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. A good savings habit deserves 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.
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% 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
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.
Winner of a Mozo Experts Choice Award 2020 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
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
No monthly fees and earn up to 1.10% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5SAVE at sign up.
No monthly fees and earn up to 1.10% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5SAVE at sign up.
Read our Mozo Review to learn more about the Saver Account
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.
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
No minimum balance required. Winner of a 2020 Mozo Experts Choice Awards in the Regular Saver category. ^
Read our Mozo Review to learn more about the Fast Track Saver Account
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
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Read our Mozo Review to learn more about the Online Saver
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
Read our Mozo Review to learn more about the Everyday Options Sub-account
^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 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.
My bank is always available when I phone or pop in. Service is brilliant.
Read full reviewMy bank is always available when I phone or pop in. Service is brilliant.
We have a great local branch. The staff are always helpful and friendly. We have used the CBA for over 30 years and have both multiple savings accounts, mortgages and investment accounts with them.
Read full reviewWe have a great local branch. The staff are always helpful and friendly. We have used the CBA for over 30 years and have both multiple savings accounts, mortgages and investment accounts with them.
I find the ease of dealing with ING so wonderful. In this day and age where we are all so busy, it's refreshing to be able to get my banking sorted quickly.
Read full reviewI find the ease of dealing with ING so wonderful. In this day and age where we are all so busy, it's refreshing to be able to get my banking sorted quickly.
