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.
Read moreMoney 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.
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 July 24, 2019
Promoted
0.20% p.a.(for $0 and over)
2.05% 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
0% p.a.(for $0 and over)
2.60% p.a. (for $0 to $1,000,000)
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.70% bonus rate after
$0.00
No monthly fees, no minimum deposit & apply online in under 10 minutes.
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.70% bonus rate after
$0.00
Phone banking, Internet banking
Read our Mozo Review to learn more about the Serious Saver
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Promoted
0.50% p.a.(for $0 and over)
2.30% p.a. (for $0 to $100,000)
For customers who have an Orange Everyday and deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month
$0.00
No ING fees. Great variable rate every month, no matter how many times you withdraw
For customers who have an Orange Everyday and deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month
$0.00
Phone banking, Internet banking
Must link to a transaction account
Read our Mozo Review to learn more about the Savings Maximiser
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Promoted
0.65% p.a.(for $0 to $5,000,000)
2.15% p.a. (for $0 to $5,000,000)
Increase balance by at least $300 in the month
$0.00
Receive an extra 1.50% p.a. variable monthly bonus. Conditions apply.
Increase balance by at least $300 in the month (excluding interest)
$0.00
BPay, Branch access, Phone banking, Internet banking
Read our Mozo Review to learn more about the Flexi Saver
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Promoted
1.10% p.a.(for $0 and over)
2.40% p.a. (for $0 to $500,000)
Bonus rate for the first 4 months from account opening
$0.00
Earn the variable introductory rate, currently 2.40% p.a., for the first 4 months while the account balance remains below $500,000 (interest rate may change throughout the period)1. At the end of the introductory period (or if your balance is $500,000 or more) you'll receive the 1.10% p.a. standard variable rate on the entire balance.
Bonus rate for the first 4 months from account opening
$0.00
Phone banking, Internet banking
Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
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Promoted
1.35% p.a.(for $0 to $5,000,000)
2.41% 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 2.41% 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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Want more? Compare all 230 savings accounts in the Mozo comparison engine.
Compare more savings accounts^See information about the Mozo Experts Choice Awards for Savings Accounts
Reviews, news, tips and guides to help find the best savings account for you.
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.
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.
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.
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.
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.
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.
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.
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.
ANZ is a very good bank that meets all my needs. This includes easy access, good customer...
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ANZ is a very good bank that meets all my needs. This includes easy access, good customer service, nice and helpful staff and very trustworthy. I would definitely recommend ANZ to family and friends.
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Bianca | Queensland
reviewed 4 months ago
ANZ is a great bank. I have been with ANZ bank for a long time now.
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ANZ is a great bank. I have been with ANZ bank for a long time now.
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Paul | Victoria
reviewed 6 months ago
Good savings account.
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Good savings account.
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Ejder | New South Wales
reviewed 6 months ago
