Long term savings accounts

Long term savings accounts are the ideal place to park your money for a lengthy period of time, with the ultimate goal of building up your savings. Start comparing now!

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long term savings accounts

Long term savings account comparisons on Mozo - last updated 14 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    4.75% p.a.(for $0 to $1,000,000)

    5.35% p.a. (for $0 to $250,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    0.10% p.a.(for $0 and over)

    5.10% p.a. (for $0 to $250,000)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    0% p.a.(for $0 and over)

    5.25% p.a. (for $0 to $1,000,000)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Mozo Expert Choice Badge
    Savings Maximiser

    0.55% p.a.(for $0 and over)

    5.50% p.a. (for $0 to $100,000)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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  • PremiumSaver

    1.50% p.a.(for $0 and over)

    5.45% p.a. (for $0 to $250,001)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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  • Bonus Saver Account

    0.05% p.a.(for $0 and over)

    5.00% p.a. (for $0 to $250,000)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

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  • Savings+Bonus

    2.00% p.a.(for $0 to $250,000)

    5.00% p.a. (for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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  • Savings Accelerator

    2.85% p.a.(for $0 to $50,000)

    3.35% p.a. (for $0 to $50,000)

    Yes up to $250,000

    New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.

    Get a high variable interest rate on balances over $50,000, and an even higher rate on balances over $150,000. Rate applies to your whole balance. 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.^

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  • 31 Day Notice Saver

    0% p.a.(for $0 and over)

    4.90% p.a. (for $0 to $250,001)

    Yes up to $250,000

    31 days notice required for withdrawals

    Rabobank’s Notice Saver accounts offer rewarding rates for planning ahead, helping you stay focused on your savings goals and mature about your spending. Plus will support Aussie farmers too (T&Cs apply).

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  • Life - 18-29 years old

    2.00% p.a.(for $0 and over)

    5.20% p.a. (for $0 to $30,000)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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^See information about the Mozo Experts Choice Savings accounts Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Savings account resources

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

Long term savings must-knows

We all know the value of saving money, and building up a nest egg should be a financial priority for all Australians. But when you're in it for the long haul, finding the perfect place to stash your cash is super important. 

To help you in your search for the best savings account, we’ve answered below some frequently asked questions about long term savings accounts.

How do I keep on top of interest rates?

When the plan is growing your savings in the long-term, it pays to keep an eye on interest rates. Since they move in line with the cash rate, they’re always subject to change. For an idea of where interest rates currently sit, plus a rundown of all the latest changes, visit our savings account interest rates page.

What is the minimum amount I need to deposit into my long term savings account?

This depends on the savings account you go for, as many banking providers will have their own deposit requirements. The good news is that many online savings accounts come with no minimum balance criteria at all, so you can start from scratch and build up an emergency savings fund.

Other long term savings options like term deposits, do generally have minimum deposit criteria which can be as low as $500 and capped at $100,000 depending on the bank and deposit term. Head over to our term deposits comparison page to assess current long term interest rates and fees.  Or you can find the best term deposits crowned winners of Mozo’s Expert Choice Award.

What is the difference between a base and bonus interest rate?

You might notice on our savings account comparison tables that we publish the standard or 'base' interest rate and the bonus interest rate attached to the account. A base rate is the ongoing interest rate you’ll receive as long as the savings account is open.

When it comes to bonus rate savings accounts, there are usually two types: introductory and conditional bonus rates. Introductory bonus rates usually only last between 3-6 months from when the account was opened. At the end of this period, the savings interest rate will revert back to the account’s base rate.

A conditional bonus rate offers a higher interest rate as long as you meet certain requirements by the bank. Some common examples of conditions might include having a transaction account with the same provider and spending via a linked debit card, making a minimum deposit or no withdrawals in a month, or growing the account balance. 

What features should I look for in a long term savings account?

Possibly the most important feature of a savings account is the interest rate. While the goal is to earn as much interest as possible, just keep in mind that savings accounts have variable rates, so they can change anytime. This is why you should regularly review your account to make sure you’re getting the best return on your money.

  • No fees: There’s no point in stashing away your hard earned savings only to pay pesky fees. While very few banks charge monthly fees on online savings accounts, some may still charge withdrawal penalties or transaction fees.
  • Withdrawal flexibility: Most savings accounts allow you to withdraw money whenever you want (unlike a term deposit) but some may drop bonus interest offers for the month when you withdraw or will charge a fee for over the counter withdrawals.
  • Other handy tools: Things like online banking and a linked transaction account can come in handy if you need quick access to your cash.
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JP Pelosi
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Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs on long term savings accounts

How can I withdraw money from my savings account?

If you’d like to make a withdrawal from your savings account, you will have to transfer the funds to your linked everyday transaction bank account. So, although savings accounts are designed to make your rainy day more accessible, there’s still an extra step involved.

Something else to keep in mind is that if you do plan on making a withdrawal, you may have to give up your bonus interest rate. On the other hand, knowing this might actually be a great deterrent to stop you from spending your savings and keep your account balance high over the long term.

What happens if the rate on my long term savings rate is cut?

One of the many gripes that come with savings accounts is the possibility of an interest rate cut. If this happens you won’t be earning the same amount of interest you once did, which could impact your long term savings goals.

If you plan on using a savings account as a long term strategy, you’ll need to review your options regularly to make sure you’re still getting a good deal.

The great thing about online banking is that if your rate is no longer competitive it is really easy to switch banks. Most savings providers we have listed on Mozo have online applications and you can have an account set up in a matter of minutes.

Is a savings account a good long term savings strategy?

Yes, a savings account does have the potential to be a good long term strategy, as long as you are disciplined enough to not dip into it for unnecessary expenses. Savings accounts can also come in handy because they are ‘at call’ products so if you ever need quick access to your cash in an emergency you can.

What alternatives are there to long term savings accounts?

However, if you think having easy access to your savings stash is too tempting, then you might want to consider a term deposit instead. What makes a term deposit different from a savings account is that once you deposit the funds into the account, it’s hands-off until the end of the term which, depending on the term you choose, can be anywhere between 1 month to 5 years.

And just remember that if you absolutely have to make a withdrawal on a term deposit, you will be hit with an early withdrawal fee.

Savings Account Reviews

Commonwealth Bank Savings Account
Overall 8/10
Good

Overall good

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Overall good

Price
9/10
Features
9/10
Customer service
9/10
Convenience
9/10
Trust
9/10
Less
Beth, South Australia, reviewed about 1 month ago
NAB Cash Manager
Overall 9/10
I am happy with my savings account. I wont change.

I am happy about my bank and my savings account,

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I am happy about my bank and my savings account,

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
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10/10
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Heather, South Australia, reviewed about 1 month ago
Teachers Mutual Bank Savings Account
Overall 10/10
One line summary

They are great - provide good value and good sense.

Read full review

They are great - provide good value and good sense.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Ray, New South Wales, reviewed about 1 month ago

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