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 - last updated 25 May 2024

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  • Mozo Expert Choice Badge
    High Interest Savings Account

    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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Account

    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.

  • High Interest Save Account

    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.

  • Mozo Expert Choice Badge
    AMP Saver Account

    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.

  • Reward Saver Account

    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.

  • Bonus Saver Account

    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.

  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    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.

  • MoneyMAX Account

    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.

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^See information about the Mozo Experts Choice Savings accounts Awards

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Savings account resources

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

Savings Account Snapshot

Savings rates are usually affected by the movements of the Reserve Bank of Australia, and again this month they kept the cash rate on hold. This means that we are unlikely to see a lot of big movements to savings rates from Australia’s banks and credit unions this month. But competition remains steady and some of the highest savings rates are over 5.00% p.a. So, if you’re in the market for a new savings account, there are several high rate options to choose from depending on your savings goals.  

Top high interest savings accounts in Australia*

At Mozo, we track over 80 savings providers and compare savings products across standard, bonus, and intro saving rates. Sometimes the absolute highest rate account has conditions that won’t work for your particular savings situation. In that case, you could be better off selecting a savings account that has a high standard (or base) rate of interest where you don’t need to meet conditions to earn a decent interest rate. 

Here are the current highest rate leaders in the Mozo database for each savings account category (no age limit):    

Savings account

Bonus rate

Base Rate

Bonus rate conditions

Bonus Rate: 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.

Intro Rate: Rabobank High Interest Savings Account

5.75% p.a.

4.40% p.a.

The rate is for the first 4 months of account opening.

Base Rate: Australian Unity Freedom Saver


5.20% p.a.

Must link with a Transaction Account from this provider.

*According to the Mozo database as of 15 May 2024.

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

Comparing current interest rates

One of the best ways to make sure you’re getting a high rate on your savings account is to know what’s currently considered a ‘good rate’. According to the Mozo database, the average savings rates based on the providers in our database as of 15 May, 2024 are:

  • Current average ongoing savings rate: 3.47% p.a.

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

These 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. Another way you can do this is by comparing your interest to current rates of inflation

Example savings account comparison 

Every month we compare two similar savings accounts to demonstrate why it pays to compare accounts and choose one for your situation. For May, the two high interest savings accounts we’re looking at are bonus rates from ING and MOVE bank.


Special Rate

Base Rate

Special Rate condition

ING Savings Maximiser

5.50% p.a.

0.55% p.a.

Deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow Savings Maximiser account each month so that there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.

MOVE Bank Growth Saver

5.50% p.a.

0.10% p.a.

Minimum deposit of $200 and no withdrawals in the month for balances up to $25,000.

* Correct as of 15 May 2024

The verdict

ING’s Savings Maximiser and MOVE Bank’s Growth Saver both offer similar bonus rates. However the conditions required to earn the bonus interest and balance caps for both are fairly different. 

For instance, if you are less sure about having the ability to deposit $1000, making transactions and grow your savings each month, then the ING account might not be the best option for your situation. 

MOVE banks Growth Saver offers the same rate and you will only need to deposit $200 a month, but if you need to withdraw any cash you will not earn bonus interest for that month. While, with the ING Maximiser you can withdraw money without penalty but by the end of the month you will need to have a higher balance overall than at the start to earn bonus interest. 

Move has a lower balance cap so if you want to save a larger amount of your money (like for a home deposit), then the higher balance cap on the ING account could be more suitable. 

This example illustrates why it’s always important to read the fine print and get a good idea of what you’re expected to save in order to get these high bonus rates.


What is a savings account?

A savings account is somewhere you can safely deposit funds and earn interest on your cash. Generally, there are multiple types of savings account to choose from:

  • Introductory rate: You’ll get a high interest rate for the first few months before reverting to a lower base savings rate.

  • Bonus rate: High interest savings accounts that require you to meet certain monthly conditions. 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 know what this is when you go to compare savings accounts, the Mozo research team has crunched the numbers from all the savings 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

3.47% 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.

Source: 16 May 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 the best savings account 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 while comparing the different savings accounts available 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 month 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 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. Providers will generally follow the Reserve Bank of Australia’s (RBA) lead on the cash rate though, so you can get a good idea of where rates are heading based on the central bank's rhetoric. 

How to compare savings accounts 

Mozo’s comparison tables have been designed to make searching for a high interest savings account available in Australia easy. 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 advantages of this type of savings account, there are also disadvantages so it is a good idea to know what these are so you can choose a savings account that is going to suit your needs best.



  • 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 accounts usually pay little or no interest. They come with a debit or ATM card. 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. 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 open one 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?

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.

Picture of Cameron Thomson
Cameron Thomson
Money writer

Cameron recently earned a BA in Creative Writing and History, and also worked at 2SER Radio during his degree. He mainly writes across savings, banking, and insurance at Mozo. 

Savings Account FAQs

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.

Savings Account Reviews

Commonwealth Bank Savings Account
Overall 8/10

Overall good

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Overall good

Customer service
Beth, South Australia, reviewed 10 days ago
NAB Cash Manager
Overall 9/10
I am happy with my savings account. I wont change.

I am happy about my bank and my savings account,

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I am happy about my bank and my savings account,

Customer service
Heather, South Australia, reviewed 10 days ago
Teachers Mutual Bank Savings Account
Overall 10/10
One line summary

They are great - provide good value and good sense.

Read full review

They are great - provide good value and good sense.

Customer service
Ray, New South Wales, reviewed 10 days ago

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