Your selected savings accounts
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.
Read reviews and learn more about P&N Bank savings accounts
Go to siteBonus 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.
Read reviews and learn more about BCU Bank savings accounts
Go to siteComplement 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.
Read reviews and learn more about Newcastle Permanent savings accounts
Go to siteAccess 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.^
Read reviews and learn more about ING savings accounts
Go to siteEnjoy 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.
Read reviews and learn more about First Option Bank savings accounts
Go to siteEnjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Read reviews and learn more about Macquarie savings accounts
Go to siteAccess 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.^
Read reviews and learn more about ING savings accounts
Go to siteEnjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
Read reviews and learn more about Macquarie savings accounts
Go to siteComplement 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.
Read reviews and learn more about Newcastle Permanent savings accounts
Go to siteBonus 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.
Read reviews and learn more about BCU Bank savings accounts
Go to siteEarn 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.
Read reviews and learn more about P&N Bank savings accounts
Go to siteEnjoy 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.
Read reviews and learn more about First Option Bank savings accounts
Go to siteBonus 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.
Read reviews and learn more about BCU Bank savings accounts
Go to siteEarn 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.
Read reviews and learn more about P&N Bank savings accounts
Go to siteOpen 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.
Read reviews and learn more about MyState Bank savings accounts
Go to siteGet flexibility and competitive rates with the Rabobank SMSF High Interest Savings Account. The 4 month introductory variable rate (up to $250,000) is a great way to kick-start your savings. Mozo Expert Choice Awards SMSF Bank of the Year for 2023.
Read reviews and learn more about Rabobank savings accounts
Go to siteUnlimited 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.
Read reviews and learn more about Unity Bank savings accounts
Go to siteEarn 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.
Read reviews and learn more about P&N Bank savings accounts
Go to siteYour selected savings accounts
Savings accounts come in many shapes and sizes, start comparing here based on your needs.
Search the Mozo Database
Browse all savings accounts in Mozo's comparison database.
Welcome to our February snapshot for savings accounts. Despite growing expectations of potential rate cut in the coming months, several providers continue to maintain rates above 5.50% p.a.
To get an idea of where rates are going, first we’ll need to look at where inflation is…
The latest December quarter inflation figures were released on Wednesday. Currently, CPI (consumer price index) is 2.4% in the 12 months to the December quarter. Meanwhile, the trimmed mean fell from 3.5% in the September quarter to 3.2% in the most current figures. (The trimmed mean is the average rate of inflation after 'trimming' away the items with the largest price changes, positive or negative).
The RBA has so far taken a conservative view of the CPI figures. 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.
It’s also important to note that the latest inflation figures were lower than expected by the central bank, so it’s possible that this may change their tune.
What’s next for rates?
The next RBA meeting is from the 17–18 February. 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. So, given that the upcoming CPI releases show a continued slowing inflation rate, we could very well see a February rate cut.
Reviewing your finances involves understanding your numbers, so the best place to begin is by examining your 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”.
So how do you know if the rate you’ve got could be considered high? Well, 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 1 February 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. If you’re ready to make the jump, scroll up and check out some of the top rate savings account providers we compare.
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 | 5.60% 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 31 January 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 | 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) |
BOQ Specialist (32 Day Notice Account) | 4.50% p.a. | No minimum balance requirements |
*According to the Mozo database as of 31 January 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 | 3.55% p.a. | 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, 21 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.
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:
Crunch the numbers with our range of savings calculators! See all calculators
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I have found NAB savings account to be very close to excellent as it charges no fees to use it . Online banking is simple and I can withdraw anytime. One con i find is that there are not enougj NAB atm machines so ofter have to pay the charge to withdraw money in a non nab atm.
Read full reviewI have found NAB savings account to be very close to excellent as it charges no fees to use it . Online banking is simple and I can withdraw anytime. One con i find is that there are not enougj NAB atm machines so ofter have to pay the charge to withdraw money in a non nab atm.
Commonwealth bank has always remained my bank of choice. Access funds is easy via readily available atms or through their online app. Opening several accounts is also made easy through their net banking and should I have any questions, their staff are always available to assist. That being said, I am conscious that despite being with commonwealth for over 15 years, they have not offered any reward for my loyalty. I would be more inclined to shop around when it comes time to look at a home loan due to better interest rates advertised elsewhere also.
Read full reviewCommonwealth bank has always remained my bank of choice. Access funds is easy via readily available atms or through their online app. Opening several accounts is also made easy through their net banking and should I have any questions, their staff are always available to assist. That being said, I am conscious that despite being with commonwealth for over 15 years, they have not offered any reward for my loyalty. I would be more inclined to shop around when it comes time to look at a home loan due to better interest rates advertised elsewhere also.