Long term savings accounts

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.

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How much should I be saving?

Money 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.

Where can I find the best long term savings account?

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 January 19, 2020

Long term savings account comparisons on Mozo - rates updated daily Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

  • Promoted

    USaver with Ultra Transaction Account

    1.04% p.a.(for $0 to $5,000,000)

    2.10% 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 2.10% 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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  • Promoted

    Growth Saver Account

    0.20% p.a.(for $0 and over)

    1.95% 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

    Reward Saver Account

    0% p.a.(for $0 and over)

    2.00% p.a. (for $5,000 and over)

    Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

    $0.00

    Earn bonus interest by saving as little as $50 a month with no withdrawals. No monthly account keeping fees.

    • Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.90% after the first 4 months.

    • $0.00

    • ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post

    Read our Mozo Review to learn more about the Reward Saver Account

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  • Promoted

    Hero Saver

    0.01% p.a.(for $0 to $5,000,000)

    1.85% p.a. (for $0 to $250,000)

    Minimum deposit of $200 and no withdrawals in the month.

    $0.00

    Be rewarded for making regular savings contributions and making no withdrawals. Interest is calculated daily and paid monthly.

    • Minimum deposit of $200 and no withdrawals in the month.

    • $0.00

    • Phone banking, Internet banking

    Read our Mozo Review to learn more about the Hero Saver

    Details Close

  • Promoted

    Serious Saver

    0% p.a.(for $0 and over)

    2.35% p.a. (for $0 to $1,000,000)

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.45% bonus rate after*

    $0.00

    $0 Monthly account fee. 2.60% p.a. 4 Month Introductory Variable Rate. 0.70% p.a. ongoing Variable Rate applicable every month you don’t make a withdrawal (both for the Introductory and Ongoing Variable Rates)

    • No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.45% 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

    eSaver Reward

    0.05% p.a.(for $0 and over)

    2.00% p.a. (for $0 to $100,000)

    Deposit $1,000 into a CUA transaction account from external source in the month.

    $0.00

    No account fees and unlimited transactions via phone and internet. Earn an ongoing bonus rate of up to 2.00% p.a. when you deposit $1000 each month from an external source and hold a CUA Bank Account

    • Deposit $1,000 into a CUA transaction account from external source in the month.

    • $1.00

    • BPay, Branch access, Phone banking, Internet banking

    • Must also hold a CUA transaction account to qualify for bonus interest rate.

    Read our Mozo Review to learn more about the eSaver Reward

    Details Close

Want more? Compare all 233 savings accounts in the Mozo comparison engine.

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^See information about the Mozo Experts Choice Savings Accounts Awards

Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

Long term savings and must read FAQs

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.

What is the minimum amount I need to deposit into my long term savings account?

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.  

What is the difference between a standard and bonus interest rate?

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.  

What features should I look for in a long term savings account?

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.

  • No fees - Because there’s no point in stashing away your hard earned savings only to pay pesky fees. And while very few banks charge monthly fees on online savings accounts, some may still charge withdrawal penalties or transaction fees.
  • Withdrawal flexibility - While most savings accounts allow you to withdraw money whenever you want - unlike a term deposit - some may drop bonus interest offers for the month when you withdraw or will charge a fee for over the counter withdrawals.
  • Other handy tools - Things like online banking and a linked transaction account can come in handy if you need quick access to your cash.
Picture of Kelly Emmerton
Kelly Emmerton
Money editor

Kelly Emmerton is the Money Editor at Mozo, and has over 4 years experience writing exclusively in the Australian finance space. Her in-depth knowledge spans all areas of personal finance, from home loans to travel money, and she leads our team of money writers in helping to demystify personal finance for everyday Australians. Kelly has a background in communications and when she’s not delving into finance industry stats and product disclosure statements, you’ll find her on the beach reading classic sci-fi.

More FAQs on long term savings accounts

How can I withdraw money from my savings account?

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.

What happens if the rate on my long term savings account is cut?

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.

Is a savings account a good long term savings strategy?

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.

What alternatives are there to long term savings accounts?

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.

Savings Account Reviews

Commonwealth Bank NetBank Saver review
Overall 10/10
Great customer service.

The app is super easy to use. Quick start up of the account.

Read full review

The app is super easy to use. Quick start up of the account.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jessica, Western Australia reviewed about 1 month ago
Commonwealth Bank Savings Account review
Overall 10/10
Great customer service and very trustworthy.

Everything about this bank is perfect, never have any problems.

Read full review

Everything about this bank is perfect, never have any problems.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Tynan, New South Wales reviewed about 1 month ago
Bankwest Hero Saver review
Overall 9/10
Top interest rates.

Great rates with no frills.

Read full review

Great rates with no frills.

Price
9/10
Features
8/10
Customer service
9/10
Convenience
10/10
Trust
9/10
Less
Christiane, Victoria reviewed about 1 month ago