The best savings accounts in Australia for 2024

Key points for February

  • In good news for savers, most changes to savings rates according to the Mozo database in the last month have been increases.
  • Rabobank continues to have the highest intro rate in the market at 5.75% p.a. for 4 months (then 4.40% p.a.) 
  • Conditions on savings accounts will vary and are usually the key determinant in receiving the best available interest rates so the rate that's best for you will depend on your savings habits and goals.     

Our database includes more than 200 savings accounts from 60 banks operating in Australia. We have put together a list of the top savings accounts available this month help your search for a savings account a bit easier. This list is compiled by our expert research and editorial team and backed by both the Mozo Experts Choice Savings Awards and the Mozo People’s Choice Banking Awards data we have analysed. 

Watch our latest savings rates update Lets talk savings account interest rates 🗯️💰💸 #mozo #savingsrates #savingmoney #savingsaccount ♬ Neon Bass - Tangelene Bolton

How to pick the best savings account

When it comes to choosing the best type of savings account for you, there will be a number of factors to consider. The interest rate, the conditions of the savings account, the features or accessibility of the account, and the banking provider. All savings accounts that we list on Mozo site are covered by the Government Deposit Guarantee scheme.

Types of savings accounts

There are three main types of savings accounts available, so when it comes to choosing the best one for you, the first thing is to look at the interest rates available. The key options are:

  • Introductory rate. These savings accounts will usually offer a high rate of interest for a short period to help you kickstart your savings, after which a lower base rate will be paid on an ongoing basis.
  • Bonus rate. 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. 

Comparing features

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

  • 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 - online savings accounts usually do not include monthly fees.

Start with our picks of best savings accounts for February 2024

Best savings accounts to kick start your savings

These accounts are best if you want a boost to your savings for a short period of time and are happy with receiving a lower (but still competitive) ongoing rate once the introductory rate has ended. 

Macquarie Savings Account - earn up to 5.50% p.a
  • Mozo Experts Choice Award winner 2023^
  • Introductory rate of 5.50% p.a. for the first four months (up to $250,000)
  • Ongoing 4.50% p.a. rate on balances up to $250,000
  • No account keeping fees

With the Macquarie Bank Savings Account, customers can earn up to 5.50% p.a. for the first four months on balances up to $250,000. Then the rate reverts to an ongoing 4.50% p.a. It also comes with no account keeping fees, which is always a plus. Keep in mind that balances above $250,000 receive a lower rate. To use this savings account, you must have a Macquarie Transaction Account.

Rabobank High Interest Saving Account - earn up to 5.75% p.a.
  • Mozo Experts Choice Award winner 2023^
  • 5.75% p.a. rate for the first four months
  • 4.40% p.a. ongoing rate
  • No minimum balance or deposit requirements

Taking out a Mozo Experts Choice Award^ for Kick Start Savings, Rabobank’s High Interest Savings Account comes with a generous introductory rate of 5.75% p.a. interest rate for balances under $250,000. However, after the 4-month introductory period ends, it reverts to 4.40% p.a. The High Interest Savings Account also has no account keeping fees and allows you to link it to any bank or financial institution of your choice. This means you won't have to change your everyday bank account over from another bank. 

IMB Bank Reward Saver Account - earn up to 5.25% p.a.
  • 5.25% p.a. maximum interest rate for first 4 months
  • No monthly fees
  • Editors pick for member-owned banking

If you are looking for a savings account with a member-owned bank, IMB’s Reward Saver account is an accessible, simple, no frills savings account that is designed to help you save. You can grab up to 5.25% p.a. for the first four months from opening the account, after which as long as you make a monthly deposit of $50 or more and no withdrawals you’ll get an ongoing rate of 3.25% (T&Cs apply). What’s more, there are also no account keeping fees and the ability to access real time payments through Osko. Transaction fees may apply.

Best savings accounts for earning ongoing bonus interest  

These accounts usually come with conditions but if you meet the criteria each month, you’ll get some of the highest interest rates available. Common criteria for earning bonus rates can include:  making a deposit of a set dollar amount, not making an account withdrawal or making a mandatory number of purchases with the linked transaction account.

