‘Highest rate since October 2012,’ as MOVE Bank leads the savings charge

Couple are at the bank opening a savings account

MOVE Bank is offering savers an impressive 5.70% p.a. bonus rate on their Growth Saver Account as of today.

Mozo finance expert, Rachel Wastell says, “An ongoing bonus rate of 5.70 percent hasn’t been seen for over a decade. For savers, Christmas has come early.”

This move could be beneficial for many savers, with Mozo’s analysis showing 25% of Aussies keep between $3,000 and $6,000 in an emergency savings fund. Meanwhile, 18% have between $9,000 to $20,000.

Mozo’s database reveals the average savings rate for a balance of $10,000 is 3.48% p.a. but you’ll note it’s an eye-watering 2.22% p.a. lower than MOVE Bank’s bonus savings rate. With these differences in mind, savers could earn an additional $1,391 in interest when parking $10,000 over 5 years at a rate of 5.70% p.a. 

But to enjoy these savings, or any savings accounts of a similar kind, there is always an eligibility criteria that you’ll have to meet. 

Bonus savings rate received by meeting conditions

To receive the full bonus rate with MOVE Bank’s Growth Saver, here are some conditions you’ll have to meet: 

  • Savers will want to make no withdrawals
  • Deposit $200 into the account each month
  • Save any amount up to $25,000.

Wastell notes that not meeting the conditions attached to the bonus rate on offer could mean earning a much lower base rate of interest.

As such, research is key when it comes to choosing the right savings account. Remember to look for any possible fees attached to the account and conditions that need to be met. 

Compare savings accounts 

Looking for a savings account? Check out some of the best savings accounts that our experts at Mozo have tracked this month, or compare your top picks below!

Savings accounts comparison table - last updated 23 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

    Compare
    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.