Mozo guides

Can I ask for a better rate on my savings?

coins in an exponential growth chart with a high interest savings account on pink background

With rates climbing upwards and the rising cost of living causing stress, we’re all looking to save money wherever we can. The first things we look at are always the big expenses - home loan repayments, credit cards - but could you be earning more on your savings?

How can I earn money on my savings?

We normally think about our savings as the money we’ve earned elsewhere, tucked away for later use. If you do tend to lock away a considerable amount of money in savings, without dipping your finger into the cookie jar too often, you could be missing out on some serious earning potential. 

Generally speaking, money in a savings account will earn interest when you continue to make deposits but limit your withdrawals. With a high interest savings account, you could earn up to 3.70% p.a. on top of your savings. 

That means that just by having your money in the right account for you, you’ll earn money just for letting your cash sit there. But chances are, as the RBA has raised the cash rate, your bank could be offering better interest rates - and you might not be getting them.

Am I eligible for a better rate on my savings?

Holding an account with a bank does not automatically mean you will be eligible for a better rate. 

Make sure you are in an account that can accumulate a high level of interest, and that you meet the requirements for earning that interest. This means:

  • Depositing a certain amount of money
  • Leaving your balance for a certain period of time without making withdrawals or transfers out of your account
  • Making a certain amount of transactions

Different accounts have different requirements. For instance, at the time of writing, looking at some of the winners from Mozo’s 2022 Expert Choice Awards for Savings Accounts:

  • MyState Bank’s Bonus Saver Account requires you to deposit at least $20 a month and make at least 5 debit transactions for the maximum interest rate (you also need a linked transaction account).
  • uBank’s Save Account requires you to deposit at least $200 per month for the maximum interest rate.
  • ING’s Savings Maximiser not only requires you have a linked Orange Everyday account, but also to deposit $1,000 per month into an eligible ING account, to make a minimum of 5 card purchases per month, and to grow the balance of your account month on month - all for the maximum interest rate.

Take a look at the individual requirements of your savings account, and don’t be afraid to switch things up if you find a better opportunity.

Can I ask my bank about getting a better interest rate on my savings?

The short answer? Yes!

You wouldn’t be uncomfortable asking for a better price on that second-hand car you’ve been eyeing up, and you should feel just as confident asking your bank about a better rate. There are tips and tricks to making sure you do it right, but there’s no reason to be stuck on an old-fashioned rate when new savings accounts might have opened offering higher interest.

Call up or email your bank and enquire about their better rates, and do your research about what else is available on the market. 

There might be a trade-in - you may end up needing to shift across to a different kind of account, or even to shift providers. Use our savings calculator to see how much you can save with different interest rates and planned deposits.

Be firm and polite with your request, and make sure to pick the right time - we might not advise asking for a better rate during a dip in interest rates! If the market has seen rates lift, you’re in a much better position to haggle. Within reason, that is.

Which banks offer the best savings interest rates?

There’s no one answer to which bank offers the best savings interest rate, because it all comes down to what you need personally and which requirements suit you best.

While you might like the look of the highest rate available, remember that you will have commitments to meet in order to receive the maximum rate, and these can also be conditional. 

If you do want to see some standouts, we’ve rounded up some Mozo award winners and editors choices. You can also use our savings search to compare the savings accounts in our database.

Compare high interest savings accounts - last updated 28 May 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • 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.

  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

  • 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.

  • 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.


What do I need to watch out for when switching to a better rate?

There are some little tricks and traps that are easy to get stuck in with improving your savings interest rate. Make sure to be aware of introductory rates.

  • Introductory rates: It’s easy to get lured in by a super high rate, but remember that an introductory rate will end. You’ll want to make sure the ongoing rate is worth your while!
  • Conditional rates: While most rates are attached to conditions, you’ll want to make sure these are conditions you can actually meet. Remember requirements for linked accounts and caps to balances you can earn maximum interest on, alongside requirements for minimum deposits and transactions.

Do I have other options for earning more interest?

If you want to earn a higher rate of interest on a set amount of money, without quite as many conditions to worry about (or the pressure of calling your bank), there are other options. One you might consider is a term deposit.

A term deposit works in a similar way, earning interest on your savings, but instead of being accessible, the money is locked away for a set term. There are lots of pros and cons in choosing between the two, but term deposits do tend to accrue interest at a higher rate with less conditions.

Since you can’t access the money in a term deposit, there are fewer conditions attached. We have money for terms between 1 month and 5 years in our database, and you can use our term deposit calculator to work out how much you could earn.

If you do need access to your savings in the immediate future, these might not be the choice for you - a key difference between the two options.

Compare high interest term deposits - last updated 28 May 2024

Search promoted term deposits below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Term Deposit

    5.00% p.a.
    1 year


    Yes up to $250,000

    Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)

  • Online Term Deposit

    5.00% p.a.
    1 year


    Yes up to $250,000

    No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.


Whatever you choose, earning a little extra money on your savings is an important way you can stay on top of things during uncertain times.

Stay educated on what’s happening with the rates on savings accounts to give yourself the tools you need to bargain for a better interest rate. Find our standouts with Mozo’s best savings accounts.

Sara Borman
Sara Borman
Money writer

Sara has a Communications degree and has contributed to academic and literary publications in the US and Australia. She aims to bring an accessible point of view to credit cards and loans for Mozo readers.