ING Savings Maximiser - Earn up to 5.50% p.a.
  • 5.50% p.a. ongoing bonus rate (conditions apply)
  • Handy round-up feature
  • 2023 Mozo Experts Choice Award^ winner
Find out more

If you meet the right conditions, the ING Savings Maximiser has a special bonus rate of 5.50% p.a.. 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.

ubank Save Account - earn up to 5.10% p.a.
  • Maximum savings rate of 5.10% p.a. (conditions apply)
  • Open up to 10 Save Accounts
  • No monthly or account fees
  • Editor's pick for flexibility

ubank’s Save Account offers a generous bonus savings rate of 5.10% p.a. when you meet its conditions. To score the full rate you’ll need to make a deposit of $200 each month to either your Spend transaction account or Save Account. Our editors like that you can have up to 10 save accounts and if you meet the requirements, all the Save Accounts you open receive the 5.10% p.a. rate. This account comes with no pesky fees, and you can withdraw any amount without affecting the max rate. Be mindful that ubank is an online bank, which means there aren’t any branches where you can speak with staff face-to-face.

Up Saver - Earn up to 4.35% p.a.
  • Earn up to 4.35% p.a.
  • Auto top-up, round up, split payment and lock features
  • 2023 Mozo Experts Choice Award Winning App^

Up Saver ditches the need for separate savings accounts. Set up multiple Savers based on your goals and as long as you make 5 purchases a month from your regular Up translation account, you’ll earn a competitive 4.35% p.a. across all Savers (conditions apply). If not, the interest rate drops to 0.00%. Your money is 100% managed via the award-winning Up App which is feature-packed with innovative savings tools from auto-top ups, round-up features and payment splitting that will split a percentage of your pay into each of your Savers each payday. There is even a locked option that will block access to the account for a 3 hour period for added impulse control if you enable it. There’s no monthly fees and bonus interest is only available on balances up to $1M, which for most shouldn’t be of concern.

Move Bank Growth Saver - Earn up to 5.50% p.a.
  • 2023 Mozo Experts Choice Awards winner
  • 5.50% p.a. maximum interest rate (conditions apply)
  • No monthly fees
Find out more

The Growth Saver account from Move Bank has a 5.50% p.a. interest rate on balances up to $25,000 and when you meet the monthly criteria of depositing at least $200 in the account and not make any withdrawals. The account is managed via online or phone banking and there are no monthly account keeping fees. If you don't meet the monthly conditions the interest rate drops to 0.10% until you meet the conditions again. 

AMP Saver Account - earn up to 5.20% p.a.
  • Maximum 5.20% p.a. ongoing variable bonus rate
  • No account fees
  • Unlimited free transactions from mobile app, internet, phone
Find out more

The AMP Saver Account lets customers earn up to 5.20% p.a. in interest on the first $250,000 of their account balance. In order to qualify for the bonus rate, you need to make eligible deposits of at least $1,000/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.

MyState Bank Bonus Saver Account - earn up to 5.00% p.a.
  • 5.00% p.a. maximum interest rate
  • Mozo Experts Choice Award winner 2023^

If you’re a committed saver who likes to be rewarded for your good habits, take a look at the Bonus Saver Account from mutual bank MyState. This award-winning savings account features a neat 5.00% maximum interest rate and no account fees. Simply deposit $20 or more each month and make a minimum five transactions via a linked MyState Bank everyday transaction account to score the maximum rate.

Bankwest Hero Saver
  • Earn up to 4.60% p.a. when you deposit $200 a make no withdrawals in the month
  • Editors pick: no linked transaction account needed
  • No min opening balance requirements

For savers looking for an online savings account that helps incentivise saving and does away with complex bonus interest criteria, the Hero Saver could be the account you are looking for. First up, there’s no requirement to have a linked transaction account (a requirement of many other online savings accounts) so you simply set up the account online and start depositing your savings. You will need to deposit at least $200 into the account each month (by final business day) and not make any withdrawals to earn the higher rate of 4.60% p.a. (on balances up to $250,000.99) otherwise the rate drops to the standard variable rate of 1.00% p.a. The standard rate is also applicable for balances over $250K.  There’s no minimum opening balance requirements, no monthly fees or transaction fees. Interest is calculated daily and paid monthly.  Must also be 12 years and over and have an Australian residential address.

Best base rate 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 our picks. 

ANZ - Save - earn up to 4.90% p.a.
  • Earn 4.90% interest on balances up to $250,000
  • No monthly deposit, minimum transaction or age restrictions
  • Mozo Experts Choice Award Winner 2023

The ANZ Plus Saver account is only available through the ANZ Plus App but if you’re after a savings account without pesky conditions this account has one of the highest non-conditional savings rates in the market at 4.90%. There are no monthly deposit, minimum transaction or age restrictions to earn the high rate, but your balance must not exceed $250K. You will need to also set up an ANZ Plus transaction account but there are no account fees attached so this shouldn’t be a disincentive. The app also comes with smart tools to help you spend less and save more.

