Top savings and term deposit rates: July 2024

In great news for Aussie savers, deposit rates continued to shoot upwards last year after being stuck at gloomily low levels for what seemed like an eternity. 

The question now for savvy savers is, where in 2024 should you be stashing your cash to ensure you get a decent interest rate?

While some of the country’s best savings accounts now have rates over 5.00%, term deposits are also proving popular with savers looking for above average rates without having to meet ongoing bonus rate conditions. 

So, if saving money is top of your financial priority list this year, here are some of the top term deposits and savings accounts on the market right now to help you to make the most of your savings in 2024.

TOP SAVINGS ACCOUNTS: July 2024

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
ING Savings Maximiser
  • 5.50% p.a. Maximum interest rate
  • No account keeping fees
  • High Interest Savings Winner- Mozo Experts Choice Award 2024

The ING Savings Maximiser’s 5.50% maximum interest rate is hard to beat. You can earn a high bonus rate of interest when you make 5 card purchases on your linked ING translation account, deposit at least $1,000 and grow your balance every calendar month. The maximum interest rate is available on balances up to $100,000 and there are no monthly account fees.If bonus interest conditions are not met in a calendar month, the standard variable rate of 0.55% p.a. will apply in the next calendar month. Mozo Experts Choice Award winner^.

uBank High Interest Save Account
  • 5.50% p.a. maximum interest rate
  • No monthly fees to pay

Start your savings journey with no monthly fees to pay on any of your save accounts and you can split your money with up to 10 Save accounts with the uBank High Interest Savings Account. You’ll be able to set savings targets and track the progress of all your Save accounts too. Deposits guaranteed up to $250K per customer.

Macquarie Savings Account
  • 5.35% p.a. for the first 4 months (4.75% p.a. ongoing)
  • Mozo Experts Choice Award Winner 2024^

The award-winning Macquarie Savings Account offers a cracking intro rate of 5.35% p.a. for the first four months on balances up to $250K. The ongoing rate is a competitive 4.75% 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!

Rabobank High Interest Savings Account
  • 5.75% p.a. for the first 4 months (4.40% p.a. ongoing)
  • Mozo Experts Choice Winner 2024^

This award-winning account from Rabobank offers a cracking introductory rate of 5.75% p.a. for the first four months on balances up to $250K, and the ongoing rate is a competitive 4.40% p.a.. There are no pesky minimum balance or minimum deposit requirements, and as there are also no account fees you can enjoy both hassle-free and fee-free saving.

IMB Bank Reward Saver Account
  • 5.25% p.a. maximum interest rate for first 4 months
  • No monthly fees

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.

MyState Bank Bonus Saver Account
  • 5.00% p.a. maximum interest rate
  • No account fee

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. 

TOP TERM DEPOSITS: July 2024

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 101 term deposits.
Important disclosures
Judo Bank Term Deposit
  • 5.25% p.a. for a 1 year term, plus 0.10% loyalty bonus on roll-overs
  • 5.20% p.a. for a 2 year term
  • Best Term Deposit Winner 2024^

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.

ING Term Deposit
  • 5.10% p.a. for 12 month term
  • Minimum opening deposit of $10,000
  • Term Deposit Winner - Mozo Experts Choice Award 2024

ING’s term deposit offers a competitive 5.10% p.a. rate for a 12 month term. You can choose to have your interest paid into a different bank of your choosing once the account reaches maturity. Also, once your term reaches maturity, it automatically rolls over to a new term. To be able to use this term deposit you need to have at least $10,000 available to deposit. The maximum amount you deposit is $5 million. Remember, if you want to withdraw your funds before the maturity date you must with a 31 day notice and will receive a lower interest rate.

TOP BANK ACCOUNTS: July 2024

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 237 bank accounts.
Important disclosures
HSBC Everyday Global Account
  • Holds up to 10 currencies in the one account
  • 2% cashback on tap & pay purchases under $100 AUD (conditions apply)
  • Mozo Experts Choice Awards 2024

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 2024.^

Didn’t find the savings account you were looking for? Head to Mozo’s compare high interest savings accounts page, to see what other interest rates are out there.

* 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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