Australia's Best Savings, Term Deposits and Bank Accounts Unveiled
With interest rates in Australia finally moving up from record lows, finding a decent earnings rate for your savings is becoming an easier task.
But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which one is right for you.
That’s why each year, Mozo’s team of money experts assess and compare every savings account, term deposit and everyday bank accounts in our database to determine which ones offer Australians the best value. For our Mozo Experts Choice Awards,^ we compared over 500 products from 92 banking providers.
So no matter whether you’re wanting to maximise your interest rate, enjoy fee-free everyday banking or reach your savings goal faster, read on for our Editor’s round-up of some of the stand-out winners from the 2023 Awards.
BEST TERM DEPOSITS
Judo Bank Term Deposit
- 5.00% p.a. for a 1 year term, plus 0.10% loyalty bonus on roll-overs
- 4.85% p.a. for a 2 year term
- Best Term Deposit Winner 2023^
Judo Bank offers some of the highest term deposit rates in the Mozo database, across a range of term options between three months and five years. Interest can be paid out annually or when the term deposit hits maturity (there’s also a monthly option with a slightly lower interest rate). Judo Bank also lets savers have their interest paid to another bank and offers a 0.10% interest rate bonus on rollovers once your deposit reaches maturity.
Rabobank Term Deposit
- 4.75% p.a. on a 1 year term
- 4.75% p.a. on a 6 month term
- $1,000 minimum investment
Rabobank took out a Mozo Experts Choice Award for Australia's Best Term Deposits 2023^, and with these rates on offer its little wonder. There is a choice of investment terms from 6 months up to 5 years and the interest rates vary depending on the investment term. The minimum investment is just $1,000, there are no account fees and you can enjoy a 0.10% loyalty bonus when you automatically reinvest your Term Deposit before maturity.
BEST SAVINGS ACCOUNTS
Macquarie - Savings Account
- 5.40% p.a. for the first 4 months (4.50% p.a. ongoing)
- Multiple Mozo Experts Choice Award Winner 2023^
The award-winning Macquarie Savings Account offers a cracking intro rate of 5.40% p.a. for the first four months on balances up to $250K. The ongoing rate is a competitive 4.50% p.a. and there are zero account keeping fees. You'll need to open a Macquarie Transaction Account as a first step, but once that's done you can open as many linked Savings Accounts as you like using the Macquarie mobile banking app - one for each savings goal!
MyState Bank - Bonus Saver Account
- 5.00% p.a. maximum interest rate
- Best High Interest Savings 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.
BEST BANK ACCOUNTS
ING Orange Everyday
- Zero ING international transaction fees, zero monthly fees + rebates on domestic ATM transactions
- Exceptional Everyday Account Winner 2023^
ING’s award-winning Orange Everyday account offers 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees anywhere in Australia and unlimited rebates on international transactions. Not to mention zero monthly fees. To access these savings, simply deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
HSBC Everyday Global Account
- Holds up to 10 currencies in the one account
- 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
This fee-free bank account bundles up the useful features of an everyday transaction account alongside international spending features. As long as you deposit AUD2,000 or more into your HSBC Everyday Global Account before the last day of each calendar month, you could earn 2% cashback on tap and pay purchases under $100 (conditions apply) There’s no monthly fees or HSBC ATM fees worldwide, and you’ll have unlimited fee-free transactions online, via EFTPOS, BPAY or direct debits. Users can hold up to ten different currencies which can be spent while travelling overseas or making international purchases. Mozo Experts Choice Exceptional Everyday Bank Account Winner 2023.^
Suncorp Everyday Options
- 9 sub accounts to help you spend, budget and save
- Exceptional Everyday Account Winner 2023^
- No account-keeping fees
Suncorp’s award-winning Everyday Options account lets you create up to nine sub accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. There are no monthly account fees and international travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.
ubank Spend Account
- Zero monthly fees to pay
- No overseas or online charges
- Free card purchases and ATM cash withdrawals
Pay no monthly fees and no charges for overseas or online payments with the ubank Spend Account. Stay one step ahead with ubank’s spending insights and bill prediction. Plus, make free purchase and ATM cash withdrawals in Australia.
Want to compare more savings accounts? Compare over 80 banks on Mozo to find a high interest savings account, term deposit account or everyday transaction account for your needs.
^To see the full list of deposit winners for 2023, head on over to our Mozo Experts Choice Awards page.
* Different interest rates apply to different amounts or different interest payment frequencies.
^See information about the Mozo Experts Choice Savings Account Awards
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