With everything costing more right now, saving money has never been so important. That's where a high interest savings account can make all the difference! You can compare the best ones on the market below and take the next step toward increasing how much money you have in the bank.
High interest savings account comparisons on Mozo
- 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.
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
For more information about these awards go to the link at the bottom of this table.
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.
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.
Maximum rate
5.50% 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 four months.
Access
BPay, Branch access, Phone banking, Internet banking
Minimum balance
$0.00
Other restrictions
Must have a Macquarie Transaction Account to link with.
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.
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.
Maximum rate
5.25% p.a.(for $0 to $100,000)
standard interest rate
0.30% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
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.
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.
Maximum rate
5.10% p.a.(for $0 to $250,000)
standard interest rate
0.10% p.a.(for $0 and over)
Govt Deposit Guarantee
Yes up to $250,000
account fee per month
$0.00
Maximum rate conditions
Deposit at least $200 to either Spend or Save account from an external source each month.
Access
Internet banking
Minimum balance
$0.00
Other restrictions
Bank and saving account only accessible through iOS or Android app.
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.
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
No ING fees. Great variable rate every month when you grow your balance each month in addition to other eligibility criteria.
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.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Savings account resources
Reviews, news, tips and guides to help find the best savings account for you.
High interest savings monthly snapshot: December, 2023
Updated by: Cameron Thomson, savings writer, 1 December 2023
Well, the end of 2023 draws near and what a year for savings accounts has it been. So far, this year alone the RBA has hiked 5 times with the possibility of another still on the cards. As of 1 December, the cash rate sits at 4.35%.
Already, some high-interest savings accounts have gone up to and even past 5.00% p.a. In fact, the Mozo database currently lists eight bonus rate accounts with interest rates at or above 5.50%.
While these numbers are impressive, it’s important to note that bonus rate savings accounts call for certain conditions to be met to get the highest rate. If these conditions aren’t met, the interest rate will revert to the base rate.
Top high interest savings account rates in December 2023
At the moment, the average unconditional savings rate in the Mozo database is 1.33% p.a, while the average bonus rate is now 4.59% and the average introductory rate is 5.05%. Before signing up, it can be helpful for savers to look over the terms to make sure that it suits them and their savings time frame.
Highest interest savings account rates in the Mozo database
Currently, there are several rate leaders according to the Mozo database, depending on the type of account as at 20 November 2023:
Bonus savings rate: Move Bank Growth Saver - 5.70% p.a. Minimum $200 must be deposited into the account with no withdrawals in the month.
Introductory savings rate: Rabobank High Interest Savings Account - 5.75% p.a Introductory rate for the first 4 months
Base savings rate: Australian Unity - 5.50% p.a. Must be linked to a transaction account
Under 35s savings rate: BOQ Future Saver - 5.40% p.a. up to $50,000
*Averages calculated using data available in the Mozo database, correct as of 1 December 2023.
How to maximise your savings with a high interest savings account
Whether you're saving for a rainy day or a specific goal, you want every dollar earning the best interest rate possible. Here are some tips from the Mozo money experts to help you maximise your savings.
High interest savings account: how to supersize your savings
Let’s take a look!
1. Look for bonus saver offers
Just by meeting certain conditions every month, you could have access to much higher ‘special rates’ and earn bonus interest!
What conditions? They could include: depositing a minimum amount each month, making a minimum number of transactions each month, or not making any withdrawals.
2. Bundle your accounts
Many banks offer their best savings rates to customers who open two accounts with them: one for savings, and one for everyday transactions.
Just make sure you’re getting a competitive deal for both accounts…
Check that both accounts have good interest rates
Look out for pesky fees (account, ATM, overseas transaction)
3. Choose a good ongoing rate
Why?
Introductory savings rates may be sweet, but they’re also short-term… wait 3 or 6 months, and they’ll revert to lower ongoing rates.
So it’s a smart idea to focus more on the longer-term ongoing rates while shopping around.
4. Stash your savings away
Of course - the more you stash away in your savings account, the more interest you’ll earn.
