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.
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
0.35% p.a.(for $0 and over)
1.55% p.a. (for $0 to $500,000)
Yesup to $250,000
0.35% p.a.(for $0 and over)
1.55% p.a. (for $0 to $500,000)
Yesup to $250,000
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
0.01% p.a.(for $0 and over)
0.85% p.a. (for $0 and over)
Yesup to $250,000
Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
Be rewarded with bonus interest for regular savings of $10 or more and no withdrawals in a month. Set a savings goal in the ANZ app or set up an automated monthly transfer online from your linked ANZ everyday banking account.
0.20% p.a.(for $1 and over)
1.65% p.a. (for $1 to $250,000)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
0.20% p.a.(for $1 and over)
1.65% p.a. (for $1 to $250,000)
Yesup to $250,000
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. (This second requirement has been paused until 31 August 2020).
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
0.05% p.a.(for $0 and over)
0.80% p.a. (for $0 and over)
Yesup to $250,000
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.
0.05% p.a.(for $0 and over)
0.80% p.a. (for $0 and over)
Yesup to $250,000
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.
An online savings account with bonus interest offer for 3 months. No minimum balance required and no monthly account fees. Gives you the flexibility to access your savings anytime online anytime via your linked everyday account.
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $5,000,000)
Yesup to $250,000
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $5,000,000)
Yesup to $250,000
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
0.10% p.a.(for $0 and over)
1.55% p.a. (for $0 to $250,000)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
0.10% p.a.(for $0 and over)
1.55% p.a. (for $0 to $250,000)
Yesup to $250,000
Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
No minimum balance and no account keeping fees. Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category .^
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $250,000)
Yesup to $250,000
0.01% p.a.(for $0 to $5,000,000)
1.25% p.a. (for $0 to $250,000)
Yesup to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No account maintenance or transaction fees.
0.15% p.a.(for $0 and over)
1.65% p.a. (for $0 to $250,000)
Yesup to $250,000
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.
0.15% p.a.(for $0 and over)
1.65% p.a. (for $0 to $250,000)
Yesup to $250,000
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.
Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
^See information about the Mozo Experts Choice Savings accounts Awards
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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.
When the plan is to grow 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
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.
I really like this bank they're, helpful, kind, reliable and they are also very trustworthy.
Read full reviewI really like this bank they're, helpful, kind, reliable and they are also very trustworthy.
I am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.
Read full reviewI am very happy with the interest rates offered and the quick, friendly customer service. The interface is basic, and could use some improving, but that is not the reason I am banking with them and it is perfectly efficient.
I have banked with this bank for years and have found that they do not care about the customer.
Read full reviewI have banked with this bank for years and have found that they do not care about the customer.
