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Can I ask for a better rate on my savings?
On this page:
- How can I earn money on my savings?
- Am I eligible for a better rate on my savings?
- Can I ask my bank about getting a better interest rate on my savings?
- Which banks offer the best savings interest rates?
- What do I need to watch out for when switching to a better rate?
- Do I have other options for earning more interest?
![coins in an exponential growth chart with a high interest savings account on pink background](https://cdn.mozo.com.au/images/atwood/14129/savings%20growth%20over%20time%20with%20interest.jpg)
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
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Mozo experts choice awards won:
- High Interest Savings - 2024
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.^
CompareCompareSavings Maximiser
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.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver 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 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.
CompareCompareSavings Account
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Bonus Saver Account
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.
CompareCompareBonus Saver 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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
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
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Mozo experts choice awards won:
- Term Deposit - 2024
Term Deposit
5.25% p.a.
6 months$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
CompareCompareTerm Deposit
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Judo Bank Term Deposit
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SMSF Term Deposit
5.25% p.a.
6 months$1,000
Yes up to $250,000
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
CompareCompareSMSF Term Deposit
Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.
- interest rate
- 5.25% p.a.
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $2,000,000.00
- Can interest be paid to another bank?
- yes
- Automatic rollover
- yes
-
Term Deposit - Online only
5.15% p.a.
6 months$1,000
Yes up to $250,000
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
CompareCompareTerm Deposit - Online only
Looking for returns that return? Invest as little as $1,000 or as much as $1,000,000. Apply online today in as little as 5 minutes. Protected by the Australian Government’s Financial Claims Scheme up to $250,000.
- interest rate
- -
- Minimum deposit
- $1,000.00
- Govt Deposit Guarantee
- Yes up to $250,000
- Minimum deposit
- $1,000.00
- Maximum deposit
- $1,000,000.00
- Can interest be paid to another bank?
- no
- Automatic rollover
- yes
Read our Mozo Review to learn more about the Bank of Sydney Term Deposit - Online only
Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
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.