Your selected savings accounts
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected savings accounts
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected savings accounts
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
Your selected savings accounts
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
Your selected savings accounts
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
Read our Mozo Review to learn more about the ubank High Interest Save Account
Your selected savings accounts
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
Read our Mozo Review to learn more about the Bankwest Hero Saver
Your selected savings accounts
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
Your selected savings accounts
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
Your selected savings accounts
^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.
4.75% p.a.
1 year
$1,000
Yes up to $250,000
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
Enjoy a competitive fixed interest with the choice of 1 month to 5 year terms. Start with as little as $1,000. Interest paid monthly, quarterly, half yearly or yearly. Receive a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity. (Terms and Conditions apply)
Read our Mozo Review to learn more about the Rabobank Term Deposit
Your selected savings accounts
5.10% p.a.
1 year
$1,000
Yes up to $250,000
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.
Read our Mozo Review to learn more about the Judo Bank Term Deposit
Your selected savings accounts
4.80% p.a.
1 year
$5,000
Yes up to $250,000
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
No set-up or account keeping fees. Deposits up to $250,000 per customer are guaranteed by the Australian Government. Mozo Experts Choice winner for Term Deposit 2022.
Read our Mozo Review to learn more about the MyState Bank Online Term Deposit
Your selected savings accounts
Keeping an eye on the rate of inflation can be a helpful way of figuring out where savings account rates might go later in the year. Recent figures from the Australian Bureau of Statistic’s (ABS) monthly CPI release earlier in the month shows that the rate of inflation had flatlined since the previous month at 3.4%.
What these figures show is that inflation is beginning to get down to the RBA’s 2-3% target, meaning that the likelihood of rate cuts later in the year grows. This is important for savers to keep in mind as banks are likely to revise rates downwards the moment the RBA hints at cuts.
For now, savers should keep a close eye on and compare savings rates to ensure they’re getting the best interest level possible.
One of the best ways to get the savings account you’re looking for is through comparisons and it helps to know what’s currently considered a ‘good rate’. According to the Mozo data team, the average rates based on the providers in our database are:
Current average ongoing rate: 3.53% p.a.
Current median ongoing rate: 4.23% p.a.
(correct as of 1 March)
These rates can act as a benchmark, so you know what you should be comparing against and get a good sense of where rates sit relative to each other. Another way you can do this is by comparing your interest to current rates of inflation. Some of the highest savings interest rates are currently in the 5.00% range, which you can check out on our high interest savings account page.
Every month we compare two savings accounts to give you a better idea of how to compare your options. For March, the two savings accounts we’re looking at are equal bonus rates; ING and MOVE Bank.
Account | Special Rate | Base Rate | Special Rate condition |
5.50% p.a. | 0.55% p.a. | Deposit $1000 into an eligible personal ING account (excludes Orange One and Living Super), make 5 eligible transactions, and end the month with a balance higher than the previous month. | |
5.50% p.a. | 0.10% p.a. | Minimum deposit of $200 and no withdrawals in the month |
* Correct as of 15 March
Comparing interest rates is always a good exercise, especially when you note two rates that at first glance look the same. Here, personal situations become important in your comparison. For instance, ING’s Savings Maximiser account has far more requirements for the bonus rate, but a much higher base rate in case you can’t meet them. If you need to withdraw, you just have to make sure you replace that cash by the end of the month
Meanwhile, MOVE Bank’s Growth Saver has a more streamlined bonus rate condition for the same amount of interest. However, this account does not let you withdraw, effectively meaning that you can only really put in cash that you know you can live without. However, $200 is relatively smaller than ING’s $1000, so the account that would be better for you depends mostly on your income or budgeting situation.
Saving money is hard enough so you want to make sure you're earning a decent interest rate and avoiding unnecessary fees. This is where we come in. Mozo can help you make the most out of your hard-earned money by finding the right savings account match for your needs.
But finding an account that's right for you depends on different factors such as whether you have a short or long term savings goal, if you can make minimum monthly deposits to the account, and if you would consider bundling your savings account and bank account together to access a higher interest rate.
