What to look for in student savings accounts

student looking for savinsg account

The student life might mean that you have a tight budget and there isn’t much wiggle room for anything else. 

However, remember that a little saving is better than nothing. Rather than having that extra money sitting in your everyday account which earns little to no interest, a good student savings account could help your account balance grow!

Typically, most savings accounts are online and you can transfer money almost instantly if you need to access it. As a student, many banks offer special rates to help your savings grow.

What should I look for in a savings account?

Every dollar counts while you’re at uni. So when you’re looking to store your savings be sure to keep an eye on a few things:

  • No monthly fee: While it’s rare to find a savings account that comes with a monthly fee, double-check that you’re not losing money for storing your money away. 
  • A good ongoing interest rate: You use a savings account to earn interest, so look for an account with a high interest rate so your balance can grow quicker.
  • Withdrawal flexibility: Most savings accounts let you withdraw money as many times as you’d like, but there are a few where your savings bonus rate is dropped for taking money out. If you go with an account that isn’t flexible, only withdraw money when you really need to.

How to pick the right savings account?

Picking a savings account is a personal journey that depends entirely on your individual needs and situation. And sometimes it might take some trial and error.  To aid you in finding the right one, check out the winners of the Mozo Expert Choice Award for Best Savings Accounts. Alternatively, you can check out our savings account comparison table below to start comparing.

Savings account comparisons on Mozo - last updated 13 August 2022

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Save Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.35% 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.

    Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.

    Details
  • Mozo Expert Choice Badge
    Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.30% p.a. (for $0 to $250,000)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate of 2.30% is made up of the Base rate of 0.05% and Bonus rate of 2.25%. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a high interest savings account bundled with an everyday spending account. No monthly fees. And new customers can get a welcome bonus of 5,000 bonus Virgin Money Points (ends 31/08/22. Offer criteria & T&Cs apply).

    Details
  • Mozo Expert Choice Badge
    Life - 18-29 years old
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.75% p.a. (for $0 to $30,000)
    0.65% p.a.(for $0 and over)
    Yes up to $250,000

    Make 5 card purchases/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 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.

    Details
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    2.10% 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.

    Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.80% p.a. (for $0 and over)
    0.05% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.

    Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.

    Details

^See information about the Mozo Experts Choice Savings Account Awards

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