Compare high interest savings accounts

Savings accounts are a great place to keep money stored away safely while growing your balance over time through interest. A higher interest savings rate means more dollars for you, so compare savings rates below and take the next step toward increasing how much money you have in the bank.

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Savings account comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 22 July 2024 Important disclosures

Interest rates change regularly - stay informed.

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Savings Accounts Market Snapshot - July 2024

Savings account rates have held steady through most of 2024, with the RBA keeping the cash rate unchanged in June. This trend is likely to continue for the rest of the year, although future rate increases aren't off the table just yet.  

With April's inflation numbers remaining sticky at 3.6%, the RBA might consider raising the cash rate to help curtail spending and prices. Reducing spending usually comes with encouraging saving, and this could potentially lead to higher savings rates.

Comparing current interest rates

According to the Mozo database, the average savings rates based on the providers in our database as of 1 July, 2024 are:

  • Current average ongoing savings rate: 3.48% p.a.
  • Current median ongoing savings rate: 4.15% p.a.

Average savings rates can act as a benchmark, so you know what you should be comparing against and get a good sense of where interest rates sit relative to each other. Let’s take a closer look.

Top high interest savings accounts in Australia*

At Mozo, we track 200 savings providers and compare savings products across standard, bonus, and intro rates. Comparing these accounts is important as the absolute highest rate account could have conditions that won’t work for your savings situation. 

The current top 5 savings accounts by interest rate are:

Savings account
Bonus rate
Base Rate
Bonus rate conditions
Rabobank High Interest Savings Account
5.75% p.a.
4.40% p.a.
The rate is for the first 4 months of account opening.
ME HomeME Savings Account
Up to
5.55% p.a. 
0.55% p.a.
A minimum $200 must be deposited into the account with no withdrawals in the month.
ING Savings Maximiser
5.50% p.a.
0.55% p.a.
Deposit $1000 from an external source into a personal ING account, make 5 eligible transactions and grow the account by the start of each month. (click review for more)
MOVE Bank Growth Saver
5.50% p.a.
0.10% p.a.
Minimum deposit of $200 with no withdrawls
Bank of Queensland Future Saver Account (14 to 35 years)
5.50% p.a.
0.05% p.a.
$1,000 or more is credited to the linked Everyday Account and make 5 eligible transactions. (criteria waived for 14-17 year olds).

*According to the Mozo database as of 1 July 2024.

For a list of the Top 10 Savings Accounts this month for Bonus and Everyday savings, head to our best savings accounts page. 

Savings Account Knowledge Hub

What is a savings account?

A savings account is a banking product for anyone who wants to put some money away for a later time, separate from their everyday spending money. 

More importantly, it's somewhere you can safely deposit funds and earn interest on them over time, which in turn can help you meet whatever savings goals you might have. 

There are a few types of savings account to choose from:

  • Introductory rate: Get a high interest rate for the first few months before reverting to a lower base savings rate.
  • Bonus rate: High interest savings accounts require you to meet certain monthly conditions to earn the bonus. If you don’t meet these conditions, the interest rate will revert to a lower base rate.
  • Base or standard rate: The only condition for this kind of account is usually the balance limit. On average, standard rates are lower than the other two account types.

What is a high interest savings account?

A high interest savings account is any savings account that has an above-average interest rate. To help you see the difference, the Mozo research team has crunched the numbers from all the accounts we track in the Mozo database and provided a table of the ‘average’ savings rates below. 

Savings Account Type
Average rate all Accounts
Average rate
Big 4
All Ongoing
3.48% p.a.
3.44% p.a.
Only Bonus
4.61% p.a.
4.79% p.a.
Only Introductory Rates
4.84% p.a.
4.69% p.a.
Only Unconditional Rates
1.40% p.a.
1.62% p.a.

Source: Mozo database, 17 June 2024

As illustrated, any savings account above a rate of 3.45% p.a. could be considered high interest currently. These numbers are important to keep in mind when reviewing savings accounts so you can find one of the best savings accounts for your situation.

What are common savings account features? 

While an account offering the highest interest rate should be a key factor when choosing a savings account, it might not always be the only consideration. 

Other important features that you should keep in mind include:

  • No account fee: Most online savings accounts are fee-free. However, some branch-access accounts may still charge a fee for over-the-counter transactions.
  • Frequency of withdrawals: Many bonus rates savings accounts have different conditions on withdrawal frequencies. Some providers have a condition that the balance just has to grow each month (allowing for one or more withdrawals), while some bonus accounts have a no-withdrawal condition for bonus interest. 
  • Monthly deposit requirements: Many high interest savings accounts require a minimum monthly balance or deposit every month as a condition. If you are unable to do so, the bank will lower your interest rate to the account’s base rate for the month.
  • Introductory savings interest rates: Intro rates are ideal if you are saving for the short term since they offer a relatively high interest rate for about 3 to 6 months. If you have a long term saving goal and you don't want to switch accounts regularly, be sure to check what the rate would be once this period expires.
  • Linked accounts: Most online savings need a linked transaction account so that you can transfer money to and from the savings account. Sometimes this account needs to be with the same bank (and sometimes you can link to any bank account).

How do interest rates work for savings accounts?

Savings accounts have variable interest rates, meaning that these rates can change at any time in line with Australia's official interest or 'cash' rate. 

Providers will generally follow the Reserve Bank of Australia’s (RBA) lead on the cash rate, so you can get a good idea of where rates are heading based on the central bank's rhetoric. 

