Your selected savings accounts
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.^
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 our Mozo Review to learn more about the ING Savings Maximiser
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected savings accounts
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 4 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.
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.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected savings accounts
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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
Your selected savings accounts
3.35% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
Get a high variable interest rate on balances over $50,000, and an even higher rate on balances over $150,000. Rate applies to your whole balance. flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Get a high variable interest rate on balances over $50,000, and an even higher rate on balances over $150,000. Rate applies to your whole balance. flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
Read our Mozo Review to learn more about the ING Savings Accelerator
Your 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.
Savings account rates have held steady through most of 2024, with the RBA keeping the cash rate unchanged in June. This trend is likely to continue for the rest of the year, although future rate increases aren't off the table just yet.
According to the Mozo database, the average savings rates based on the providers in our database as of 22 July, 2024 are:
Average savings rates can act as a benchmark, so you know what you should be comparing against and get a good sense of where interest rates sit relative to each other.
At Mozo, we track over 250 savings accounts and compare savings products across standard, bonus, and intro rates. Comparing savings account options is important as the absolute highest interest rate account could have conditions that won’t work for your savings situation.
The current top 5 savings accounts by interest rate are:
| Savings account | Bonus rate | Base Rate | Bonus rate conditions |
| 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 22 July 2024.
If your financial situation doesn’t suit having to jump through hoops each month, the best savings accounts for you will be the ones that offer a high standard base rate. Here’s 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) |
| ANZ Plus ANZ Save | 4.90% p.a | (for $0 to $249,999) |
| Bank of Queensland Simple Saver Account | 4.85% p.a | (for $0 to $5,000,001) |
| Macquarie Savings Account | 4.75% p.a | (for $0 to $1,000,000) |
| Orange Credit Union Online Saver Account | 4.75% p.a | (for $1,000 and over) |
| Unity Bank MoneyMAX Account | 4.75% p.a | (for $1 and over) |
*According to the Mozo database as of 22 July 2024.
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 | 3.50% p.a. | 3.44% p.a. |
| Only Bonus | 4.61% p.a. | 4.79% p.a. |
| Only Introductory Rates | 5.01% p.a. | 4.69% p.a. |
| Only Unconditional Rates | 1.40% p.a. | 1.62% p.a. |
Source: Mozo database, 22 July 2024
As illustrated, any savings account above a rate of 3.45% 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.
Crunch the numbers with our range of savings calculators! See all calculators
Learn more about savings accounts and managing your budget in our helpful guides. See all
All the latest savings account news and top tips to help you manage your money. See all
I have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
Read full reviewI have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
easy access and trustworthy
Read full revieweasy access and trustworthy
Never had an issue with customer service. Always a human that answers the phone and any issues are handled with care
Read full reviewNever had an issue with customer service. Always a human that answers the phone and any issues are handled with care
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