Mozo guides

Student Saving Plans

Student savings plan vs dollar jar

"I like the idea of student savings but don't actually have any."

Yes, a bowlful of gold coins warms the heart and triggers McDuck-inspired bathing fantasties, but unless you're a vending-machine operator it's not likely to build up to a laptop, stereo, or other "big ticket" item (like plane tickets). This is where a student savings plan – or Goal Oriented Savings – can help.

Step one: Decide on a goal.

Tedious, irksome penny-pinching is so much flirtier if there's something shiny and new to drool over. Choose something attainable and sit tight.

Step two: Can you afford to put a set amount into your student account each week or month?

This is the fastest, surest way to GROW YOUR PILE. It's nice to commit to a minimum regular deposit up front, as otherwise you're liable to lose the initial enthusiasm, as with a gym membership or long-distance romance. Many student savings accounts reward regular contribution — plus you can project your future wealth (check out our savings goal calculator) to visualise your pile-growing.

Step three: Find the right student account type.

These days, there are lots of conditions on high interest student accounts:

  • Do you need access to your cash?
  • Can you meet minimum balance or minimum deposit requirements?
  • Is a bonus rate in your best interest?
  • Should you in fact be looking for a student term deposit?

Check out the different type of student savings account, and find your perfect match.

Savings Account Comparison Table - last updated 9 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • 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.

  • Mozo Expert Choice Badge
    Savings Account

    5.50% 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.

  • Reward Saver

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

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

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

  • 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 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.

  • 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.


Step four: Find the best interest rate!

Easier than it sounds: Search the student savings account in mere minutes.


^See information about the Mozo Experts Choice Savings Account Awards

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