Macquarie Savings Account - Ongoing 4.50% p.a. rate
  • Ongoing 4.50% p.a. rate on balances up to $250,000
  • Introductory rate of 5.50% p.a. for the first four months (up to $250,000)
  • No account keeping fees
  • Mozo Experts Choice Award winner 2023^

With the Macquarie Bank Savings Account, customers can earn an ongoing rate of 4.50% p.a. but for the first four months the rate is 5.50% p.a. on balances up to $250,000. The account also comes with no account keeping fees, which is always a plus. Keep in mind that balances above $250,000 receive a lower rate. To use this savings account, you must have a Macquarie Transaction Account.

Bendigo Reward Saver
  • Earn up to 5.25% p.a. on balances up to $100K
  • No account keeping fee
  • Only requires $1 to open

If you’re looking for a straightforward savings account where you can earn high interest without having to jump through hoops, the Bendigo Reward Saver is worth considering. You only need a $1 to open the account and you will need a linked Bendigo transaction account but as long as you grow your balance each month (excluding interest deposits) you’ll earn up to 5.25% p.a. on balances up to $100K. There’s no account keeping fee and interest is paid monthly. If you don’t increase your balance in a month, the interest rate will revert to 0.30% so it’s a good idea to set up an auto payment into your account so that you’re guaranteed to get the higher interest. The account is 100% online so you’ll access and manage your account via e-banking or the Bendigo Bank app.  

Best savings accounts for Young Adults

If you’re under 35 years, several banks have savings accounts that are specifically designed to appeal to you. These accounts generally offer higher interest rates than their standard savings accounts and may have less strict mandatory requirements for meeting bonus conditions.

Bank of Queensland Future Saver Account earn up to 5.40% p.a.
  • 5.40% max rate (conditions apply)
  • $1 opening deposit
  • Max balance of $50,000
  • Mozo Experts Choice Award winner 2023
Find out more

Bank of Queensland Future Saver Account offers a 5.40% 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. If you don't meet the requirements the rate drops to 0.05%p.a.

Westpac Life 18-29 - earn up to 5.20% p.a.
  • 2023 Mozo Experts Choice Award^ winner
  • 5.20% max rate (conditions apply)
  • Max balance of $30,000
Find out more

Westpac Life was the only winner in the Young Adult Savings category for the 2023 Mozo Experts Choice Awards^. The account has a rate of 5.20% p.a. 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 the lower rate of 2.00% p.a. This account is only available for 18-29-year-olds with a Westpac everyday account. Another perk is no monthly account fee.

How we determine the best savings accounts

We use three methods for selecting the best savings accounts to feature on this page. 

  • Mozo Experts Choice Awards. Running since 2014, these awards are designed to help us highlight products in the marketplace that our awards judges believe offer great value to Australian consumers. For the 2023 savings account awards we compared 184 products from 85 banks. 
  • If you prefer the recommendation of other Australians we’ve also included some Mozo People’s Choice Award winners to review as well. These awards are based on customers’ opinions on banks or service providers across a range of important factors, including customer satisfaction, customer service, friendliness, trust and whether they’d recommend them to others. For the 2023 awards Mozo received survey data on 80 different banking institutions.
  • Editor’s top picks are chosen each month by our subject matter experts who track product rate and fee changes, industry trends and more to keep our readers informed of new products and deals as they come to market.

Want to learn more? 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. The vast majority of savings accounts in Australia are online accounts so you will manage your money via online banking, phone or app and transfer between a linked bank account.  

What are some of the 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 also help. There is no point in continually having to dip into your savings each month so look into creating a budget and automating your savings at the amount that you know you will comfortably be able to achieve each month.

What is the best savings account?

The best savings account for you will depend on what you are looking to get from your account, how you plan to save and what your savings goals are. 

Can you put a regular amount of money each month? An account with a competitive ongoing bonus rate will be a good option for you to consider. Just be sure to check the criteria for bonus interest as they differ with each bank. Some require a certain number of transactions, limited withdrawals or maximum balance threshold. 

Is saving when you can more of your situation? 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 and guidance, head to our savings accounts hub 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. 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.

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.

To compare these 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

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