High interest savings accounts

Looking for a high return on your savings? Compare high interest savings accounts side by side from all major banks and providers in Australia to find the best high interest account for your needs.

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What’s a high interest savings account?

Just like a regular savings account, but better! A high interest savings account usually has bonus savings rates that you’ll get over the first few months or for making regular deposits as an incentive to save. Whatever it may be, these are the best savings accounts to help make your nest egg grow and grow and grow.

What are the benefits of a high interest savings account?

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 which makes making deposits or accessing the money in your account both instant and super easy.

Who offers high interest savings accounts?

Nowadays, high interest savings accounts are offered online by big banks like ANZ and Commonwealth Bank to a host of smaller providers such as Police Bank or CUA.

How do I apply for a high interest savings account?

Once you’ve surveyed the high interest savings accounts table below and picked a winner for you, the application process is pretty simple. Simply hit the ‘go to site’ button next to your favourite account and you’ll land on the provider’s page ready to start an online application right then and there. Just make sure you’ve got your personal details and tax file number on hand so that you can get set up quickly and start saving as soon as possible.

High interest savings account comparisons on Mozo - rates updated daily

Want more? Compare all 217 savings accounts in the Mozo comparison engine.

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Savings Account Resources

Reviews, news, tips and guides to help find the best savings account for you.

Tips for earning high interest on your savings account

If you're saving your money, then you are going to want to make sure that every cent you are putting away into your account is getting you closer to your savings goal. Here's some tips from the Mozo money experts to make sure that you're set up from day one to earn the highest interest you can. 

Why Go digital?

What's a bonus saver?

What's switch savvy mean?

Features to keep in mind while looking for a high interest savings account

Savings Account Reviews

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Victoria

reviewed about 1 month ago

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Western Australia

reviewed about 1 month ago

BankSA
BankSA savings account review
Overall
6/10
Good for students not so much for businesses

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is...

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is the delay it takes to transact a payment.

Price
5/10
Features
4/10
Customer service
8/10
Convenience
7/10
Trust
8/10

Nemeem | New South Wales

reviewed about 1 month ago

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