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
5.35% 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
5.25% 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
5.40% 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
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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, Bills 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
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
^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.
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
4.75% 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
4.80% p.a.
9 months
$1,000
Yes up to $250,000
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
Enjoy the certainty of a fixed interest rate combined with the convenience of online banking to set up and manage your term deposit at maturity. You can start investing from as little as $1,000 or up to $5,000,000.
Read our Mozo Review to learn more about the Bankwest Term Deposit
Your selected savings accounts
Savings rates are usually going to be affected by the movements of the RBA which, in turn, sets the cash rate based on where inflation is trending. The Australian Bureau of Statistics’ (ABS) past few monthly CPI releases have found that the 12 months to December, January, and February all recorded a monthly CPI of 3.4%.
These figures show that inflation is close to the RBA’s 2-3% target, although it remains a bit stubborn. So it’s important for savers to keep this in mind as providers 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: 3.50% p.a.
Current median ongoing rate: 4.18% p.a.
(correct as of 1 April)
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 April, the two savings accounts we’re looking at are intro rates; Macquarie and Rabobank.
Account | Special Rate | Base Rate | Special Rate condition |
Macquarie Savings Account | 5.75% p.a. | 4.75% p.a. | Introductory variable rate available for the first 4 months before reverting to standard variable rate |
Rabobank High Interest Savings Account | 5.35% p.a. | 4.40% p.a. |
* Correct as of 1 April 2024
Comparing interest rates is always a good exercise, especially when you note two rates that at first glance look the same. Here, we’re looking at introductory rates, and why it’s important to consider more than just the first months of higher interest.
So, Rabobank’s High Interest Savings Account at 5.75% p.a. has the highest intro rate on our database. Meanwhile, Macquarie’s intro rate is tied for second place with three other providers. However, after the 4 months are up, Macquarie has the higher rates at 35 basis points above Rabobank.
The basis of which account you plan to sign up to is pretty much determined by what your goals are. If you’re just looking to park your cash for a short while to earn some good interest, then Rabobank could be the preferable choice. However, if you’re looking to keep your cash locked up for longer, then it’s more likely that you’d choose a Macquarie account.
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.
An everyday savings account is generally the most basic savings account offered by banks and credit unions. These accounts generally only have a base interest rate and require little or no requirements to receive this rate. To get a higher rate of interest on your savings, you’ll generally need to shop around and compare bonus and intro rate offers of high interest accounts.
Even though most standard savings accounts only offer base savings rates, the best accounts in everyday savings accounts can still be competitive. The current top 3 highest base (or standard interest) rates in our database are:
Savings Account |
Standard Interest Rate |
Maximum Balance Conditions |
Australian Unity Freedom Saver |
5.20% p.a |
(for $0 to $50,001) |
ANZ Plus ANZ Save |
4.90% p.a |
(for $0 to $249,999) |
Bank of Queensland Simple Saver Account |
4.85% p.a |
(for $0 to $5,000,001) |
|
You can find out more of the top 10 best everyday savings accounts on our best savings account page.
A high interest savings account is any savings account that has an above-average interest rate. To help you with your savings account comparison, the Mozo data team has crunched the numbers from all the savings accounts we track and provided a table of the ‘average’ savings rates below.
Savings Account Type |
Average rate all Accounts |
Average rate Big 4 |
All Ongoing |
3.45% p.a. |
3.44% p.a. |
Only Bonus |
4.59% 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. |
As we can see, any account above a rate of 3.45% p.a. could be considered high interest. These numbers are important to keep in mind when reviewing savings accounts so you can find the best savings account for your situation.
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.
While ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.
Read full reviewWhile ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.
ING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.
Read full reviewING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.
They are always looking out for me
Read full reviewThey are always looking out for me
Your selected savings accounts