We can help you weigh up all these factors as well as analyse the latest savings interest rates and fees across all financial institutions in Mozo's database. Whether you're looking for online saver accounts, kids accounts or a high interest savings account to maximise your savings, our nifty comparison tools let you compare accounts conveniently according to price as well as features.
You can also read savings account reviews from real customers around Australia to get the inside story on everything from convenience to customer service.
This page is all about personal saving. If you are after information on business saving, head over to our business banking section.
To help you understand the different types of accounts available, and their key differences, here is a list of popular savings accounts:
Online saver accounts: In a world that's moving from gadget to gadget, online saver accounts are ideal for technology-savvy savers. Online banking cuts out the hassle of visiting a branch and lets you access your account on the go. Lower bank overheads also mean higher interest rates for you and lower fees (in fact most online savings accounts have no account fees).
Most banks also have customised banking apps that let you access your account on your smartphone. In fact, some financial providers also allow you to use their banking app on your smartwatch so you can check your balance with a flick of the wrist.
Bonus saver accounts: These accounts offer a bonus interest rate if you fulfil certain criteria such as meeting monthly deposit or withdrawal requirements. Some of the hottest savings rates around are only available if you bundle your bank account and savings account together with the same provider.
While these conditions can seem limiting, they can also reinforce your savings habit. Knowing that you'll lose that top interest rate if you access your money is a great incentive to keep your savings on track.
Intro rate saver: As an incentive for switching accounts banks often offer bonus introductory rates for a period of 3 to 6 months from opening an account with them. Intro rates are usually quite high, but once the introductory period ends the interest goes back to the standard variable rate for the account. These accounts are ideal for people who are looking at a short term saving goal or are happy to switch banks every couple of months to get the highest rates in the market.
Long term savings account: If you are planning to save money over a sustained period of time, and don't want to switch accounts frequently, you should go for an account that offers the highest standard rate of interest.
Kids savings accounts: Introduce your children to the idea of banking and saving money with a kids savings account. These accounts usually don't have account fees and offer a competitive interest rate but often have conditions like limited or no withdrawals to get the highest rate.
While it may seem obvious that an account offering the highest interest rate would be the more ideal option, it might not always be that simple. Here are other important features that you should keep in mind while comparing the different savings accounts available:
This page is all about personal saving. If you are after information on business saving, head over to our business banking section.
You can also read savings account reviews from real customers around Australia to get the inside story on everything from convenience to customer service.
You may find yourself divided between investing your money in a savings account or a term deposit. Here are some key factors to consider:
Generally, interest rates are the driving factor for most savers when deciding between savings accounts. While a high-interest rate is important, it’s also important to make sure that the account conditions you choose are right for your situation.
One of the best ways to save more money (besides a raise) is to make a budget. By calculating your income and expenses, you’ll be able to figure out where you can curb your spending and add extra cash in your savings account. Check out our budget calculator to figure out how much you could potentially save.
A basic formula for calculating interest on savings accounts would be B x R x T where B = balance, R = interest rate, and T = time. So a balance of $2,000 x 3% p.a. rate x 1 year = $2,061. Alternatively, you can use one of Mozo’s savings interest rate calculators to quickly get a sense of how much you could potentially save at different rates.
Kids accounts won’t just be a case of getting a good interest rate—you’ll want to make sure you’ve got the right age range too. This is because kids saver accounts are generally separated into sub-categories such as kids, teens, and “youth” (which can range as high as 35 year olds). Check out the best kids savings accounts or compare accounts on our kids saving account page.
Competitive rates and no fees. User friendly app. Fast transfers. Dislike not being able to speak with customer service if needed, but other than that, an easy to use bank.
Read full reviewCompetitive rates and no fees. User friendly app. Fast transfers. Dislike not being able to speak with customer service if needed, but other than that, an easy to use bank.
