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Savings accounts come in many shapes and sizes, start comparing here based on your needs.
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Browse all savings accounts in Mozo's comparison database.
Welcome to our savings accounts monthly snapshot for March. The RBA recently announced a cut to the cash rate from 4.35% down to 4.10%. To this point, there are still savings account providers offering over 5.00% p.a., although some are being revised downwards following the RBA’s move.
To get an idea of where savings rates are going, first we'll need to look at where inflation is.
The latest January inflation figures from the ABS show CPI (consumer pricing) rising 2.5% in the 12 months to January.
More concerning for the RBA is that the annual movement for CPI, excluding volatile items and holiday travel, hit 2.9% in January up from 2.7% in December. This suggests underlying inflation pressures may be persisting. If that’s the case, costs could remain high in some categories, making it harder to save.
The outlook for inflation, unemployment and economic growth remains uncertain.
While the possibility of further rate cuts remains for this year, it’s unlikely that we’ll see another cut on March 31-April 1, most experts agree. This means savings accounts rates should be steady or close to 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.
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 "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 10 March 2025 is:
Meanwhile the median savings rate is:
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.
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 |
IMB Bank - Reward Saver Account | 5.25% p.a. | 0.00% p.a. | Intro bonus rate for balances up to $1,000,000 during the first 4 months (reverting to 3.25% afterward), make a minimum deposit of $50 and don't make any withdrawals. |
*According to the Mozo database as of 10 March 2025.
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 10 March 2025.
^All Personal Accounts, at $10,000
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:
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 Type | Average rate (All Accounts) | Average rate Big 4 |
---|---|---|
All Ongoing | 3.49% p.a. | 3.08% p.a. |
Only Bonus | 4.55% p.a. | 4.55% p.a. |
Only Introductory Rates | 4.84% p.a. | 4.45% p.a. |
Only Unconditional Rates | 1.40% p.a. | 1.05% p.a. |
Source: Mozo database, 1 March 2025
As illustrated, any savings account above a rate of 3.49% 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.
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.
Our SOS Savings Report from last year found some interesting numbers. Here we have a breakdown on the average savings rates across Australian states.
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:
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.
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.
You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider:
Read our guide on term deposits versus savings accounts if you'd like a more detailed explainer.
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.
Yes, interest earned is considered the same as income and you’ll need to declare this on your annual tax return.
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.
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.
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.
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:
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