Your selected 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!
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 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected savings accounts
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.^
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.^
Read our Mozo Review to learn more about the ING Savings Maximiser
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected savings accounts
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.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
4.40% p.a.(for $0 to $250,001)
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
Your selected savings accounts
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.^
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.^
Read our Mozo Review to learn more about the ING Savings Accelerator
Your selected savings accounts
^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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
I have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
Read full reviewI have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.
easy access and trustworthy
Read full revieweasy access and trustworthy
Never had an issue with customer service. Always a human that answers the phone and any issues are handled with care
Read full reviewNever had an issue with customer service. Always a human that answers the phone and any issues are handled with care
Your selected savings accounts