As an avid customer of CommBank, I am thrilled to share my insights into why this bank has become my go-to choice for all my financial needs. CommBank, or the Commonwealth Bank of Australia, has consistently impressed me with its array of services and commitment to customer satisfaction. Pros: User-Friendly Online Platform: CommBank's online banking platform is intuitive and easy to navigate. Whether you're checking your balance, transferring funds, or managing your investments, the interface is designed with the user in mind, making banking convenient and hassle-free. Excellent Customer Service: One of the standout features of CommBank is its exceptional customer service. The support team is responsive, knowledgeable, and always ready to assist with any inquiries or issues. Whether you prefer to contact them via phone, email, or in-person at a branch, you can expect prompt and helpful assistance. Strong Security Measures: Security is a top priority for CommBank, and it shows in their robust security measures. From encryption to multi-factor authentication, they go above and beyond to protect your personal and financial information from unauthorized access, giving you peace of mind when banking online. Wide Range of Products and Services: CommBank offers a comprehensive suite of banking products and services tailored to meet the diverse needs of individuals, businesses, and organizations. Whether you're looking for savings and checking accounts, loans, investments, or insurance, you'll find a solution that fits your requirements. Extensive Network: With a vast network of branches and ATMs across Australia, CommBank ensures easy accessibility to banking services wherever you are. Additionally, their global presence through partnerships and affiliations makes it convenient to conduct transactions even when traveling abroad. Cons: Fees and Charges: While CommBank offers a wide range of services, some customers may find that certain fees and charges can add up, especially for specific transactions or account types. It's essential to familiarize yourself with the fee schedule to avoid any surprises. Interest Rates: Like many other banks, CommBank's interest rates on savings accounts and loans may not always be the most competitive in the market. It's advisable to compare rates with other financial institutions to ensure you're getting the best deal. In conclusion, CommBank has proven to be a reliable and trustworthy banking partner, offering user-friendly digital platforms, excellent customer service, robust security measures, and a wide range of products and services. While there may be some fees to consider and interest rates to compare, the overall banking experience with CommBank is highly positive. I wholeheartedly recommend CommBank to anyone seeking a comprehensive and convenient banking solution.
Read full reviewAs an avid customer of CommBank, I am thrilled to share my insights into why this bank has become my go-to choice for all my financial needs. CommBank, or the Commonwealth Bank of Australia, has consistently impressed me with its array of services and commitment to customer satisfaction. Pros: User-Friendly Online Platform: CommBank's online banking platform is intuitive and easy to navigate. Whether you're checking your balance, transferring funds, or managing your investments, the interface is designed with the user in mind, making banking convenient and hassle-free. Excellent Customer Service: One of the standout features of CommBank is its exceptional customer service. The support team is responsive, knowledgeable, and always ready to assist with any inquiries or issues. Whether you prefer to contact them via phone, email, or in-person at a branch, you can expect prompt and helpful assistance. Strong Security Measures: Security is a top priority for CommBank, and it shows in their robust security measures. From encryption to multi-factor authentication, they go above and beyond to protect your personal and financial information from unauthorized access, giving you peace of mind when banking online. Wide Range of Products and Services: CommBank offers a comprehensive suite of banking products and services tailored to meet the diverse needs of individuals, businesses, and organizations. Whether you're looking for savings and checking accounts, loans, investments, or insurance, you'll find a solution that fits your requirements. Extensive Network: With a vast network of branches and ATMs across Australia, CommBank ensures easy accessibility to banking services wherever you are. Additionally, their global presence through partnerships and affiliations makes it convenient to conduct transactions even when traveling abroad. Cons: Fees and Charges: While CommBank offers a wide range of services, some customers may find that certain fees and charges can add up, especially for specific transactions or account types. It's essential to familiarize yourself with the fee schedule to avoid any surprises. Interest Rates: Like many other banks, CommBank's interest rates on savings accounts and loans may not always be the most competitive in the market. It's advisable to compare rates with other financial institutions to ensure you're getting the best deal. In conclusion, CommBank has proven to be a reliable and trustworthy banking partner, offering user-friendly digital platforms, excellent customer service, robust security measures, and a wide range of products and services. While there may be some fees to consider and interest rates to compare, the overall banking experience with CommBank is highly positive. I wholeheartedly recommend CommBank to anyone seeking a comprehensive and convenient banking solution.
