Mozo guides

Australia's best savings accounts for July

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Here’s the list of top savings accounts with the highest rates or best features for this month reviewed by Mozo’s expert research team and money journalists. We track over 200 savings accounts in Australia from big banks, digital banks and customer owned banking providers. 

All savings accounts that we list on Mozo site are covered by the Government Deposit Guarantee scheme.

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Top 5 high interest savings accounts

These accounts are best if you either want to boost your savings for a short period of time, or you are a regular saver be able to meet ongoing criteria to get the highest rate possible. Always pay close attention to the standard rate because if you don’t meet the criteria or the intro period ends, this is the ongoing savings rate you will receive on your savings balance.

These savings accounts have been ranked (according to the 180+ savings accounts we track in the Mozo database) based on the maximum interest available as long as monthly criteria is met

Savings account Max Rate Max Rate Conditions 
Rabobank High Interest Savings Account 5.75% p.a.   Bonus rate for the first 4 months from account opening, reverting to 4.40%.
Macquarie Savings account5.35%Bonus variable rate is available for the first four months, reverting to 4.75%.
Bank of MelbourneMaxi Saver 5.35% Bonus rate for the first 3 months from account opening, reverting to 1.10%.
Bank of QueenslandSimple Saver Account 5.35% Bonus interest paid for first 4 months for balances up to $5,000,000. New customers only.
IMB Bank Reward Saver Account 5.25% Bonus rate for the first 4 months from account opening, reverting to 3.25%

source: mozo.com.au as at 4 July 2024, leading introductory saving rates at $10,000 balance

Best everyday savings accounts

If your financial situation just won't suit having to jump through hoops each month, the best savings accounts for you will be the ones that offer a high standard base rate. Here’s the top ones this month.  

These savings accounts are ranked based on the highest standard interest rate.

Savings Account Standard Rate Max Balance Conditions
Australian Unity Freedom Saver 5.20% p.a (for $0 to $50,001)
ANZ Plus ANZ Save 4.90% p.a (for $0 to $249,999)
Bank of Queensland Simple Saver Account 4.85% p.a (for $0 to $5,000,001)
Macquarie Savings Account 4.75% p.a (for $0 to $1,000,000)
Orange Credit Union Online Saver Account 4.75% p.a (for $1,000 and over)
Unity Bank MoneyMAX Account 4.75% p.a (for $1 and over)
MOVE Bank Online Saver 4.40% p.a (for $0 to $5,000,000)
Rabobank High Interest Savings Account 4.40% p.a (for $0 to $250,001)
Qudos Bank Qsaver 4.35% p.a (for $0 to $500,000)
Bank of Sydney BOS Saver 4.25% p.a (for $5,000 to $5,000,000)
source: mozo.com.au as at 5 July 2024, leading base saving rates at $10,000 balance

Top 5 bonus offer savings accounts

Some savings accounts offer a higher interest rate based on whether or not you meet the extra conditions of the provider. These bonus rates sit on top of your base rate and, if you fail to meet the conditions, you’ll get knocked back down to a lower base rate. 

The following bonus rates are the highest on our database with no age restrictions. 

Savings
account
Standard
Rate
Max
Rate 
Max Rate Conditions
ME Home ME Savings Account 
0.55% p.a. 
5.55% p.a. 
Minimum $2,000 must be deposited into a connected SpendME account and have a higher closing balance than the last month.
ING Savings Maximiser
0.55% p.a.
5.50% p.a. 
For customers who have an Orange Everyday and in each month deposit at least $1,000 into a personal ING account, make at least 5 settled card purchases using the linked ING debit card and grow the account balance higher at the end of the month (excluding interest) than it was at the end of the previous month.
MOVE Bank Growth Saver
0.10% p.a
5.50% p.a
Minimum deposit of $200 and no withdrawals in the month.
UBank High Interest Save Account0.00% p.a5.50% p.aDeposit at least $500 to either Spend, Bills or Save account from an external source each month.
Rabobank Premium Saver 1.5% p.a
5.45% p.a
Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
AMP AMP Saver Account 1.2% up to $5,000,000
5.40% p.a
Ongoing total variable bonus rate of up to 5.40% per annum applies if customers deposit $1,000 in the previous month. Available only on balances up to $250,000.

