Our experts have compared hundreds of savings accounts side by side to reduce the time it takes you to find a savings account that meets your needs. So if you’re looking for more bang for your buck on your hard earned cash, lowering of fees or different features more suited to your needs, then you’ve come to the right place to begin your search.
For the second year in a row Macquarie stood out from the pack and has been awarded the 2022 Everyday and Savings Bank of the Year. No matter what your savings and financial goals are in 2022, Macquarie Bank scooped awards across the following categories; Exceptional Everyday Account, Regular Saver, Kick Start Savings, No Strings Savings, and Internet Banking award categories.
$0 ongoing account fees, no international transaction fees and 0.20% p.a. interest on all balances.
$0 account keeping and international transaction fees.
Winner of Internet Banking Mozo Experts Choice Awards 2022.
Virgin Money’s Boost Saver with Go Account has been recognised as the best new deposit product launched in the last 12 months by our judges for giving customers a great savings rate for their money.
Getting the most competitive rate on your savings means more money for you. This award category identified the best ongoing savings rates to find you Australia’s top contenders. 85 savings account products from 79 banks and credit unions were considered.
86 400, AMP Bank, Bank of Queensland, Great Southern Bank, ING, Macquarie, ME, MyState Bank, ubank, and Virgin Money
For savers looking to take advantage of market-leading introductory rates, the winners of this award might be for you. 21 savings accounts were eligible for this award.
Macquarie and Rabobank
As the name suggests this award identifies the savings accounts with the best ongoing rates for savers who don’t want to meet any special conditions.
Challenger Bank, Macquarie, Qudos Bank, and Volt Bank
For young adults up to the age of 30 who are getting started in the workforce and looking to save for a major purchase, this category recognises the account offering the most competitive interest rate.
Pensioners tend to be more careful with their savings, therefore having the right account for their needs is imperative. This category identified the best ongoing savings rates specifically tailored for pensioners.
Firefighters Mutual Bank, Goldfields Money, Health Professionals Bank, Teachers Mutual Bank, and UniBank
Little savers want to start off on the right foot when setting up a savings plan. This award was given to savings accounts exclusive to children with the leading unconditional rates.
Gateway Bank, Great Southern Bank, and The Capricornian
To help incentivise good savings habits, accounts eligible for this award provide an ongoing bonus when saving goals are met.
Australian Unity, Illawarra Credit Union, and Police Bank
Now in their ninth year, the Mozo Experts Choice Awards present an opportunity to highlight products in the market we believe offer great value to Australians.
For the 2022 Savings Account awards, we analysed 245 savings accounts issued by 88 Australian financial institutions.
“Savings account rates have been very low over the last couple of years, but that’s all the more reason to make sure any money you have in an at-call savings account is getting you the best return possible," Mozo Experts Choice Awards Judge Peter Marshall said.
“Mozo’s experts have looked at all the different types of savings accounts available to Australia’s savers to find those that are more likely to have better rates than the rest.”
For details on how we crunched the numbers and determined our winners, see the 2022 Mozo Experts Choice Savings Accounts Awards methodology report.
We couldn’t have a name like the Mozo Experts Choice Awards without a dedicated and experienced team of product data analysts at the helm. Combined they have decades of experience behind them. Meet them below.
When you’re looking for a savings account, you’ll want to think carefully about your savings habits and what your final goal is. By comparing the features in our winners list, you can see which provider could better suit your savings needs when making your decision in finding the one that’s best for you.
Running since 2014, the Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers. See our Mozo Experts Choice Savings Account Awards methodology report for more detailed information on how we performed product comparisons and determined the final Savings Account Award winners for 2022.
We aim to include most savings account providers in the market in the Mozo Experts Choice Awards. However, not every financial institution or product on the market will be included in our review. Any product we review must be available in the market at the time of our analysis.
The Mozo Experts Choice Awards are overseen by AJ Duncanson and Peter Marshall. AJ is Mozo’s Data Director, a data scientist and actuary who has worked in financial services and product comparison for over 30 years. Peter has been in the industry even longer, and as Research Manager he leads the team of analysts that gather information and compare products every day, and perform all the calculations behind the Mozo Experts Choice Awards.
Please get in touch with us to discuss by email should you have any queries.