As an avid customer of CommBank, I am thrilled to share my insights into why this bank has become my go-to choice for all my financial needs. CommBank, or the Commonwealth Bank of Australia, has consistently impressed me with its array of services and commitment to customer satisfaction. Pros: User-Friendly Online Platform: CommBank's online banking platform is intuitive and easy to navigate. Whether you're checking your balance, transferring funds, or managing your investments, the interface is designed with the user in mind, making banking convenient and hassle-free. Excellent Customer Service: One of the standout features of CommBank is its exceptional customer service. The support team is responsive, knowledgeable, and always ready to assist with any inquiries or issues. Whether you prefer to contact them via phone, email, or in-person at a branch, you can expect prompt and helpful assistance. Strong Security Measures: Security is a top priority for CommBank, and it shows in their robust security measures. From encryption to multi-factor authentication, they go above and beyond to protect your personal and financial information from unauthorized access, giving you peace of mind when banking online. Wide Range of Products and Services: CommBank offers a comprehensive suite of banking products and services tailored to meet the diverse needs of individuals, businesses, and organizations. Whether you're looking for savings and checking accounts, loans, investments, or insurance, you'll find a solution that fits your requirements. Extensive Network: With a vast network of branches and ATMs across Australia, CommBank ensures easy accessibility to banking services wherever you are. Additionally, their global presence through partnerships and affiliations makes it convenient to conduct transactions even when traveling abroad. Cons: Fees and Charges: While CommBank offers a wide range of services, some customers may find that certain fees and charges can add up, especially for specific transactions or account types. It's essential to familiarize yourself with the fee schedule to avoid any surprises. Interest Rates: Like many other banks, CommBank's interest rates on savings accounts and loans may not always be the most competitive in the market. It's advisable to compare rates with other financial institutions to ensure you're getting the best deal. In conclusion, CommBank has proven to be a reliable and trustworthy banking partner, offering user-friendly digital platforms, excellent customer service, robust security measures, and a wide range of products and services. While there may be some fees to consider and interest rates to compare, the overall banking experience with CommBank is highly positive. I wholeheartedly recommend CommBank to anyone seeking a comprehensive and convenient banking solution.
Read full reviewAs an avid customer of CommBank, I am thrilled to share my insights into why this bank has become my go-to choice for all my financial needs. CommBank, or the Commonwealth Bank of Australia, has consistently impressed me with its array of services and commitment to customer satisfaction. Pros: User-Friendly Online Platform: CommBank's online banking platform is intuitive and easy to navigate. Whether you're checking your balance, transferring funds, or managing your investments, the interface is designed with the user in mind, making banking convenient and hassle-free. Excellent Customer Service: One of the standout features of CommBank is its exceptional customer service. The support team is responsive, knowledgeable, and always ready to assist with any inquiries or issues. Whether you prefer to contact them via phone, email, or in-person at a branch, you can expect prompt and helpful assistance. Strong Security Measures: Security is a top priority for CommBank, and it shows in their robust security measures. From encryption to multi-factor authentication, they go above and beyond to protect your personal and financial information from unauthorized access, giving you peace of mind when banking online. Wide Range of Products and Services: CommBank offers a comprehensive suite of banking products and services tailored to meet the diverse needs of individuals, businesses, and organizations. Whether you're looking for savings and checking accounts, loans, investments, or insurance, you'll find a solution that fits your requirements. Extensive Network: With a vast network of branches and ATMs across Australia, CommBank ensures easy accessibility to banking services wherever you are. Additionally, their global presence through partnerships and affiliations makes it convenient to conduct transactions even when traveling abroad. Cons: Fees and Charges: While CommBank offers a wide range of services, some customers may find that certain fees and charges can add up, especially for specific transactions or account types. It's essential to familiarize yourself with the fee schedule to avoid any surprises. Interest Rates: Like many other banks, CommBank's interest rates on savings accounts and loans may not always be the most competitive in the market. It's advisable to compare rates with other financial institutions to ensure you're getting the best deal. In conclusion, CommBank has proven to be a reliable and trustworthy banking partner, offering user-friendly digital platforms, excellent customer service, robust security measures, and a wide range of products and services. While there may be some fees to consider and interest rates to compare, the overall banking experience with CommBank is highly positive. I wholeheartedly recommend CommBank to anyone seeking a comprehensive and convenient banking solution.
Your selected savings accounts