Top savings and term deposit rates: February 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: February 2024
Macquarie Savings Account
- 5.50% p.a. for the first 4 months (4.50% p.a. ongoing)
- Mozo Experts Choice Award Winner 2023^
The award-winning Macquarie Savings Account offers a cracking intro rate of 5.50% 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!
Rabobank High Interest Savings Account
- 5.75% p.a. for the first 4 months (4.40% p.a. ongoing)
- Mozo Experts Choice Winner 2023^
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.
uBank Save Account
- 5.10% p.a. maximum interest rate
- No monthly fee
ubank’s Save Account rewards savers with 5.10% p.a. interest in return for setting up a linked Spend account and simply depositing $200 each month into your Spend or Save account. There are no monthly fees and you can open up to ten Save Accounts for different savings goals and earn bonus interest on them all.
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.
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
- Get a bonus $50 when you open a new account and deposit $50 (T&Cs apply)
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: February 2024
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.
TOP BANK ACCOUNTS: February 2024
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.^
ubank Spend Account
- Zero monthly fees to pay
- No overseas or online charges
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. With Apple Pay or Google Pay, before you receive your Visa.
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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