The best savings accounts in Australia in 2022
Savings accounts provide a convenient place for people to safely store their money while also growing the balance over time through interest.
At Mozo, we compare more than 200 savings accounts from 60 banks to help you search for a top home for your money, with a range of interest rates available. The interest rate of your savings account can vary greatly, and with rates at record lows right now, finding the highest rate for your savings could take a bit of research, but it's super important.
While the average interest rate across all savings accounts in the Mozo database is 0.4%, ongoing bonus offers, which have certain (usually monthly) requirements that you must meet to get a better rate, have some great rates at 2.00%. There are also introductory rate offers, which offer higher interest rates for a specific introductory period.
There are many ways to define which savings accounts are the best, and ultimately the answer will depend on what’s most important to you and your savings goals. But the Mozo team hopes to make your search a bit easier by including information on a range of options, some of which have picked up awards from the Mozo Expert’s Choice Awards^ and the Mozo People’s Choice Awards. Along with a couple of others that we believe are worth highlighting.
The best savings accounts 2022
- Virgin Money Boost Saver with Go Account
- MyState Bonus Saver
- AMP Saver Account
- Westpac Life 18-29
- Bank of Queensland Future Saver Account 14 to 35 years
- ING Savings Maximiser
- Up - Saver Account
Expert picks: Mozo Experts Choice Award-winning best savings accounts
To decide the winners of the Mozo Experts Choice Awards^, each year, Mozo’s team of finance experts assess and compare every savings account in our database to determine which ones offer Australians the best deals. For the 2022 awards, we compared 85 products from 79 banks. Here’s a look at some of the award winners.
Full winners list and methodology report: Mozo Experts Choice Awards - Savings
MyState Bonus Saver
- 1.60% p.a. maximum rate
- No account fee
- Unlimited transactions from phone and internet
Why it won: If you can make a minimum monthly deposit of $5 and five Visa Debit transactions each month using linked Glide transaction account, you’ll be earning a tidy 1.60% p.a. on top of their savings up to $250,000. If you slip up and forget to make a deposit or don’t make enough transactions, you’ll earn 0.05% p.a.. There is no minimum deposit amount to get you started, as well as no account fee to worry about. The Bonus Saver Account also offers handy features like unlimited free transactions over the phone and internet and free unlimited withdrawals.
AMP Saver Account
- Maximum 1.35% p.a. ongoing variable bonus rate
- No account fees
- Unlimited free transactions from mobile app, internet, phone
Why it won: With the AMP Saver Account, customers can earn up to 1.35% p.a. in interest on the first $250,000 of their account balance - a 0.10% p.a. standard variable rate, plus a variable bonus of 1.25% p.a. In order to qualify for the bonus rate, you need to make eligible deposits of at least $250 in the previous month into your AMP Saver Account. Just beware that for savings above $250,000, your rate will drop down to the 0.10% p.a. standard variable rate. As well as no account fees, the AMP Saver Account gives you the flexibility to move your money around with unlimited free transactions from your mobile banking app, via the internet or over the phone. As an added incentive, AMP offers a wealth bonus of an extra 0.20% if you have their Super, Pension or Investment account, bringing the max rate to 1.55%.
Virgin Money Boost Saver with Go Account
- Maximum rate of 2.00% p.a.
- New customers receive a bonus 20,000 Virgin Money Points (conditions apply)
- Unlimited Internal Transfers to your Virgin Money Go Account
Why it won: The Virgin Money Boost Saver with Go Account’s competitive 2.00% p.a. maximum interest rate caught the attention of our experts. Keep in mind, the bonus interest 1.60% rate only applies when, each month, you deposit $2,000 into your Go Account from an external account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. Also you must enable the Lock Saver feature. As long as you meet these criteria, there is no minimum balance amount up to $250,000 - unless you are between 18 and 25, in which case you need to deposit $1,000 as well as fulfilling the other criteria. If you fail to meet the bonus interest rate requirements, you can still earn 0.10% p.a. interest. This savings account is only accessible through the iOS or Android app, so it could be a great option for tech-lovers. There is no account fee.
Mozo People’s Choice Awards 2022
Every year, Mozo sends out a survey for Australians to tell us who they think is the best. And the Mozo People’s Choice Awards uses that information to crown the people’s favourites as winners. Here’s a look at some of this year’s banking winners.
