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.

What is a bonus rate savings account?

Bonus rate savings accounts are temporary high-interest offers. Usually after a time (perhaps 3-12 months) the 'honeymoon' rate will revert to normal, but in the meanwhile you get the benefit of a little savings boost. When looking at bonus saver accounts double-check you're happy with the reversion rate.

Should I get a savings account or a term deposit?

If you need regular access to your cash, or haven't got a huge amount to invest, then a savings account is the way to go. However, if your savings are quite substantial (perhaps over $5000) and you won't be calling on it anytime soon then a term deposit could be a better option.

Can I apply for a bonus rate savings account online?

Absolutely! In fact a number of bonus rate savings accounts are only available online as keeping them 'virtual' lets the provider save on overheads and pass the savings on to you. To apply simply click the 'go to site' button on your favourite savings account and follow the instructions to open your new account.

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Bonus saver savings account comparisons on Mozo - rates updated daily

  • MOZO EXPERTS CHOICE AWARDS 2021

    MyState Bank Bonus Saver Account

    MyState Bank Bonus Saver Account

    • No monthly account keeping fees
    • Deposits up to $250,000 per customer are guaranteed by the Australian Government
    • Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month

    Maximum rate

    1.20% p.a. (for $0 to $250,000)

    Standard interest rate

    0.10% p.a.(for $0 and over)

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • No monthly account keeping fees
    • Deposits up to $250,000 per customer are guaranteed by the Australian Government
    • Enjoy bonus interest when you deposit $20 or more in to your Bonus Saver Account and make 5 or more eligible VISA Debit card transactions from your linked account each month
    • Account fee per month: $0.00
    • Access: BPay, Phone banking, Internet banking
    • Minimum balance: $0.00
    • Other restrictions: Must link to a transaction account
    Overall rating

    7.7

    Based on 183 MyState Bank savings account reviews

    Need more information?
    Go to site

    More info

  • HSBC Serious Saver

    HSBC Serious Saver

    • No monthly fees
    • No minimum deposit
    • Apply online in under 10 minutes

    Maximum rate

    0.30% p.a. (for $0 to $1,000,000)

    Standard interest rate

    0.15% p.a.(for $0 and over)

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • No monthly fees
    • No minimum deposit
    • Apply online in under 10 minutes
    • Account fee per month: $0.00
    • Access: Phone banking, Internet banking
    • Minimum balance: $0.00
    • Other restrictions:
    Overall rating

    7.4

    Based on 326 HSBC savings account reviews

    Need more information?
    Go to site

    More info

  • Bankwest Hero Saver

    Bankwest Hero Saver

    • No account keeping fees
    • No transaction fees
    • 100% secure application process

    Maximum rate

    0.80% p.a. (for $0 to $250,001)

    Standard interest rate

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

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • No account keeping fees
    • No transaction fees
    • 100% secure application process
    • Account fee per month: $0.00
    • Access: Phone banking, Internet banking
    • Minimum balance: $0.00
    • Other restrictions:
    Overall rating

    8.0

    Based on 1370 Bankwest savings account reviews

    Need more information?
    Go to site

    More info

  • Citi Online Saver

    Citi Online Saver

    • No minimum balance
    • Save more with no monthly fees
    • 24/7 access via online, mobile & telephone banking.

    Maximum rate

    1.10% p.a. (for $0 to $500,000)

    Standard interest rate

    0.35% p.a.(for $0 and over)

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • No minimum balance
    • Save more with no monthly fees
    • 24/7 access via online, mobile & telephone banking.
    • Account fee per month: $0.00
    • Access: Phone banking, Internet banking
    • Minimum balance: $0.00
    • Other restrictions: Must link to a transaction account.
    Overall rating

    6.5

    Based on 146 Citi savings account reviews

    Need more information?
    Go to site

    More info

  • HSBC Flexi Saver

    HSBC Flexi Saver

    • Receive an extra 1.25% p.a. variable monthly bonus. Conditions apply
    • No monthly account fee
    • Open multiple accounts

    Maximum rate

    0.25% p.a. (for $0 to $5,000,000)

    Standard interest rate

    0.05% p.a.(for $0 to $5,000,000)

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Receive an extra 1.25% p.a. variable monthly bonus. Conditions apply
    • No monthly account fee
    • Open multiple accounts
    • Account fee per month: $0.00
    • Access: BPay, Branch access, Phone banking, Internet banking
    • Minimum balance: $0.00
    • Other restrictions:
    Overall rating

    7.4

    Based on 326 HSBC savings account reviews

    Need more information?
    Go to site

    More info

  • Bank of Queensland Fast Track Saver Account

    Bank of Queensland Fast Track Saver Account

    • Earn Bonus Interest on your savings, with no minimum balance required.
    • Earn Bonus Interest variable rate by depositing $1,000 a month + 5 eligible transactions to your linked Bank of Queensland Day2Day Plus Account.
    • No account maintenance fees on your linked transaction account

    Maximum rate

    1.05% p.a. (for $1 to $250,000)

    Standard interest rate

    0.05% p.a.(for $1 and over)

    Govt Deposit Guarantee

    Yes up to $250,000

    Go to site

    More info

    • Earn Bonus Interest on your savings, with no minimum balance required.
    • Earn Bonus Interest variable rate by depositing $1,000 a month + 5 eligible transactions to your linked Bank of Queensland Day2Day Plus Account.
    • No account maintenance fees on your linked transaction account
    • Account fee per month: $0.00
    • Access: BPay, Branch access, Internet banking
    • Minimum balance: $1.00
    • Other restrictions: Bonus interest rate criteria is effective from 1 February 2020.
    Overall rating

    7.8

    Based on 1053 Bank of Queensland savings account reviews

    Need more information?
    Go to site

    More info

Want more? Compare all 224 savings accounts in the Mozo comparison engine.

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