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.

  • How much can (and should) I be saving?

    Money experts say we should put aside 10% of everything we earn into savings. But chances are you can do better than that! Work out how much you can save with our savings calculator, or where you could be saving more with our handy budgeting calculator.

  • How do I find the best high interest rate savings account?

    Finding the best ongoing high interest savings account for your needs is really easy with Mozo's savings account search tool. Or, see below for a selection of some of the most popular high standard rate offers out there right now.

Long term savings account comparisons on Mozo - rates updated daily

  • Westpac Life (18-29 years old)

    Westpac Life (18-29 years old)

    • Earn up to 3% p.a. interest rate
    • Ongoing bonus interest
    • Savings Goals

    standard interest rate

    0.40% p.a.(for $0 and over)

    Maximum rate

    3.00% p.a. (for $0 to $30,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    More info

    • Earn up to 3% p.a. interest rate
    • Ongoing bonus interest
    • Savings Goals
    • Account fee per month: $0.00
    • Maximum rate conditions: Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
    • Minimum balance: $0.00
    • Access: BPay, Branch access, Phone banking, Internet banking
    • Other restrictions: Must be linked to Westpac Choice transaction account. If 5 transactions are made each month, but savings account balance hasnt increased, a 2.40% interest rate still applies.
    Overall rating

    7.4

    Based on 4884 Westpac savings account reviews

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  • MOZO EXPERTS CHOICE AWARDS 2020

    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

    standard interest rate

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

    Maximum rate

    1.65% p.a. (for $0 to $250,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    • 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
    • Maximum rate conditions: Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
    • Minimum balance: $0.00
    • Access: BPay, Phone banking, Internet banking
    • Other restrictions: Must link to a transaction account
    Overall rating

    7.7

    Based on 181 MyState Bank savings account reviews

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  • Bankwest Hero Saver

    Bankwest Hero Saver

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

    standard interest rate

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

    Maximum rate

    1.15% p.a. (for $0 to $250,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    More info

    • No account keeping fees
    • No transaction fees
    • 100% secure application process
    • Account fee per month: $0.00
    • Maximum rate conditions: Minimum deposit of $200 and no withdrawals in the month.
    • Minimum balance: $0.00
    • Access: Phone banking, Internet banking
    • Other restrictions:
    Overall rating

    8.0

    Based on 1360 Bankwest savings account reviews

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  • Featured product

     

    Citi Online Saver

    Citi Online Saver

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

    standard interest rate

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

    Maximum rate

    1.55% p.a. (for $0 to $500,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    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
    • Maximum rate conditions: Bonus rate for the first 4 months from account opening
    • Minimum balance: $0.00
    • Access: Phone banking, Internet banking
    • Other restrictions: Must link to a transaction account.
    Overall rating

    6.5

    Based on 144 Citi savings account reviews

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  • ANZ Progress Saver

    ANZ Progress Saver

    • Earn bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
    • No monthly account fee.
    • Set up an automated monthly transfer to stick to your savings plan

    standard interest rate

    0.01% p.a.(for $0 and over)

    Maximum rate

    0.85% p.a. (for $0 and over)

    Govt Deposit Guarantee

    Yesup to $250,000

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    More info

    • Earn bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
    • No monthly account fee.
    • Set up an automated monthly transfer to stick to your savings plan
    • Account fee per month: $0.00
    • Maximum rate conditions: Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals
    • Minimum balance: $10.00
    • Access: Branch access, Phone banking, Internet banking
    • Other restrictions:
    Overall rating

    7.4

    Based on 6129 ANZ savings account reviews

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  • ME Online Savings Account

    ME Online Savings Account

    • Ongoing bonus interest when you tap & go four times per month (T&Cs apply)
    • No minimum monthly deposit. Ongoing variable bonus rate
    • No monthly account-keeping fees

    standard interest rate

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

    Maximum rate

    1.55% p.a. (for $0 to $250,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    More info

    • Ongoing bonus interest when you tap & go four times per month (T&Cs apply)
    • No minimum monthly deposit. Ongoing variable bonus rate
    • No monthly account-keeping fees
    • Account fee per month: $0.00
    • Maximum rate conditions: Ongoing bonus rate if you make at least four tap & go™ payments per month with your Everyday Transaction Account debit card. Purchases must be processed in calendar month to be eligible for bonus interest.
    • Minimum balance: $0.00
    • Access: Internet banking
    • Other restrictions: Must link to a transaction account
    Overall rating

    8.2

    Based on 391 ME savings account reviews

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  • MOZO EXPERTS CHOICE AWARDS 2020

    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

    standard interest rate

    0.20% p.a.(for $1 and over)

    Maximum rate

    1.50% p.a. (for $1 to $250,000)

    Govt Deposit Guarantee

    Yesup to $250,000

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    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
    • Account fee per month: $0.00
    • Maximum rate conditions: Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
    • Minimum balance: $1.00
    • Access: BPay, Branch access, Internet banking
    • Other restrictions: Bonus interest rate criteria is effective from 1 February 2020.
    Overall rating

    7.8

    Based on 1047 Bank of Queensland savings account reviews

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  • ANZ Online Saver

    ANZ Online Saver

    • Flexible savings account with bonus interest offer for 3 months.
    • Interest calculated daily and paid monthly
    • No minimum balance and no fixed term requirements

    standard interest rate

    0.05% p.a.(for $0 and over)

    Maximum rate

    0.80% p.a. (for $0 and over)

    Govt Deposit Guarantee

    Yesup to $250,000

    Go to site

    More info

    • Flexible savings account with bonus interest offer for 3 months.
    • Interest calculated daily and paid monthly
    • No minimum balance and no fixed term requirements
    • Account fee per month: $0.00
    • Maximum rate conditions: Bonus rate for the first 3 months from account opening. The bonus rate offer is only available to new ANZ Online Saver customers who have not held an ANZ Online Saver account during the last 6 months, and apply online. Offer not available to beneficiaries for an ANZ Online Saver account held on trust within the past 6 months
    • Minimum balance: $0.00
    • Access: BPay, Phone banking, Internet banking
    • Other restrictions: Must be linked to ANZ deposit account.
    Overall rating

    7.4

    Based on 6129 ANZ savings account reviews

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Want more? Compare all 227 savings accounts in the Mozo comparison engine.

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