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 15 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

    For a limited time, earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply). 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+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.

  • 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

    For a limited time, earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply). 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.^

  • Online Savings Account

    Maximum rate
    5.20 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Go to site

    Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.

  • 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.

  • MoneyMAX Account

    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • 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.

  • EasySaver Account

    Maximum rate
    3.70 % p.a.
    (for $0 and over)
    Standard rate
    3.70 % p.a.
    (for $0 and over)
    Go to site

    Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.

Showing 12 results from 252 savings accounts. Use the filters to see more

Interest rates change regularly - we'll help you stay informed.

Subscribe to Newsletter

Compare more savings options

Savings accounts come in many shapes and sizes, start comparing here based on your needs.

Kids saving accounts Types of savings accounts

Search the Mozo Database

Browse all savings accounts in Mozo's comparison database.

Search savings accounts
Image of camera lens

Savings Accounts Market Snapshot - January 2025

Updated by: Cameron Thomson, Savings Writer, 02 January 2025

Savings accounts start 2025 with steady rates, though potential changes loom with the Reserve Bank of Australia (RBA) maintaining the cash rate at 4.35% in December for a ninth consecutive meeting. This comes as the economy shows signs of cooling, with recent data revealing the weakest annual growth rate in decades (outside of the pandemic) in the September quarter.

The most current inflation figures from the ABS showed CPI rose 2.8% over the twelve months to the September 2024 quarter, bringing inflation within the RBA's 2-3% target band. However, October's monthly indicator revealed some concerning trends, with annual trimmed mean inflation increasing from 3.2% to 3.5%, suggesting persistent underlying price pressures.

The next bit of data to keep track of will be the Monthly Consumer Price Index Indicator for November 2024 from the Australian Bureau of Statistics (ABS). While not as important as the quarterly releases, the RBA will still factor it into their decisions. 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.

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. 

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 2 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 2 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
Police Bank U30 Charge
5.25%
(for $1 and over)
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)
MOVE Bank Online Saver
4.40% p.a.
(for $1 and over)

*According to the Mozo database as of 2 January 2025.

^All Personal Accounts, at $10,000

Savings Account Knowledge Hub

What is a savings account?

A savings account is a banking product for anyone who wants to put some money away for a later time, separate from their everyday spending money. 

More importantly, it's somewhere you can safely deposit funds and earn interest on them over time, which in turn can help you meet whatever savings goals you might have.

There are a few types of savings account 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: High interest 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.

What is a high interest savings account?

A high interest savings account is any savings account that has an above-average interest rate. To help you see the difference, the Mozo research team has crunched the 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%
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, 2 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 to choose the best type of savings account

Choosing the best type of savings account depends on a number of factors, including:

  • the interest rate 
  • the conditions 
  • the features or accessibility of the account
  • and, the bank provider.

What kind of savings rates should I look for?

This depends on your savings goals. Your options are as follows:

  • Introductory rate. Some banks will offer a high rate of interest for a short introductory period to help you kickstart your savings, after which a lower base rate will be paid on an ongoing basis.
  • Bonus rate. This is where you’ll get a higher rate of interest if you meet certain monthly criteria such as a minimum deposit or no withdrawals in the month. If you don’t meet the monthly criteria, your savings interest rate will drop to the lower base rate, and reset again the following month if you meet the conditions again. These bonus rate savings accounts can be great if you are actively saving each month. 
  • Standard or base rate. This is the amount of interest you will earn on your balance no matter how many deposits or withdrawals or transactions you make. 

Look for the best features 

Once you’ve checked out the types of accounts, the next thing to consider is savings account features.

Most savings accounts are now 100% digital, accessible via phone banking, internet or an app. This means they often come with useful features such as: 

  • Automatic payments - put your savings on autopilot and set up a regular deposit into your savings account.
  • Round-up features - some accounts will round-up purchases to the nearest dollar and automatically put the extra funds into your savings account.
  • Block and lock features - some apps allow you to block withdrawals to help you limit the temptation of digging into your savings for impulse buys.
  • Split across goals - have short and long term savings goals. Some accounts will let you split your savings between each goal.
  • No monthly fees 

What are some of the biggest traps with savings accounts? 

