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. Good savings habits deserve a good interest rate after all, and your nest egg can grow even more with the compound interest applied to a long-term account. Compare top long term savings rates below to get started.
Deposit at least $200 to either Spend or Save account from an external source each month.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
Earn up to 1.85% p.a in interest. No monthly fee to pay. Split your money in up to 10 Save accounts. Track your progress on each of your save accounts. Instant access to cash via PayID and Osko. Deposits guaranteed up to $250k per customer.
Read our Mozo Review to learn more about the Save Account
Make 5 card purchases/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 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
Are you 18 - 29 years of age? Earn up to a generous 2.75% p.a. variable interest on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30k.
Read our Mozo Review to learn more about the Life - 18-29 years old
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
Read our Mozo Review to learn more about the Bonus Saver Account
Make at least 1 deposit per month and no more than 1 withdrawal, including internal transfers or external payments. Must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.
Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.
Pay no monthly fees. Set-up to 9 personalised savings accounts and choose to lock as many accounts as you like to earn the maximum variable interest rate. With just 32 days notice to access your money again, your future self will thank you.
Read our Mozo Review to learn more about the Grow Saver
^See information about the Mozo Experts Choice Savings accounts Awards
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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.
Its very simple and easy. Easy to navigate and very rarely do i need to speak to customer support.
Read full reviewIts very simple and easy. Easy to navigate and very rarely do i need to speak to customer support.
Up bank account and save money
Read full reviewUp bank account and save money
Commonwealth Bank provides exceptional customer service both in person, and over the phone and has always looked after my banking needs for the last 30years. Couldn’t be more happier with such a professional organisation !
Read full reviewCommonwealth Bank provides exceptional customer service both in person, and over the phone and has always looked after my banking needs for the last 30years. Couldn’t be more happier with such a professional organisation !
Your selected savings accounts