Source: Mozo database as of 3 July, 2024.

Award-winning savings accounts

Below are reviews of some of the savings accounts that earned a place on the winners list of the 2024 Mozo Experts Choice Savings Awards. Running since 2014, the Mozo Experts Choice Awards are designed to highlight products in the marketplace that our experts believe offer great value to Australian consumers.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Important disclosures
Macquarie Savings Account Review
    Pros
  • 2024 Kick Start Savings winner^
  • Introductory rate of 5.35% p.a. for the first four months (up to $250,000)
  • Ongoing 4.75% p.a. rate on balances up to $1 million
  • No account keeping fees
  • Cons
  • Introductory rate only applies to balances of up to $250,000
  • You must have a Macquarie Transaction Account

Our verdict: The Macquarie Bank Savings Account has been a consistent winner in the annual Mozo Experts Choice Awards^ and for good reason. While the introductory rate only lasts for 4 months, this account has one of the highest ongoing base rates available at 4.75% p.a. so it is a great option for people who want to build on their savings without the need to meet strict monthly bonus rate conditions. The ongoing 4.75% p.a. rate is available for balances up to $1 million, which should suit the vast majority of savers. If you do have more than $1 million, the rate drops to 3.35% p.a.  

The account is managed online or via the Macquarie banking app, though if you need branch access it’s available. You will need to have a linked Macquarie Transaction Account, but unlike other savings accounts, you aren’t required to make any transactions with it in order to get the high ongoing rate, and it doesn’t have any fees so you won’t be paying for keeping it open.

Rabobank High Interest Savings Account Review
    Pros
  • Mozo Experts Choice Winner 2024 ^
  • 5.75% p.a. for the first 4 months on balances up to $250K
  • 4.40% p.a. ongoing on balances up to $250K
  • No account keeping fees
  • Support Aussie farmers
  • Cons
  • Lower interest rate for balances over $250K

Our verdict: Rabobank's award-winning online savings account currently has the highest introductory interest rate at 5.75% p.a. according to the Mozo database for balances of up to $250,000. After the 4 month introductory period ends, the interest rate of the High Interest Savings Account will revert to 4.40%p.a. which is still extremely competitive among savings accounts that don’t have conditions to earn a high rate of interest. For balances over $250K the interest rate drops to 3.40% p.a. Interest is calculated daily and paid into your account monthly.

The High Interest Savings Account is accessed and managed via online or mobile banking. There are no account fees, no minimum balance requirements and there is no need to change your everyday banking, you simply deposit funds into your account via EFT from most Australian banking accounts. 

As an added plus, Rabobank is transparent about how your funds are used and states that 100% of your money deposited is used to fund Australian farmers and agribusinesses.

ING Savings Maximiser Review
    Pros
  • Consistent Mozo Experts Choice Award Winner^
  • Ongoing bonus rate of 5.50% p.a. on balances up to $100K
  • No account keeping fees
  • Cons
  • Rate reverts to 0.55% p.a. if you don’t meet monthly conditions
  • Must have linked ING transaction account

Our verdict: The ING savings maximiser account has regularly scored a place on the Mozo Experts Choice Awards^ winners list. It offers savers a high ongoing rate of 5.50% p.a. when bonus conditions are met. Before you open an account make sure you will regularly be able to meet the conditions otherwise the interest rate drops to a low 0.55% p.a. Conditions include 5 card purchases on your linked ING transaction account, deposit at least $1000 into any ING account in your name, and grow the account balance every calendar month. 

There are no account fees but you must have a linked ING transaction account. The maximum balance to earn the high 5.50% p.a. interest rate is $100,000 after which the rate drops to 0.55% p.a..  

For extra savings incentive you can use the round-up tool that will automatically round up any purchases you make via your transaction account to the nearest $1 or $5 and put the change directly into your savings account. 

This is a digital savings account so you’ll apply (within minutes according to ING) and manage your savings online or via the ING banking app. 