Got cash sitting in a bank account that you don’t need right now? Transfer it to your savings account and watch the balance grow!
What is a high interest savings account?
A high interest savings account typically offers a better interest rate than normal to help your savings grow. Their rates are variable though, which means they could go up or down in response to changes to the Reserve Bank cash rate.
Which banks offer high interest savings accounts?
Most banks offer high interest savings accounts but not all are created equal. With so much choice, it's important to compare the market and find the best account for your needs.
What are the benefits of a high interest savings account?
High interest savings accounts are flexible and easy to use and can help you reach your savings goals faster.
Unlike term deposits, high interest accounts offer you the flexibility to deposit and withdraw money as you need (though there are typically limits). You can also automate your savings with regular direct debit payments from your everyday bank account.
All up, the best high interest savings accounts include a few things, including good interest rates, minimal fees and mobile banking.
Which banks have the highest savings rates in Australia?
Many of the most competitive savings accounts on the market are online. Not only are online accounts easier to access, they also generally come with no account service fees.
Below we've listed the savings accounts with the best interest rates currently in Mozo's database. These are accounts with ongoing bonus rates (so no introductory rates that drop after a number of months) and are open to savers of all ages.
5 top high interest savings accounts in Australia*
Savings account
Interest rate
Special rate conditions
ING Savings Maximiser
Up to 5.50% p.a.
To achieve this ongoing bonus rate, each month savers must deposit at least $1,000 into a linked ING Orange Everyday Account, make five settled purchases with a linked ING debit card and grow the savings account balance.
ME HomeME Savings Account
Up to 5.55% p.a.
Minimum $2000 must be deposited into connected SpendME account and have a higher closing balance than the last month.
Move Bank Growth Saver
Up to 5.70% p.a.
Minimum $200 must be deposited into the account with no withdrawals in the month.
Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank
Hiver, UniBank
Target Saver
5.50% p.a.
Deposit a minimum of $1000 per calendar month, make no withdrawals, and keep a positive balance at all times.
Bank of Queensland Future Saver Account - 14 to 35 years
5.40% p.a.
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age..
*According to the Mozo database as of 4 December, 2023.
How do high interest savings accounts work?
Unlike everyday transaction bank accounts, savings accounts are designed to help you save up! They tend to have higher interest rates and no online transaction or account fees.
The highest interest rates are usually made up of a base rate plus a special rate. Together, these will give you the maximum savings rate! To enjoy this higher rate however, there will be conditions, such as a deposit minimum, or limits on how often you can withdraw.
Features to look for in a high interest savings account
Not all savings accounts are created equal, so here are the main things you'll want to look at when doing your side-by-side comparison:
Interest rates: Getting a great rate is the key to maximising your savings. Some high interest accounts offer attractive short term introductory rates, but you'll need to check the ongoing rate to make sure it's competitive over the long term.
Type of interest rate: All savings accounts rates are variable and this means that they can go up and down depending on the market. If you want a set
return on your money, you might want to compare term deposits which have fixed rates.
Bonus conditions: To earn the highest rate of interest, many savings providers ask you to meet meet certain conditions, such as depositing a set amount each month or linking your savings account to an everyday transaction account.
No account fees: While most online high interest savings accounts have no account fees, some charge a fee for branch service or ATM access.
Accessibility: With most high interest savings accounts you can typically withdraw your funds at any time. But keep in mind some accounts require you to grow your balance to earn interest, so be careful of dipping into funds.
Automatic transfers: If your high interest savings account requires you to maintain a certain monthly balance, you'll want to make sure you don't miss the deadline. Setting up periodic transfers can be a good idea.
Linked account: Some banks may require you to have a standard transaction account linked to your high interest savings account. Whether it's with the same bank or another provider, fees can apply.
How do I compare high interest savings accounts?
Mozo makes savings account comparison super easy. In our comparison table above, you'll notice two interest rate columns.
The Maximum Rate column lists the highest interest rate you can earn with each account in a given month, usually by meeting conditions. If the account has an introductory rate, this will also be listed in the Maximum Rate column.
