Long term savings accounts

A good savings habit deserves a good interest rate and choosing the right savings account can help you super-size your nest egg in record time through the power of compound interest. Compare top ongoing savings rates below to get started.

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How much should I be saving?

Money experts say we should put aside 10% of everything we earn into savings. But chances are you can do better than that! Work out how much you can save with our savings calculator, or where you could be saving more with our handy budgeting calculator.

Where can I find the best long term savings account?

Right here! Our long term savings account comparison tool makes it easy to compare a range of savings accounts all in one place! It can help you compare bonus rates, fees and standard rates from big banks to smaller providers.

Page last updated November 16, 2019

Long term 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.

  • Promoted

    USaver with Ultra Transaction Account

    1.04% p.a.(for $0 to $5,000,000)

    2.10% p.a. (for $0 to $200,000)

    Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the month from an external source.

    $0.00

    The UBank Ultra Transaction Account works hand in hand with the USaver. Receive a generous 2.10% ongoing bonus rate when you deposit at least $200 into either account each month. No international fees. Winner of the Mozo Experts Choice Awards 2019 as Savings Bank of the Year.

    • Bonus interest only applies on funds held in linked USaver account if $200 deposited into either account in the previous month from an external source and the combined balance is less than $200,000.

    • $0.00

    • Phone banking, Internet banking

    Read our Mozo Review to learn more about the USaver with Ultra Transaction Account

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  • Promoted

    Bonus Saver Account

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

    2.25% p.a. (for $0 to $150,000)

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

    $0.00

    Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month (T&Cs apply)

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

    • $0.00

    • BPay, Phone banking, Internet banking

    • Must link to a transaction account

    Read our Mozo Review to learn more about the Bonus Saver Account

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  • Promoted

    Growth Saver Account

    0.20% p.a.(for $0 and over)

    1.95% p.a. (for $0 and over)

    Grow your balance by $200 or more and make no more than one withdrawal in the month.

    $0.00

    Earn bonus interest for every month that you grow your net balance by $200 or more (excluding interest) and make no more than one withdrawal. Ideal for helping you reach those long-term savings goals.

    • Grow your balance by $200 or more and make no more than one withdrawal in the month.

    • $0.00

    • Branch access, Phone banking, Internet banking

    Read our Mozo Review to learn more about the Growth Saver Account

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  • Promoted

    Online Saver

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

    1.60% p.a. (for $0 and over)

    Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online.

    $0.00

    Flexible savings account with bonus interest offer for 3 months. No minimum balance and no fixed term requirements.

    • Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online. Offer not available to beneficiaries for an ANZ Online Saver account held on trust within the past 6 months

    • $0.00

    • BPay, Phone banking, Internet banking

    • Must be linked to ANZ deposit account.

    Read our Mozo Review to learn more about the Online Saver

    Details Close

  • Promoted

    Saver Account

    1.40% p.a.(for $0 to $5,000,000)

    2.36% p.a. (for $0 to $250,000)

    Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.

    $0.00

    Competitive interest rates, calculated daily and paid monthly. A bonus interest rate of 0.90% per annum for the first 4 months and the first $250,000 deposited (For new Saver customers only, this offer is not available for existing or prior Saver/eASYSaver customers). Winner of the Mozo Experts Choice Awards 2019 in Kick Start Savings & No Strings Savings.

    • Bonus rate for the first 4 months from account opening on the first $250,000 deposited. For new Saver customers only.

    • $0.00

    • Phone banking, Internet banking

    Read our Mozo Review to learn more about the Saver Account

    Details Close

  • Promoted

    High Interest Savings Account

    1.05% p.a.(for $0 to $250,001)

    2.50% p.a. (for $0 to $250,001)

    Bonus rate for the first 4 months from account opening

    $0.00

    No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    • Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.

    • $0.00

    • Internet banking

    • Must link to a transaction account

    Read our Mozo Review to learn more about the High Interest Savings Account

    Details Close

Want more? Compare all 223 savings accounts in the Mozo comparison engine.

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^See information about the Mozo Experts Choice Awards for Savings Accounts

Savings account resources

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

Long term savings and must read FAQs

We all know the value of saving money, and building up a nest egg of long-term savings should be a financial priority for any money savvy Aussie. But when you're in it for the long haul, finding the perfect place to stash your cash is super important. So to help you on your search for the right savings account, we’ve answered some commonly asked questions about long term savings accounts in Australia.

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

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

Other long term savings options like term deposits, do generally have minimum deposit criteria which can be as low as $500 up to $100,000 depending on the bank and deposit term. Head over to our term deposits section to compare current long term interest rates and fees.  

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

Once you start shopping around for a savings account, you might notice on our savings account comparison tables that we publish the standard interest rate and the bonus interest rate attached to the account. A standard 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 then revert back to the account’s standard 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 include having a transaction account with the same provider, making a minimum monthly deposit, or no withdrawals in a month.  

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

A good ongoing interest rate - Possibly the most important feature of a savings account is the interest rate! And while the goal is to earn as much interest as possible, just keep in mind that savings account rates are variable, so they can change over time which is why you should regularly review your account to make sure you’re getting the best return on your money.

  • No fees - Because there’s no point in stashing away your hard earned savings only to pay pesky fees. And while very few banks charge monthly fees on online savings accounts, some may still charge withdrawal penalties or transaction fees.
  • Withdrawal flexibility - While most savings accounts allow you to withdraw money whenever you want - unlike a term deposit - 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.

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 from your savings account 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 account 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 here 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 so long as you are disciplined 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?

But 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
Commonwealth Bank NetBank Saver review
Overall
4/10
Great customer service, poor interest rates.

Netbank Saver is an average product with a non-competitive interest rate once the introductory...

Netbank Saver is an average product with a non-competitive interest rate once the introductory promotional rate runs out. You can only apply for the introductory rate once in a lifetime. Commonwealth Bank however has a great internet platform and excellent customer phone service with short waiting times. Overall, apply once for this product if it suits your needs and move on to better deals after that.

Price
2/10
Features
2/10
Customer service
9/10
Convenience
10/10
Trust
10/10

Fara | New South Wales

reviewed about 17 hours ago

Commonwealth Bank
Commonwealth Bank NetBank Saver review
Overall
9/10
Worth a look.

Have almost always had very good service and explanation.

Have almost always had very good service and explanation.

Price
9/10
Features
7/10
Customer service
9/10
Convenience
9/10
Trust
9/10

Christina | Queensland

reviewed 1 day ago

Commonwealth Bank
Commonwealth Bank NetBank Saver review
Overall
10/10
Great customer service and reward customers.

Fast to get a hold of on the phone, easy to use website and customer service is amazing.

Fast to get a hold of on the phone, easy to use website and customer service is amazing.

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

Rhiannon | Queensland

reviewed 1 day ago