ING Savings Maximiser
- 2.10% p.a. ongoing bonus rate (conditions apply)
- Handy round-up feature
- 2022 Mozo Experts Choice Award^ winner
The ING Savings Maximiser has a special bonus rate of 2.10% p.a. (or 1.35% in total p.a.) if you meet the right conditions. To qualify for the bonus rate, you need to have a linked ING Orange Everyday Account, deposit at least $1,000 a month from an external source (e.g. your salary) and make at least 5 settled card purchases each month. You also need a balance that has more in it at the end of the month than the previous (excluding interest). It also has a round-up tool to make saving easier. You can set up your desired round-up figure to the nearest $1 or $5, then every time you make a purchase the difference will be deposited into your ING savings account. There is also no account fee which is always handy.
Up - Saver Account
- 0.50% p.a. (conditions apply)
- Optional roundup feature
- Max balance of $1,000,000
Up Saver Account offers a special rate of 0.50% p.a. for balances between $1 - $1,000,000 when you make a minimum of 5 card purchases a month through a linked Up Bank Everyday Account. You can also use its optional roundup feature, where every time you make a purchase with your transaction account, it will automatically round it up to the nearest whole dollar and transfer the difference to your Saver Account. There is no minimum deposit amount to get started.
Editor’s picks - Savings accounts for under 35
It pays to be young! That’s why we’ve picked some of our favourite savings accounts that reward you for being less than 35 years old.
Bank of Queensland Future Saver Account 14 to 35 years
- 3.00% max rate (conditions apply)
- $1 opening deposit
- Max balance of $50,000
Bank of Queensland Future Saver Account offers a whopping 3.00% rate for those between the ages of 14-35 who meet the monthly requirements of depositing $1,000 and making five transactions with your linked BOQ everyday account. If you’re 14-17 years old, those requirements are waived each month. You need at least $1 to open the account and the max interest rate only applies to balances up to $50,000. This account also comes with no monthly fee.
Westpac Life 18-29
- 2022 Mozo Experts Choice Award^ winner
- 2.50% max rate (conditions apply)
- Max balance of $30,000
Westpac Life was the only winner in the Young Adult Savings category for the 2022 Mozo Experts Choice Awards^. The account has a rate of 2.50% for balances up to $30,000 every month if you grow your balance, make at least five purchases and make at least one deposit. If you don’t meet those conditions you’ll get a lower rate. This account is only available for 18-29-year-olds with a Westpac everyday account. Another perk is no monthly account fee.
To compare them against other options (some may come with no age restrictions), check out our high interest savings account comparison page to explore our complete database.
^See information about the Mozo Experts Choice Savings accounts Awards
Savings accounts frequently asked questions
What is a savings account?
A savings account, sometimes also called an at-call account is a bank account that’s designed specifically for putting aside savings. You can earn variable interest on the balance in the account, while still having access to the money if needed.
What is the best savings account?
It is impossible to select a best savings account for everyone, as what is important is to find the best one for you. This depends on what you’re looking to get from your account, how you plan to save and what your goals are. For example, are you hoping to put away a regular amount of money each month? Then an account with a competitive ongoing bonus rate will likely suit your needs best. Are you looking to deposit a little bit into your savings account when you can? You should check out savings accounts with solid base interest rates. No matter what it is that you prioritise, there are a lot of good savings account options. Head to our savings accounts for comparisons and guides.
How do I earn interest on my savings?
Most savings accounts calculate earned interest daily, based on your closing balance. It is then paid out monthly – this is known as compound interest. So, the more you deposit into your account to grow your balance and the less you withdraw, the more interest you earn on your money.
Generally speaking, savings account base interest rates are variable, so they can fluctuate over time. Some savings accounts pay an introductory additional bonus interest rate for a limited amount of time, whereas other savings accounts offer a bonus rate if monthly requirements are met.
Can I lose money with a savings account?
Storing your cash in a savings account is a pretty risk-free investment thanks to the Financial Claims Scheme, which means that deposits of up to $250,000 are typically guaranteed by the Government when depositing your cash with an authorised deposit-taking institution (ADI), and if you set up automatic transfers and other handy savings features, earning interest on top of your nest egg shouldn’t take much effort. Unless your chosen savings account has an account fee, your savings balance should be stashed away and slowly growing.
As interest rates are currently quite low, there are alternative investment options that offer higher possible returns, but also come with a higher risk.
If you’re looking to dabble in the stock market, then have a gander at the best online share trading platforms. Or, if you’re prepared to get very savvy about investment options, you could opt for a self-managed super fund (SMSF) and pick and choose what industries and companies to invest your super in.
Do you have to pay tax on your savings?
Yes, you need to include your annual earned interest on your tax return. If you have money in a savings account and earned interest on the balance in the most recent financial year, then you’ll want to declare the amount of interest earned and pay tax on that.
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