The most common trap of savings accounts is failing to meet the monthly conditions in order to receive the bonus or maximum interest rate.

Bonus rate conditions might include:

  • Minimum deposit amount
  • No withdrawals
  • Minimum account balance
  • Maximum account balance
  • Mandatory purchases 
  • Age limits (savings accounts for kids and teens)

Also, when you are putting together your savings plan, having realistic savings goals will help. 

What are the pros and cons of high interest savings accounts?

A high interest rate account can help you reach your savings goals faster—whether that be a home loan deposit or an emergency fund. However, while there are obvious advantages there can be some disadvantages too. 

Let's take a look below:

Pros
 Cons
- High interest rates mean larger compound interest effects.

- A safe place to keep your cash as your deposit is protected under the Financial Claims Scheme (up to $250,000).

- RBA cash rate hikes can give a boost to your interest rates.

 - May have certain withdrawal restrictions based on conditions.

- May have deposit requirements to meet in order to get highest rate

- If the RBA begins cutting the cash rate, your savings account rate may also fall.

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.

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. 

In 2024, ING was named Everyday and Savings Bank of the Year and Great Southern Bank and Macquarie Bank were recognised as Exceptional Value Everyday & Savings Bank award winners. 

Categories of this year’s awards include:

  • High interest savings
  • No strings savings
  • Kick start savings
  • Young Adult, teen and kids savings 

You can check out all the winners and categories at the 2024 Mozo Experts Choice Savings Awards page. We also highlight products in our comparison table that are award winners.  

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:

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

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.

Savings Calculators

Crunch the numbers with our range of savings calculators! See all calculators

Calculator icon Savings calculator Budgeting icon Budget calculator

Popular savings guides

Learn more about savings accounts and managing your budget in our helpful guides. See all

Latest savings news

All the latest savings account news and top tips to help you manage your money. See all

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
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Unity Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • Bendigo Bank brand logo
  • P&N Bank brand logo

Savings account customer reviews

ANZ Progress Saver
Overall 6/10
ANZ are helpful, easy to use and care about you

ANZ make life easier! They go out of their way to make sure their customers needs are met and are always super helpful in times of desperation. I’ve never had a bad experience with them. In saying that it does take forever to get through to them on one phone but hey the service I do get when I’ve been connected is second to none.

Read full review

ANZ make life easier! They go out of their way to make sure their customers needs are met and are always super helpful in times of desperation. I’ve never had a bad experience with them. In saying that it does take forever to get through to them on one phone but hey the service I do get when I’ve been connected is second to none.

Price
5/10
Features
5/10
Customer service
5/10
Convenience
5/10
Trust
5/10
Less
Melissa, Victoria, reviewed about 2 hours ago
Bankwest Hero Saver
Overall 10/10
Great bank, Friendly service

Great bank with an easy to use app. Customer service are always quick to answer any enquiries. The interest paid on savings is also very competitive.

Read full review

Great bank with an easy to use app. Customer service are always quick to answer any enquiries. The interest paid on savings is also very competitive.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
9/10
Trust
10/10
Less
Ebony, Western Australia, reviewed about 2 hours ago
Commonwealth Bank NetBank Saver
Overall 9/10
So glad I switched to commonwealth bank

I appreciate how easy my bank made it for me to open my account. The fees are very minimal. The app is very easy to navigate and also offers some real great saving strategies and goal saving plans

Read full review

I appreciate how easy my bank made it for me to open my account. The fees are very minimal. The app is very easy to navigate and also offers some real great saving strategies and goal saving plans

Price
9/10
Features
8/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Ashley, Victoria, reviewed 1 day ago

More savings account reviews