The Standard Interest Rate column lists the base rate you'll earn in any month that you don't meet the special rate conditions. For accounts that have introductory rates, this column shows the base rate you'll receive once the intro rate has ended.
Do the best savings rates always come with conditions?
To help supersize your savings, you can look at earning higher interest with bonus saver offers. These generally require you to fulfil certain criteria such as meeting minimum monthly deposit conditions or not making withdrawals. If you get an extra 1% interest for doing this, it's probably be worth it.
Before signing up for one of these accounts it's important to be realistic about your savings goals. If you don't think you can meet conditions, you're better off looking for an account that pays a decent base rate of interest with no strings attached.
Are introductory savings rates worth it?
Some savings accounts offer higher interest rates for an introductory period of around 3 to 6 months, before reverting to a lower ongoing rate. These accounts can often look quite attractive, but as always it pays to compare the details to make sure you don't get stuck with a much lower rate later on.
So if you're keen on introductory savings rates, be sure to check the ongoing rate.
Should I bundle accounts to get a higher savings rate?
Many banks now offer their best savings rates to customers who are prepared to open both a savings account and a linked everyday transaction account. They'll encourage customers to use the linked account as their main everyday account, which will often earn bonus interest.
Some of the best savings rates on the market can be obtained using this strategy. But if you're considering doing this be sure to review both accounts and make sure you're getting a competitive deal.
How can I get the most out of my high interest savings account?
Choosing the best savings account for you is a great first step, but then what? There are a few things you can take to help make the most of your shiny new savings account and boost your balance.
Meet any bonus conditions. The base interest rate on a savings account often isn't the best offer. Check if there’s a special rate available, and try your best to meet any requirements to get it. These often include no withdrawals and depositing a minimum amount each month.
Build up your balance. Because savings account interest is calculated as a percentage of your account balance, the more you have stashed away, the more interest you’ll earn on it. So if you’ve got cash sitting in a bank account you don’t need right away, transferring it to your savings instead can help boost your interest earnings.
As always, compare savings options. You know the drill here – so make sure you keep an eye on savings rates and switch if necessary.
Should I stash my cash in a high savings savings account or term deposit?
It depends on what you’re looking for.
While savings account rates are variable and move up or down with the market, term deposits offer more stability because of their fixed term rates.
Term deposits come with much less flexibility than savings accounts. You could be charged hefty fees if you decide to withdraw early and you can’t make extra deposits. On the flip side, if you can commit to the outlined conditions, there can be slightly higher rates on offer with a term deposit than a regular savings account.
Savings accounts allow you to withdraw or deposit money, although some do have limits. You may also need to meet certain requirements for bonus rates, like making no withdrawals, depositing a minimum amount per month or making transactions through a linked bank account.
To find out more about how the two differ and which one is the better fit for you, read our guide on term deposits vs savings accounts.
How secure are my savings?
The short answer: very secure!
In Australia, the government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) such as your bank or credit union. This means the government will reimburse that amount should something happen to the ADI.
But 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.
Who can apply for a high interest savings account in Australia?
Everyone! Applying for a savings account is pretty easy, and doesn’t require you to jump through the same hoops as something like a home loan. A couple of things to keep in mind before applying are:
Age limits. If you’re under 18, you might like to have a look at kids savings accounts, which are especially designed for those just getting started on their savings stash.
Minimum deposits. While most accounts can be opened with any minimum balance - even as low as $1 - some savings accounts have a minimum deposit requirement you’ll need to meet.
Bank specific criteria. Some credit unions, mutual banks or community owned banks might have other criteria. For example, you might have to live in a certain state or be part of a particular profession. Other member-owned institutions might require you to be a member.
What's the best way to open a high interest savings account?
Generally, you can open a savings account online, over the phone or in a bank branch. While you might need some in-person help for big financial commitments like a home loan, a savings account is a little simpler, so you might opt to open it online.
At Mozo, we think the best way to open your new savings account is right here! Once you’ve used our handy comparison table to find the right option for your needs, you can click the blue ‘Go to site’ button next to it. This will take you through to the bank or credit union’s website, where you can start the process of opening an account.
