Compare high interest savings accounts up to 6.00% p.a.

By comparing interest rates, fees and account conditions from Australia’s savings providers here on Mozo you could find the best savings account for you.

Cameron Thomson
Money writer
JP Pelosi
Managing editor
Fact Checked
green piggy bank
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 252 savings accounts using the filters.
Last updated 29 January 2025 Important disclosures

Savings account comparisons on Mozo

  • Promoted

    Savings Maximiser

    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Promoted

    Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Promoted

    Boss Saver

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Promoted

    Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the 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.^

  • Promoted

    Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Promoted

    BOS Saver

    Maximum rate
    4.25 % p.a.
    (for $5,000 to $5,000,000)
    Standard rate
    4.25 % p.a.
    (for $0 to $5,000)
    Go to site

    If you’re looking to grow your savings, the BOS Saver has no account keeping fees and a competitive interest rate applied to your total balance with no deposit conditions. Open online today in as little as 5 minutes. Up to $250,000 guaranteed by the Australian Government Financial Claims Scheme.

  • Savings Maximiser

    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the 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.^

  • Boss Saver

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Hi Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Bonus Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • SwiftSaver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest each month by depositing $10 or more and making no withdrawals. A great on-going rate. No monthly fees to pay. Open up to five accounts to make saving for different goals simple. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • BOS Saver

    Maximum rate
    4.25 % p.a.
    (for $5,000 to $5,000,000)
    Standard rate
    4.25 % p.a.
    (for $0 to $5,000)
    Go to site

    If you’re looking to grow your savings, the BOS Saver has no account keeping fees and a competitive interest rate applied to your total balance with no deposit conditions. Open online today in as little as 5 minutes. Up to $250,000 guaranteed by the Australian Government Financial Claims Scheme.

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Savings Accounts Market Snapshot - January 2025

Updated by: Cameron Thomson, Savings Writer, 21 January 2025

Welcome to our mid-month snapshot for savings accounts. Before we jump into the highest rate savings accounts we compare, let’s have a look at the overall state of the market.  

How is inflation tracking?

Recent monthly inflation (consumer price index) figures were released and the quarterly figures for December should be out later this month. Currently, monthly CPI is 2.3% in the 12 months to November while the last quarterly inflation figures released were 2.8% to the twelve months to the September 2024 quarter.

What is the RBA saying?

The RBA has so far taken a conservative view of the CPI figures. The board said in December that "underlying inflation is more indicative of inflation momentum, and it remains too high." However, the board noted growing confidence that inflation is moving sustainably towards the target.

What’s next for rates?

The next RBA meeting is from the 17–18 February. So far at Mozo, we’ve found that most experts predict that interest rates will come down in a period between February and May of this year. So, given that the upcoming CPI releases show a continued slowing inflation rate, we could very well see a February rate cut.  

Compare current savings interest rates

Average savings rates from our database provide a useful benchmark for comparing current interest rates. 

According to the Mozo database, the average savings^ rate as of 21 January 2025 is:

  • 3.55% p.a. (ongoing savings rate).

Meanwhile the median savings rate is:

  • 4.25% p.a. (ongoing savings rate).

So as you can see, these figures are quite low and there's an opportunity to find a better rate if you're willing to compare and switch.

Best high interest savings accounts*

At Mozo, we track a wide range of savings accounts and compare savings products across standard, bonus, and intro rates to help you find the best savings account for your situation. Comparing savings account options is important because even high interest rate accounts might have conditions that don’t work for your savings situation. 

The current top savings accounts by interest rate are:

Savings account
Bonus rate
Base Rate
Bonus rate conditions
The Mutual Bank
Internet Saver
6.00% p.a. Special rate
4.25% p.a. (max standard)
For balances between $50,000 and $100,000. Applicable until 31 Jan 25, reverting to 4.50% on 1 Feb 25.
Rabobank High Interest Savings Account
5.60% p.a.
4.35% p.a.
The rate is for the first 4 months of account opening.
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 21 January 2025.

Top everyday savings accounts*

If you're not up for jumping through hoops each month, the best savings accounts for you might be the ones that offer a high standard base rate. Here are Australia's top everyday saving accounts this month ranked on the highest standard (base) interest rate for you to compare.

Savings Account
Standard Rate
Max Balance Conditions
Australian Unity Freedom Saver
5.10% p.a
(for $0 to $50,001)
Macquarie Savings Account
5.00% p.a
(for $0 to $1,000,000)
Bank of Queensland Simple Saver Account
4.85% p.a
(for $0 to $5,000,001)
Orange Credit Union Online Saver Account
4.50% p.a
(for $1,000 and over)
BOQ Specialist (32 Day Notice Account)
4.50% p.a.
No minimum balance requirements

*According to the Mozo database as of 21 January 2025.

^All Personal Accounts, at $10,000

Savings Account Knowledge Hub

What is a savings account?

A high-interest savings account allows you to deposit cash and earn above-average interest rates. Among these are a few different types to choose from:

  • Introductory rate: Get a high interest rate for the first few months before reverting to a lower base savings rate.
  • Bonus rate: Bonus savings accounts require you to meet certain monthly conditions to earn the bonus. If you don’t meet these conditions, the interest rate will revert to a lower base rate.
  • Base or standard rate: The only condition for this kind of account is usually the balance limit. On average, standard rates are lower than the other two account types.

However, not all savings accounts are made equal. Our research team has crunched some 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
3.55% p.a.
3.29% p.a.
Only Bonus
4.66% p.a.
4.80% p.a.
Only Introductory Rates
4.99% p.a.
4.69% p.a.
Only Unconditional Rates
1.44% p.a.
1.20% p.a.

