Compare high interest savings accounts up to 5.45% 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
Last updated 2 April 2025 Important disclosures
  • 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
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    Savings Maximiser

    Maximum rate
    5.40 % 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
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
  • 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
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • High Interest Savings Account

    Maximum rate
    5.45 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.00 % p.a.
    (for $0 to $250,001)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate

  • Savings Maximiser

    Maximum rate
    5.40 % 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
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 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
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^

  • 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
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on 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
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app

  • High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app

  • Reward Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $1,000,000)
    Intro bonus rate of 5% for balances up to $1,000,000 for the first 4 months, reverting to 3%. Minimum deposit of $50 and no withdrawals.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for balances up to $1,000,000 for the first 4 months
    • Minimum deposit of $50 and no withdrawals
    • No monthly account fees

  • Savings+Bonus

    Maximum rate
    4.75 % 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 meet criteria
    • Access your money at any time via app
    • $250K maximum balance

  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app

  • Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app

  • SwiftSaver Account

    Maximum rate
    4.25 % 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 (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance
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Savings Accounts Market Snapshot - April 2025

Updated by: Cameron Thomson, Savings Writer, 01 April 2025

Welcome to our savings accounts monthly snapshot for April. Since the Reserve Bank’s February rate cut, savings account rates have gradually fallen. However, there are still providers offering over 5.00% p.a.

To get an idea of where savings rates are going, first we'll need to look at a few factors.

How is inflation tracking?

The latest February inflation figures from the ABS show the monthly Consumer Price Index rose 2.4% in the 12 months to February, following a 2.5% rise in the 12 months to January.

The largest contributors to the annual movement were Food and non-alcoholic beverages (+3.1%), Alcohol and tobacco (+6.7%), and Housing (+1.8%).

But the RBA says underlying inflationary pressures are easing and so for now inflation looks under control. This is important because if your savings rate is heading downward while inflation is moving up your buying power drops. 

This is why monitoring savings rates right now can help give you a leg up, so that your purchasing power doesn’t decline as you save money during more volatile inflationary periods.

What is the RBA saying?

The outlook for inflation, unemployment and economic growth remains uncertain.

While there’s a possibility of further rate cuts this year, it's unlikely that we'll see another on April 1, most experts agree. This means savings accounts rates should be steady or close to it until then. And for greater security, there's always the prospect of locking some money into a fixed rate such as those offered by term deposits.

Comparing current savings interest rates

Reviewing your finances involves understanding your numbers, so the best place to begin is by examining your savings interest rate. Mozo's money expert Rachel Wastell says that "if you don't know your rate, you don't know how much more you could be saving.”

The average savings rates from our database provides a useful benchmark for comparing current interest rates.

According to the Mozo database, the average savings^ rate as of 1 April 2025 is:

  • 3.40% p.a. (ongoing savings rate).

Meanwhile the median savings rate is:

  • 4.00% p.a. (ongoing savings rate). 

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
Rabobank High Interest Savings Account
5.45% p.a.
4.10% p.a.
The rate is for the first 4 months of account opening.
ING Savings Maximiser
5.40% p.a.
0.05% 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)
Virgin Money - Boost Saver with Go Account - Lock Saver Feature
5.30% p.a
0.05% p.a.
Deposit $1,000 into your Go Account, make 5 debit card purchases, direct debits, or BPAY payments in the previous month, and enable the Lock Saver feature.
MOVE Bank Growth Saver
5.25% p.a.
0.10% p.a.
Minimum deposit of $200 with no withdrawls
Ubank High Interest Save Account
5.25% p.a.
0.00% p.a.
Deposit at least $500 monthly from an external source into either the Spend, Bills, or Save account.

*According to the Mozo database as of 1 April 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
4.85% p.a
(for $0 to $50,001)
Macquarie Savings Account
4.75% p.a
(for $0 to $1,000,000)
Bank of Queensland Simple Saver Account
4.55% p.a
(for $0 to $5,000,001)
Heartland Bank MySavings Account
4.75% p.a.
($0 to $300,000 - Tier 1)
Bank Orange Online Saver Account
4.50%
Minimum Balance of $1

*According to the Mozo database as of 1 April 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 TypeAverage rate (All Accounts)Average rate
Big 4
All Ongoing
3.40% p.a.
3.04% p.a.
Only Bonus
4.43% p.a.
4.51% p.a.
Only Introductory Rates
4.77% p.a.
4.85% p.a.
Only Unconditional Rates
1.35% p.a.
1.03% p.a.

Source: Mozo database, 1 April 2025

As illustrated, any savings account above a rate of 3.40% 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

  • ING brand logo
  • Rabobank brand logo
  • ubank brand logo
  • First Option Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • ING brand logo
  • Rabobank brand logo
  • ubank brand logo
  • First Option Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • ING brand logo
  • Rabobank brand logo
  • ubank brand logo
  • First Option Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo
  • ING brand logo
  • Rabobank brand logo
  • ubank brand logo
  • First Option Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • P&N Bank brand logo

Savings account customer reviews

Commonwealth Bank NetBank Saver
Overall 4/10
CommBank- Take the good with the bad!

Theyve been around forever, and have had an account with them for nearly 40 years. unfortunately their ability to keep up with the other big banks as far as interest rates on savings accounts is a significant downfall. I would recommend comparing banks before settling here. on the other side Customer service in branch is great, cant fault them. happy to stay with them but considering not having all my eggs in one basket.

Read full review

Theyve been around forever, and have had an account with them for nearly 40 years. unfortunately their ability to keep up with the other big banks as far as interest rates on savings accounts is a significant downfall. I would recommend comparing banks before settling here. on the other side Customer service in branch is great, cant fault them. happy to stay with them but considering not having all my eggs in one basket.

Price
4/10
Features
6/10
Customer service
8/10
Convenience
7/10
Trust
9/10
Less
Alicia, South Australia, reviewed 6 days ago
NAB iSaver
Overall 9/10
The best bank

Nab is the best

Read full review

Nab is the best

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Julie, Queensland, reviewed 7 days ago
AMP Bank AMP Saver Account
Overall 10/10
Amp easy as abc for growing money

Fantastic savings account with minimum requirements. No fuss. Good interest paid monthly.

Read full review

Fantastic savings account with minimum requirements. No fuss. Good interest paid monthly.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jan, Queensland, reviewed 14 days ago

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