Banking analysts also often forecast the cash rate for the year ahead, so it can be useful to get a basic read on the economy as you compare savings accounts and think about your own savings goals.  

How to compare savings accounts 

Mozo’s comparison tables have been designed to make finding the right savings account easy! 

On our tables you can see if a given savings account has any fees, special conditions, restrictions and even what kind of bank access is offered. Above all else, our experts highlight the interest rates you can get and have handpick the leading saver accounts based on this.

You can compare by selecting the + compare button on up to 5 accounts in the tables and checking out:

  • The maximum rate: This column lists the highest interest rate you can earn in a given month, usually by meeting the required conditions. If the account has an introductory rate, this will also be listed in the Maximum Rate column. 
  • The standard interest. This column lists the base rate you'll earn if you don't meet the bonus rate conditions. For accounts that have introductory rates, this column shows the base rate you'll receive once the intro rate has ended.
  • Maximum rate conditions These are the conditions required for getting the maximum rate on the respective account.   

What are the pros and cons of high interest savings accounts? 

A high interest rate account can help you reach your savings goals faster—whether that be a home loan deposit or an emergency fund. However, while there are obvious advantages there can be some disadvantages too. 

Let's take a look below:

Pros
Cons
- High interest rates mean larger compound interest effects.

- A safe place to keep your cash as your deposit is protected under the Financial Claims Scheme.

RBA cash rate hikes can give a boost to your interest rates.

- May have certain withdrawal restrictions based on conditions.

- May have deposit requirements to meet in order to get highest rate

- If the RBA begins cutting the cash rate, your savings account rate may also fall.

What's the difference between a transaction and a savings account? 

Both savings and transaction accounts are options you have for keeping your money with a banking provider. Transaction or bank accounts are usually used for your everyday spending and as such these usually pay little or no interest. But they do come with a debit or ATM card. 

Meanwhile, savings accounts are designed to help you reach your savings goals. They usually have higher interest rates and are accessed via online banking or via a banking app. Keep in mind that they do not come with an ATM card.  

Is my money secure in a savings account?

Yes, the Australian government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) under the financial claims scheme. This means the government will reimburse any amount of $250,000 or under should the ADI (bank, credit union, etc.) fail.

If you’ve saved up more than $250,000, you’d need to keep smaller amounts of up to $250,000 in different banks for all your funds to be covered by the government's guarantee. 

How to open a savings account

Opening up a savings account is a pretty simple process, although there are a couple of things you’ll want to keep in mind. 

To start an account you’ll need to:

  1. Select a provider
  2. Apply online, by phone or at a branch
  3. Upload or present identification documents (birth certificate, ID, etc.)
  4. Choose whether you’ll get a single or joint savings account
  5. Link your bank account to your savings account.

Should I consider a term deposit instead?

Perhaps. Term deposits work well if you have a lump sum saved and you don’t need to access it for a period of time. Term deposits also offer fixed interest rates so you will know exactly what interest rate you will receive for the length of your term deposit. 

For more on the differences between term deposits and savings accounts, check out our Savings accounts vs term deposits guide.

Got questions? Read the savings account FAQs below.

FAQs: savings accounts

What is the difference between a high interest and a bonus saver account?

High interest savings accounts are any account that has an above-average rate. Bonus saver accounts, meanwhile, are accounts where providers offer a higher interest rate as an extra incentive for fulfilling certain conditions.  

What is the key difference between savings accounts & term deposits?

You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider: 

  1. Interest rates: With a term deposit the interest rate will be fixed for the term of your investment. Term deposits are available for 3 months to 5 years. With a savings account, the interest rate is a variable rate which means that it can change at any time. 
  2. Withdrawals: Term deposits have less flexibility as your interest rate and money are locked away for the fixed term. If you do make a withdrawal, penalties would apply.  Alternatively, savings accounts can be withdrawn at any time, although some bonus rate accounts will revert to a lower base rate if account growth is a condition. 
  3. Bonus rates: With a savings account, you also have the option to earn higher bonus rates provided certain conditions are met. On the other hand, some term deposit providers offer a loyalty bonus if you roll your balance for a new term at maturity.  
  4. Minimum balance: Most term deposits will have a minimum balance, where savings accounts will have much lower (if any) balance requirement.
Can I get a debit or ATM card with a high interest savings account?

No, high interest savings accounts are usually only available online or via an app. But you can (or may even be required to) have a transaction account when you sign up which should come with a debit or ATM card. 

Do I get taxed on interest earned in a savings account?

Yes, interest earned is considered the same as income and you’ll need to declare this on your annual tax return.   

How much can I deposit into a savings account?

In general, most savings accounts don’t have a specific limit on how much you can deposit. However, providers usually have balance tiers that determine the interest rate earned. This means that once your balance goes over a certain amount, the interest rate will either drop or increase depending on the provider.

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Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.

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Overall 10/10
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Read full review

I have never had a problem with Westpac bank, the rates and fees are reasonable and the service, both on the phone and in person, is exceptional. Like with all banks I would say do your research, and if Westpac is right for you, go for it! It's right for me.

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10/10
Features
6/10
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NAB iSaver
Overall 9/10
convenient and accessible

easy access and trustworthy

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easy access and trustworthy

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Overall 10/10
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Never had an issue with customer service. Always a human that answers the phone and any issues are handled with care

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