What information will I need to apply for a high interest savings account?
When you go to open a savings account, whether you do it online, over the phone or in a branch, you’ll need a few details, including your contact details, personal details and some ID. You should have some things ready, like:
A few different forms of identification, preferably photo ID. These can include a driver’s license, passport, birth certificate, Medicare card or a utility bill.
Your name, date of birth, address and contact details.
The details of any other account you want to link, like an everyday transaction account.
How long does it take to open a new savings account?
Because there aren’t any credit checks to worry about, opening a savings account is a pretty quick process. A lot of the time, you can open a new account in ten minutes or less, as long as you have all the details you need prepared ahead of time.
Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.
A high interest savings account is a savings account that offers an extremely competitive interest rate to help your savings grow. All high interest savings accounts have variable interest rates, meaning your rates could go up or down over time, usually in response to changes to the Reserve Bank cash rate.
Great savings rates aside, the best high interest savings accounts come with minimal fees and afford you the luxury of managing your money over the internet or via a mobile banking app. This makes depositing money or accessing the funds in your account both instant and easy.
Some banks will give customers incentives to earn bonus interest if they meet certain conditions. One common condition for earning bonus interest is making no withdrawals in the month. You might also be required deposit a minimum amount into the account each month.
Yes, the Australian Taxation Office (ATO) requires all Australian residents to declare any interest they receive as income. The amount of tax you'll pay will depend by your overall taxable income. If you do not give the bank your tax file number when you sign up for your account, the bank will withhold the amount you earn and send it to the ATO.
Many of the most competitive savings accounts on the market these days are online offerings. Top accounts currently include: ING savings maximiser, AMP saver and 86 400 save account. With most savings accounts, to get the highest rates you will need to meet some conditions so be sure you review these first to make sure you can get the highest interest possible.
The Australian government set up the Financial Claims Scheme to protect deposits in savings, bank accounts and term deposits, up to $250,000 per customer per Authorised Deposit-taking Institution. All Banks, credit unions and financial providers listed on Mozo are part of the scheme. The scheme is set up to protect Australian consumers so if their bank was to fail, up to $250,000 would be paid out.
You’ll notice that when comparing savings interest rates, there is often a p.a. at the end - this means per annum. Interest on savings accounts is most often calculated as compound interest - which in other words is the percentage of interest your principal balance (your money minus interest from the bank) earns over the course of a year.
For example, if you had $1,000 in a savings account for 12 months at a rate of 1.00% p.a., by the end of the year you would theoretically earn around $10 in interest. The good news is that you can avoid spending time doing complex equations in your notebook. Check out Mozo’s savings calculator, to see how much interest you could earn on your savings stash.
Generally speaking, most banking providers in Australia won’t charge you to open a savings account. However, upon first opening your account, you may be required to deposit a minimum amount of money into it.
While some banking accounts have things like monthly or account keeping fees, this is not common with online high interest savings accounts.
When you set up your account you'll be asked by the bank to provide them with details for a 'linked account'. Depending on the acccount, this linked account might need be with the same bank or it could be with a different bank. You will use this account to transfer money in and out of your savings account.
Some of the new Neobanks like 86400 and Up Bank are app based so you will need to download the app if you want to open an account with them. Most other banks will have internet banking as well as an App option for managing your account balance.
Mozo's savings account database includes Authorised Deposit-taking Institutions such as banks, building societies and credit unions. These are financial institutions licensed by the Australian Prudential Regulatory Authority (APRA) to carry on banking business, including accepting deposits from Australian consumers. See the full list of savings account providers we compare.
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
Important information on terms, conditions and sub-limits
Terms, conditions, exclusions, limits and sub-limits may apply to any of the insurance products shown on the Mozo website. These terms, conditions, exclusions, limits and sub-limits could affect the level of benefits and cover available under any of the insurance products shown on the Mozo website. Please refer to the relevant Product Disclosure Statement and the Target Market Determination on the provider's website for further information before making any decisions about an insurance product.
