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.

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Long term 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

    standard interest rate

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

    Maximum rate

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

    Govt Deposit Guarantee

    Yes up to $250,000

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    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
    • 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 183 MyState Bank savings account reviews

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  • HSBC Serious Saver

    HSBC Serious Saver

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

    standard interest rate

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

    Maximum rate

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

    Govt Deposit Guarantee

    Yes up to $250,000

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    More info

    • No monthly fees
    • No minimum deposit
    • Apply online in under 10 minutes
    • Account fee per month: $0.00
    • Maximum rate conditions: No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*
    • Minimum balance: $0.00
    • Access: Phone banking, Internet banking
    • Other restrictions:
    Overall rating

    7.4

    Based on 326 HSBC savings account reviews

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  • Up Saver Account

    Up Saver Account

    standard interest rate

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

    Maximum rate

    1.10% p.a. (for $0 to $1,000,000)

    Govt Deposit Guarantee

    Yes up to $250,000

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    More info

    • Account fee per month: $0.00
    • Maximum rate conditions: Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
    • Minimum balance: $0.00
    • Access: Internet banking
    • Other restrictions: Bank and saving account only accessible through iOS or Android app.
    Overall rating

    9.0

    Based on 6 Up savings account reviews

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  • 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

    standard interest rate

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

    Maximum rate

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

    Govt Deposit Guarantee

    Yes up to $250,000

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    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
    • Maximum rate conditions: Increase balance by at least $300 in the month (excluding interest)
    • Minimum balance: $0.00
    • Access: BPay, Branch access, Phone banking, Internet banking
    • Other restrictions:
    Overall rating

    7.4

    Based on 326 HSBC savings account reviews

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  • 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

    standard interest rate

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

    Maximum rate

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

    Govt Deposit Guarantee

    Yes up 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 on your linked transaction account
    • 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 1053 Bank of Queensland savings account reviews

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  • 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

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

    Govt Deposit Guarantee

    Yes up 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

    6.4

    Based on 145 Citi 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

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

    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
    • 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 1370 Bankwest savings account reviews

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    More info

Want more? Compare all 223 savings accounts in the Mozo comparison engine.

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