High Interest Savings Accounts Comparison

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.

Read more

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.

Page last updated November 20, 2018

High interest savings account comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

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

Compare more savings accounts

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?

Not only are online accounts easier to access because you can do your banking 24/7, they also generally come with no account service fees and higher interest rates than standard branch access savings accounts. What's better than managing your money from the comfort of your home? While there may be limited transactions allowed with a high interest savings account, you can conveniently transfer money between your transaction and savings accounts online according to your needs.

What's a bonus saver?

To 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 making no withdrawals, but if you get an extra 3% interest for doing this it will be worth it. But be realistic, if you don't think you'll be able to meet conditions on an ongoing basis, you're better off looking for an account that pays a decent base rate of interest with no strings attached or alternatively, being a rate tart and chasing introductory rate offers every few months.

What's switch savvy mean?

Many banks have promotional offers which allow you to earn a high introductory rate for the first 3 to 6 months. This is a great option if you are looking for a short term investment, however, it can also work for a long term savings goal if you are willing to switch accounts every time the initial period runs out. While the process might seem a bit tedious, a real benefit of online banking is that you can switch accounts quite easily without having to visit the branch or even get off the couch.

Features to keep in mind while looking for 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 of the high interest accounts on your shortlist:

  • Interest rates: 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 as the interest rates on these are fixed for the term. And make sure you've compared the different rates and conditions that providers are offering as the interest you'll earn will depend on you meeting these.
  • No extra fees: While most online high interest savings accounts have no account fees, if you need over the counter branch or ATM access with your savings account you may have to pay a fee for this. Sometimes it will be as per transaction fee or the account might have a monthly fee.
  • Accessibility: With most high interest savings accounts your money will be at call, meaning you can withdraw your funds at any time. There is a type of account called a notice account that's a bit different however. With these accounts you will need to give the bank notice that you want to withdraw funds before you can take money out. If you opt for one of these, make sure that you can serve out the required notice period or have other funds available in case of an emergency.
  • Automatic transfers: If your high interest savings account requires you to maintain a certain monthly balance in order to get a higher interest rate you will want to make sure you don't miss the deadline. Set up periodic transfers into the account to meet the requirement for monthly deposits through online banking.
  • Linked account: Some banks may require you to have an everyday transaction account linked to your savings account. Sometimes this account needs to be with the same bank (and sometimes you can link to any bank account). If you are using both accounts from the same bank, make sure you check the fees and features of the new account as well so you don't end up paying extra money.

Savings Account Reviews

NAB
NAB iSaver savings account review
Overall
8/10
Very happy long time customer

I have had my account for many years and haven't reviewed it for some time, but I am happy.

I have had my account for many years and haven't reviewed it for some time, but I am happy.

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

Vicky | New South Wales

reviewed 6 days ago

Bendigo Bank
Bendigo Bank savings account review
Overall
10/10
Excellent bank

I enjoy banking with Bendigo.

I enjoy banking with Bendigo.

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

Isabeau | Queensland

reviewed 7 days ago

Orange Credit Union
Orange Credit Union savings account review
Overall
8/10
Excellent

Yes, very good bank.

Yes, very good bank.

Price
-1/10
Features
-1/10
Customer service
-1/10
Convenience
8/10
Trust
8/10

Walter | New South Wales

reviewed 7 days ago

Calculators