Minimum deposit of at least $250.
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
Competitive interest rates, calculated daily and paid monthly. A variable bonus interest rate of 1.25% per annum when you deposit at least $250 each month (for balances up to $250K). AMP Bank, winner of the Mozo Experts Choice Awards 2021 in the Savings category.^
Read our Mozo Review to learn more about the AMP Saver Account
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 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the Bonus Saver Account
Bonus rate for first 3 months, reverting to 0.15% rate after
$0 monthly account fee. Link to any Australian bank account.
$0 monthly account fee. Link to any Australian bank account.
Read our Mozo Review to learn more about the Serious Saver
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Read our Mozo Review to learn more about the Hero Saver
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Read our Mozo Review to learn more about the Flexi Saver
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.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Read our Mozo Review to learn more about the Fast Track Saver Account
^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 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.
After 64 years of being a loyal customer, with many thousands going through my account and paying thousands of dollars in fees, the CBA has closed my account with no reason given or viable appeal. I am now a pensioner and this was my lifeline to the world which they have now cut with no compunction or care as to my survival.
Read full reviewAfter 64 years of being a loyal customer, with many thousands going through my account and paying thousands of dollars in fees, the CBA has closed my account with no reason given or viable appeal. I am now a pensioner and this was my lifeline to the world which they have now cut with no compunction or care as to my survival.
When dealing with an issue and waiting for a team member to help you with your issue. For example, a transaction that you don't recognise in your account. You never get the right information and they don't communicate well with each other, especially getting transferred to a different department. And you feel like a broken record explaining everything. And the worst part is when you call back and ask about what's happening with your issue. You have to explain again from the beginning and given a different answer. They keep saying sorry for giving you the wrong information but they never do anything about it.
Read full reviewWhen dealing with an issue and waiting for a team member to help you with your issue. For example, a transaction that you don't recognise in your account. You never get the right information and they don't communicate well with each other, especially getting transferred to a different department. And you feel like a broken record explaining everything. And the worst part is when you call back and ask about what's happening with your issue. You have to explain again from the beginning and given a different answer. They keep saying sorry for giving you the wrong information but they never do anything about it.
Have been with this bank for 67 years.
Read full reviewHave been with this bank for 67 years.