Westpac LIFE 18-29 Review
    Pros
  • Mozo Experts Choice Award Best Young Adult Savings Winner 2022 - 2024^
  • Earn up to 5.20% p.a. on your savings on balances up to $30K
  • Cons
  • Must have a Westpac Choice Everyday Account and make at least 5 purchases a month with the debit card to earn the Spend&Save 0.20% p.a. bonus interest
  • Rate drops to 2.00% if you don’t meet the criteria

Our verdict: If you’re between the ages of 18 and 29 years, the Life savings account from Westpac has consistently earned a place in the Mozo Experts Choice Awards for 3 years running. It has a tiered interest rate structure which means that you could earn as high as 5.20% p.a. on balances up to $30K. The base savings rate is 2.00% p.a. and if you increase the account balance each month you will earn an extra 3.00% bonus interest. There is an additional 0.20% p.a. Spend&Save bonus also up for grabs when you make at least 5 purchases a month with the linked Choice Everyday debit card. 

You will be able to access the account via online banking or the Westpac app, which also contains inhouse budgeting tools to help you manage your money. The account is free to open and the linked Choice Everyday account is also free for anyone under 30 years. 

How to choose the best type of savings account for you

Choosing the best type of savings account for you depends on a number of factors, including:

  • the interest rate 
  • the conditions 
  • the features or accessibility of the account
  • and, the bank provider.

What kind of interest rates should I look for?

This depends on your savings goals. Your options are as follows:

  • Introductory rate. Some banks will offer a high rate of interest for a short introductory period to help you kickstart your savings, after which a lower base rate will be paid on an ongoing basis.
  • Bonus rate. This is where you’ll get a higher rate of interest if you meet certain monthly criteria such as a minimum deposit or no withdrawals in the month. If you don’t meet the monthly criteria, your savings interest rate will drop to the lower base rate, and reset again the following month if you meet the conditions again. These high interest savings accounts can be great if you are actively saving each month. 
  • Ongoing or base rate. This is the amount of interest you will earn on your balance no matter how many deposits or withdrawals or transactions you make. 

Look for the best features 

Once you’ve checked out the types of accounts, the next thing to consider is features.

Most savings accounts are now 100% digital, accessible via phone banking, internet or an app. This means they often come with useful features such as: 

  • Automatic payments - put your savings on autopilot and set up a regular deposit into your savings account.
  • Round-up features - some accounts will round-up purchases to the nearest dollar and automatically put the extra funds into your savings account.
  • Block and lock features - some apps allow you to block withdrawals to help you limit the temptation of digging into your savings for impulse buys.
  • Split across goals - have short and long term savings goals. Some accounts will let you split your savings between each goal.
  • No monthly fees 

Frequently asked questions

What is the best savings account?

The best savings account for you will depend on how you plan to save and what your savings goals are. For example, can you put a regular amount of money each month? An account with a competitive ongoing bonus rate might be a good option for you to consider. Is saving when you can more of your situation? Maybe you should check out savings accounts with solid base interest rates. The good news is that there are a lot of options available and if you want more in depth info, head to our savings accounts hub for comparisons and guides.

What are some of the biggest traps with savings accounts? 

The most common trap of savings accounts is failing to meet the monthly conditions in order to receive the bonus or maximum interest rate.

Bonus rate conditions might include:

  • Minimum deposit amount
  • No withdrawals
  • Minimum account balance
  • Maximum account balance
  • Mandatory purchases 

Also, when you are putting together your savings plan, having realistic savings goals will help. 

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. If you want to do some old school maths here’s how to calculate interest on a savings account or if time-saving is more your thing, check out our savings calculator.

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 Australian Government when depositing your cash with an authorised deposit-taking institution (ADI). 

If you set up automatic transfers and other handy savings features, earning interest on top of your savings 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. Keep in mind, 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.

Cameron Thomson
Cameron Thomson
RG146
Money writer

Cameron has a Bachelor of Creative Writing and History, and a background in broadcast media from his time at 2SER Radio. This diverse set of skills has informed his analytical yet creative approach to dissecting financial data and uncovering long-term trends in consumer finance. Cameron is RG146 certified for Generic Knowledge and keeps a keen eye on current and historical deposit and savings rates on the Mozo database. Cameron is also interested in tracking the investment space, particularly share trading platforms, to help Aussie consumers save and invest their money more wisely.