Source: Mozo database, 21 January 2025

As illustrated, any savings account above a rate of 3.55% 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.

How do I earn interest on my savings?

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.

Mozo Savings Report: How much the average Aussie saves

Our SOS Savings Report from last year found some interesting numbers. Here we have a breakdown on the average savings rates across Australian states. 

Award-winning savings accounts

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. 

Winners in the high interest savings category include:

  • AMP Bank 
  • Australian Unity
  • Bank of Melbourne 
  • BankSA
  • Bendigo Bank
  • Great Southern Bank 
  • ING 
  • ME 
  • MOVE Bank 
  • RACQ Bank 
  • St.George.

You can check out all the winners and categories at the Mozo Experts Choice Savings Awards page. We also highlight products in our comparison table that are award winners.  

FAQs: savings accounts

What is the difference between a high interest and a bonus saver account?

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.  

What is the key difference between savings accounts & term deposits?

You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider: 

  1. Interest rates: With a term deposit the interest rate will be fixed for the term of your investment. Term deposits are available for 3 months to 5 years. With a savings account, the interest rate is a variable rate which means that it can change at any time. 
  2. Withdrawals: Term deposits have less flexibility as your interest rate and money are locked away for the fixed term. If you do make a withdrawal, penalties would apply.  Alternatively, savings accounts can be withdrawn at any time, although some bonus rate accounts will revert to a lower base rate if account growth is a condition. 
  3. Bonus rates: With a savings account, you also have the option to earn higher bonus rates provided certain conditions are met. On the other hand, some term deposit providers offer a loyalty bonus if you roll your balance for a new term at maturity.  
  4. Minimum balance: Most term deposits will have a minimum balance, where savings accounts will have much lower (if any) balance requirement.

Read our guide on term deposits versus savings accounts if you'd like a more detailed explainer. 

Can I get a debit or ATM card with a high interest savings account?

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. 

Do I get taxed on interest earned in a savings account?

Yes, interest earned is considered the same as income and you’ll need to declare this on your annual tax return.   

How much can I deposit into a savings account?

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.

What's the difference between a transaction and a savings account?

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.  

Is my money secure in a savings account?

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. 

How to open a savings account

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:

  • Select a provider
  • Apply online, by phone or at a branch
  • Upload or present identification documents (birth certificate, ID, etc.)
  • Choose whether you’ll get a single or joint savings account
  • Link your bank account to your savings account.

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Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron, with a background in radio and degrees in creative writing and history, is RG146 certified in Generic Knowledge. He tracks savings rates and trading platforms, aiding Aussie consumers in smart investments.

JP Pelosi
JP Pelosi
RG146
Managing editor

JP Pelosi, Mozo's Managing Editor, has 20 years in journalism, featuring in The Guardian and News.com.au. With a background in firms like CommBank and Amex, he advises on and crafts engaging financial content.

Brands we compare

We compare savings accounts from the following well-known brands and many more See all

  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • Bank of Sydney brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • Bank of Sydney brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • Bank of Sydney brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • Bank of Sydney brand logo

Savings account customer reviews

People's Choice Bonus Saver
Overall 10/10
Compassionate and Reliable Staff and Banking.

I first joined People's Choice in 1992. I have never had the urge to leave or change banks since. I convinced my very stubborn father and very skeptical mother both to join the bank, on the basis that the staff were very kind and friendly and extremely helpful, that the rules and regulations of banking with them were fair and the interest rates were good. When my mother died, and I had to go in physically to close her accounts with them, the staff in the bank were phenomenal. They went above and beyond for me, making me a cup of tea, getting tissues, taking me to a private area as I was quite emotional. They were efficient in closing her accounts and transfering her term deposit to me, so I could pay off bills, and they gave me a box of tea in farewell. I've never had any business, bank or otherwise, be this compassionate. This simply solidified what I knew from the moment I switched to them in 1992, that they might be a small bank, but they are good bank, and care about their customers.

Read full review

I first joined People's Choice in 1992. I have never had the urge to leave or change banks since. I convinced my very stubborn father and very skeptical mother both to join the bank, on the basis that the staff were very kind and friendly and extremely helpful, that the rules and regulations of banking with them were fair and the interest rates were good. When my mother died, and I had to go in physically to close her accounts with them, the staff in the bank were phenomenal. They went above and beyond for me, making me a cup of tea, getting tissues, taking me to a private area as I was quite emotional. They were efficient in closing her accounts and transfering her term deposit to me, so I could pay off bills, and they gave me a box of tea in farewell. I've never had any business, bank or otherwise, be this compassionate. This simply solidified what I knew from the moment I switched to them in 1992, that they might be a small bank, but they are good bank, and care about their customers.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Lydie, South Australia, reviewed 6 days ago
ANZ Online Saver
Overall 6/10
The online feature of ANZ bank is user friendly

THe pro's are the user friendly internet access, cons are that more banks are shutting down and people prefer to interact with humans that over the phone, it makes it more personable

Read full review

THe pro's are the user friendly internet access, cons are that more banks are shutting down and people prefer to interact with humans that over the phone, it makes it more personable

Price
7/10
Features
6/10
Customer service
6/10
Convenience
7/10
Trust
7/10
Less
Amber, New South Wales, reviewed 6 days ago
ANZ Online Saver
Overall 5/10
Arnna

Good but not many ATM

Read full review

Good but not many ATM

Price
5/10
Features
5/10
Customer service
3/10
Convenience
2/10
Trust
4/10
Less
Burnie, Tasmania, reviewed 6 days ago

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