accounts, meanwhile, are accounts where providers offer a higher interest rate as an extra incentive for fulfilling certain conditions.
You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider:
Read our guide on term deposits versus savings accounts if you'd like a more detailed explainer.
No, high interest savings accounts are usually only available online or via an app. But you can (or may even be required to) have a transaction account when you sign up which should come with a debit or ATM card.
Yes, interest earned is considered the same as income and you’ll need to declare this on your annual tax return.
In general, most savings accounts don’t have a specific limit on how much you can deposit. However, providers usually have balance tiers that determine the interest rate earned. This means that once your balance goes over a certain amount, the interest rate will either drop or increase depending on the provider.
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The only bad thing I have to say about this is that it can be annoying to hit all the marks to get the bonus interest but once you do its really worth it.
Read full reviewThe only bad thing I have to say about this is that it can be annoying to hit all the marks to get the bonus interest but once you do its really worth it.
I love that when money is deducted and deposited it sends me a text message to let me know
Read full reviewI love that when money is deducted and deposited it sends me a text message to let me know
Very competitive fees. Only downside is the lack of branches and customer service.
Read full reviewVery competitive fees. Only downside is the lack of branches and customer service.
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